股改未了局

THE UNFINISHED REFORM

股发行机制市场化改革以来，“三高”发行与“破发”如梦靥一般挥之不去，虽经多次调整，依然无法禁绝。简单的修修补补注定解决不了问题，全面改革发审制度，势在必行。 为配合新股发行市场化改革，我国建立了发审委制度和保荐人制度，希望二者能担负起股市“看门人”的职责。然而，事与愿违，发审委广受质疑，保荐代表人“荐而不保”的情况也时有发生。股改之路，依然漫长。

The mechanism for issuing new shares has been reformed so many times that people may not remember the exact number. However, people know that the current mechanism for issuing new shares is still riddled with loopholes and far from reaching the desired effect.Ever since the marketoriented reform of the mechanism for issuing new shares started, the "three high" issue(high share price, high PE ratio, huge amount of super-raise funds) and "shares falling on debut" have became nightmares. Although it has been adjusted for multiple times, the problems still exist. In order to cope with the market-oriented reform of the mechanism for issuing new shares, China established the issuance examination committee and sponsorship system, hoping that they could act as responsible gatekeepers of the stock market. However, on the contrary, the issuance examination committee has been widely questioned. We cannot help wondering: who will protect the investors’ interests?