2013年的中国证券市场暗流涌动、一波三折。上证指数在2月28日达到年内高点2 444.80点后便一蹶不振,6月下旬下探至1 849点,为国际金融危机以来最低,12月27日以2 116点惨淡收场;全年累计下跌超过8%。而美国标准普尔500指数在2013年内上涨近30%,日经指数亦突破16 000点,创出6年新高。①在全球证券市场行情大好的背景下,中国证券市场的波折无疑是受到了2013年监管政策改变的影响。无论是新股发行制度改 In 2013, the stock market in China surged in a torrent of twists and turns. The Shanghai Composite Index hit a peak of 2 444.80 on the 28th of February and then plummeted to 1 849 points in late June, the lowest since the international financial crisis ended in a tragedy of 2 116 points on December 27; the cumulative decline Over 8%. The S & P 500 index in the United States rose almost 30% in 2013, and the Nikkei index exceeded 16,000 points to hit a six-year high. (1) The ups and downs of the securities market in China are undoubtedly influenced by the changes in regulatory policies in 2013 against the backdrop of a good global stock market. No matter the IPO system change