发行制度改革一定要存量增量一起改,以解开以往难解决的死结近期,关于新一轮新股发行体制改革正在深入讨论,解决资本市场“三高”顽疾当是其重要目标之一。多年来,利益的博弈使“改革”变成小打小闹,多数并不触动存量问题,只做一些增量的加减法,看起来“新”意十足,但都不足以解开“三高”的死结。我们认为,“三高”现象与以下几个因素有关:第一,高发行定价同中介机构包括参与询价的机构和发行人之间是利益共同体有关。在这样的利益共同体不受约束的情况下,发行价一定会被各种不真实甚至带 The reform of the issuance system must be retrofitted together with incremental stock to solve the difficult knot of the past. Recently, the reform of the new round of IPO system is being discussed in depth and the “three highs” in the capital market should be tackled as one of its major goals . Over the years, the game of interest has made “reform ” a slap in the face and most do not touch the stock issue. Instead, they only make some incremental additions and subtractions, which appear to be “new” but not enough Unlock the “three high” death knot. In our opinion, the phenomenon of “three highs” is related to the following factors. First, the issue of high issuance pricing is related to intermediaries, including institutions and issuers participating in the inquiry, which are interest communities. In the case of such a community of interests is not bound, the issue price will be a variety of untrue or even with