股票发行是证券市场运作的重要内容．我国以前的相关规定多有不尽合理之处。”于１９９９年７月１日实施的《中华人民共和国证券法》本着严谨、务实的态度，从审核体制、价格确定、资金投向、法律责任等多方面作出了完善规定，是我国证券市场迈向市场化、国际化进程的重要一步． Stock issuance is an important part of the securities market. The relevant provisions of our country before there are many unreasonable. The Securities Law of the People’s Republic of China, which was implemented on July 1, 1999, has made sound regulations in many aspects such as the auditing system, price determination, capital investment and legal responsibilities in a rigorous and pragmatic manner. It is also a step forward in the securities market in China An important step towards marketization and internationalization.