一、上海市股份制改革和股票市场发展概况 上海市自1984年向社会公开发行股票以来,经历了两大阶段:(一)1984—1990年是探索试验阶段。这一阶段搞了11家企业的股票上市,开始时是小企业多、集体企业多、新企业多,直到1986年末1987年初,才开始有几家国有大企业进入,其中上海真空电子器件股份有限公司最先进入。因此,这一阶段在很大程度上带有探索性质。(二)1991年以来为初步完善 I. Overview of Shanghai’s shareholding system reform and stock market development Shanghai has undergone two major stages since its public offering of stocks to the public in 1984: (1) The period of 1984-1990 was the exploratory and experimental stage. At this stage, 11 companies were listed on the stock market. They started with many small companies, many collective enterprises, and many new companies. Until the end of 1986 and the beginning of 1987, several large state-owned enterprises began to enter, including Shanghai Vacuum Electronics Co., Ltd. The company first entered. Therefore, this stage is largely exploratory in nature. (B) Initial improvement since 1991