早期炒股不甚规范 1997年5月以前,国家主管部门并未 明文禁止国企资金入市,相反在1992年 股市低迷时,管理层甚至鼓励国企购买股 票。一时国企入市成风,出现了不少问题, 如1996年11月至1997年4月间,辽宁省 建设集团采用集中巨额资金、利用他人名 义开户、分仓和连续大量买卖等手段,操 纵金帝建设股票价格,获取暴利。由此直 接引发1997年5月三部委发布《关于严禁 国有企业和上市公司炒作股票的规定》, 禁止国企炒作股票,国企资金不甚光彩地 退场。 Early speculation is not normative Before May 1997, the state authorities did not explicitly prohibit state-owned funds into the market, on the contrary in the stock market downturn in 1992, the management and even encourage state-owned enterprises to buy shares. At that moment, the state-owned enterprises entered the market and many problems appeared. For example, from November 1996 to April 1997, the Liaoning Construction Group used a large amount of funds to concentrate on its own account opening, sub-positions and a large number of continuous trading to control the construction of Jindi Stock prices, get huge profits. This directly led to the promulgation of the “Provisions on Prohibiting State-Owned Enterprises and Listed Companies from Speculating Stocks” issued by the three ministries and departments in May 1997. State-owned enterprises were forbidden to speculate on stocks and State-owned enterprises funds shunted.