我国股票发行制度变迁及若干思考

股票发行是资本市场的核心环节之一。本文从制度变迁的角度考察了我国股票市场发展的特定背景,总结分析了股票发行制度从额度制到核准制的演变、相关制度的特点、利弊及其市场化改革的成效。研究发现,我国转轨经济环境、市场文化和市场流动性问题是进一步改革股票发行制度需要重点考虑的因素。

REFLCTION ON IPO IN CHINA STOCK MARKET

IPO is one of the key elements of the capital market.This article reviewed,from a perspective of system evolution,the specific backgrounds of the development of China stock issuance system,summarizing the development of the IPO policy from quota administration by supervisory authorities to pre-IPO mandatory information disclosure by leading underwriter and approval by CSRC,characteristics of each IPO policy,pros and cons,and the effectiveness of the market-oriented reforms.As concluded by the study,the economical environment during the transition,market culture and the liquidity of the market are primary factors to consider for further reform of the stock issuance system.