论新股发行制度的改革

现行新股发行制度存在"新股的品种结构单一"、"原始股股东牟取暴利"、"机构投资者获得利益输送"、"新股上市首日价格操纵严重"等诸多弊病,对其加以改革势在必行。本文在如何进行新股发行制度改革的问题上,从"推动新股品种结构的多样性发展"、"依法科学规制新股发行的价格"、"改革完善新股询价配售机制"等方面,提出了若干具体建议。

The existing system is issuing new shares, ＂shares the structure of a single species＂, the ＂initial shareholders reap huge profits,＂ ＂institutional investors to benefit transfer＂, ＂the first day of IPO price-fixing serious＂ and many other ills, them of their reforms. In this paper, how to carry out new share issue of the reform of distribution system, from the ＂ promote the diversity of product mix and the development of new shares,＂ ＂according to the scientific regulation IPO price,＂ ＂reforming and perfecting the placement of new shares inquiry mechanism＂ in such areas as made a number of specific recommendations.