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2013年11月30日,中国证监会发布了《关于进一步推进新股发行体制改革的意见》,其中首次提出要在IPO阶段试行存量发行(即老股转让)。在存量转让发挥其积极之处的同时,实践中“奥赛康”IPO被紧急叫停也突显出在现阶段配套政策法规不完善的情况下过快放开存量发行会带来的风险。本文旨在通过研究存量发行制度的利弊和国外证券市场的实践,分析现阶段实行存量发行制度的风险,并给出针对性解决措施和方案。
On November 30, 2013, CSRC released Opinions on Further Promoting the Reform of the IPO System, in which it first proposed the trial of stock issuance (that is, the transfer of old shares) during the IPO stage. In the meantime, while the transfer of stocks has played its positive role, the practice of suspending the IPO of “Orsay” has also highlighted the risks associated with the release of stock issuances too quickly when the supporting policies and regulations are not perfect at this stage. The purpose of this paper is to analyze the pros and cons of the stock issuance system and the practice of the foreign stock market, and to analyze the risks of implementing the stock issuance system at the present stage, and to provide targeted solutions and solutions.