对中国证券发行机制的思考

A Research in the Issuing Mechanism of China Securities Market

证券发行直接关系到融资的成败、规模、成本乃至整体资源配置效率，也直接影响到交易市场的稳定与发展，是证券市场重要的环节之一，本文对中国证券发行机制的形成和特点、现实的合理性、发行机制存在的问题进行了分析并提出相应的建议。

Securities issue is directly related to success, scope and cost of financing, even to the whole efficiency of distributing resources. It influences the stablility and development of China securities. Securities issue is also an important part of China securities market. This paper analyzes the evolvement, features and the reasonableness of China securities issuing mechanism, discusses its problems and puts forward some suggestions.