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我国证监会于2009年6月10日公布《关于进一步改革和完善新股发行体制的指导意见》(以下简称《指导意见》),对我国的新股发行体制进行了改革和完善。《指导意见》明确指出本次改革和完善新股发行体制的预期目标有四点:一是使市场价格发现功能得到优化,买方、卖方的内在制衡机制得以强化;二是提升股份配售机制的有效性,缓解巨额资金申购新股状况,提高发行的质量和效率;三是在风险明晰的前提下,中小投资者的参与意愿得到重视,向有意于申购新股的中小投资者适当倾斜;四是增强
On June 10, 2009, China Securities Regulatory Commission promulgated the Guiding Opinions on Further Reforming and Perfecting the Issuance System of New Shares (hereinafter referred to as Guiding Opinions), and carried out reforms and perfections in our country’s IPO system. The Guiding Opinions clearly pointed out that the expected goal of reforming and perfecting the IPO system was fourfold: firstly, the market price discovery function was optimized and the internal check and balance mechanism of buyers and sellers strengthened; secondly, the effectiveness of the share placement mechanism was enhanced , Ease the huge amount of funds to purchase new shares to improve the quality and efficiency of the issue; Third, under the premise of a clear risk, the willingness of small and medium investors to participate in the attention of small investors who intend to purchase new shares; fourth is to enhance