政府一直在用一种计划体制控制新股节奏,如果一步到位,全部存量发行,市场会立刻垮掉,因为发行量太大,无异于一夜之间实现全流通,这是不可以的。为什么不一步到位,原因有很多,我们国家在设计资本市场时就牵扯到国有股和流通股的问题,这个背景用来解释为什么不做存量发行也是解释得通的。我们国家在早期上市的公司, The government has been using a planning system to control the pace of new shares. If all the stock is released in one step, the market will immediately collapse. Because the circulation is too large, it is tantamount to achieving full circulation overnight, which is not possible. Why not step in place for many reasons, our country involved in the design of the capital market, the issue of state-owned shares and tradable shares, this background is used to explain why not stock issuance is also explained. Our country in the early listing of the company,