我国新股发行制度改革之探讨

An Investigation into the Reform of Initial Public Offering System of China

我国目前的新股发行制度存在许多问题,包括新股发行的询价制度存在缺陷、新股申购不公,以及预披露制度的不完善等,在保护中小投资者权益方面尤为严重。因此,需要对新股发行制度进行相应改革。改革的法治方向应该是向中小投资者倾斜;进一步完善询价制度;拓宽投资渠道,增加证券供给;进一步完善信息预先披露制度等。

China＇s present system of Initial Public Offering System （IPO for short） has many problems, among which are defects in the price inquiry system of IPO, the unfairness of IPO purchase and the flawed preannouncing system etc. The problem is especially serious in the protection of the rights and interests of small and medium investors. Therefore, it is necessary to make eorresponding reforms on the IPO system. The reform should be legally inclined to small and medium investors, including further perfecting the price inquiry system, broadening the investment channels, increasing security offerings and improving information pre-announcing system etc.