一、“超募”问题的由来我国股票发行制度规定,股票首次发行(IPO)必须以项目为基础,设定与项目资金需求相匹配的计划投资金额,并且在《招股说明书》中公开披露各个项目所需资金。股票实际发行中所募集的资金往往超过计划投资金额的总数而产生超额募集资金,即形成“超募”问题。 First, “super raise ” origin of the problem China’s stock issuance system provides that the initial public offering (IPO) must be based on the project, set the project investment needs and investment needs matching, and in the “prospectus” in the open Disclosure of funds required for various projects. The funds raised in the actual issuance of stocks often exceed the total amount of planned investment and generate excess raised funds, that is, the problem of “over-raising” is formed.