尽管经历了一轮股市的大幅度波动,新股发行一度被停止,但推进和落实股票发行的注册制改革仍然是近两年资本市场最重要的改革任务。该项改革的关键,就在于纠正股票市场扭曲的定价机制。二级市场的股价扭曲从二级市场的定价看,凡是小盘股的股价都普遍高于大盘股,估值的高低与股票的流通盘呈明显的逆相关。2014年年底,国内A股市场中蓝筹股(以沪深300指标股为代表)的估值大约在15倍市盈率的水平,而以小 Despite the volatility of a stock market, the issuance of new shares was once stopped. However, the reform of the registration system for the promotion and implementation of stock issuance remains the most important reform task in the capital market in the past two years. The key to the reform lies in correcting the distorted pricing mechanism in the stock market. Secondary market price distortions From the secondary market pricing, all small-cap stocks are generally higher than the broader market share price, the level of valuation and stock circulation was significantly inversely related. At the end of 2014, the valuation of blue chip stocks (represented by the CSI 300 index stocks) in the domestic A-share market was about 15x P / E,