2013年11月12日通过的《中共中央关于全面深化改革若干重大问题的决定》,正式确定了“推进股票发行注册制改革”的新方向。由于行政干预上市资源,能发行A股成功上市,一直被众多中国企业梦寐以求。然而由于市场机制不完善,缺乏法制,责任和权利的严重失衡,使得上市公司业绩造假、恶意圈钱、内幕交易、回报极差等恶疾屡禁不止。上市发行股票由核准制改为注册制,是游戏规则的 The “Decision of the CPC Central Committee and the Central Government on Several Important Issues for Deepening the Reform” passed on November 12, 2013 formally established a new direction of “promoting the reform of the registration and reform of the stock issuance”. As a result of administrative intervention in listing resources, the successful listing of A shares can be issued, it has been the dream of many Chinese enterprises. However, due to the imperfect market mechanism and the lack of a serious imbalance of legal system, responsibility and rights, the ill-treatment of listed companies such as fraud, malicious misappropriation, insider trading and poor returns has been repeatedly banned. Listing of shares issued by the approval system into a registration system, is the rules of the game