高市盈率、破发、业绩变脸、高管套现……新股发行链条上暴露出的种种弊端一直是中国证券市场上最受关注且最核心的问题。多年以来,我国新股发行制度改革已经开展了三轮,方向是不断市场化。目前连续三轮的新股发行改革已初见成效。新股发行制度存在的问题,有一定的历史遗留原因。我国证券市场起步较晚,市场环境与境外成 High price-earnings ratio, break, performance change face, executives cash ... ... IPO shares exposed the disadvantages of the chain has always been China’s securities market, the most talked about and the core issue. Over the years, China’s IPO system reform has been carried out three rounds, the direction is constantly marketized. The current three consecutive round of IPO reform has begun to bear fruit. The issue of new shares issuance system, there are some historical reasons left. China’s securities market started late, the market environment and overseas into