论文部分内容阅读
2001年新年伊始,证监会周小川主席在清华大学的一次演讲中明确指出,从3月份起彻底取消新股额度和指标,放开一级市场价格,改变一、二级市场价差非常大的状况,新股发行价格由市场供求关系决定。这表明新股市场化发行的设想即将实现,中国证券市场又向“凡是市场起决定作用的就由市场来决定”方向迈出了一大步,在一定程度上表达了管理层对证券市场的信心和推进市场化、规范化的决心,无疑是证券市场的一大长期利好。但是,新股发行方式对市场各方利益、对股市的未来发展都有极为深刻的影响,特别是在二板市场设
At the beginning of the new year of 2001, Chairman Zhou Xiao-chuan of the CSRC made it clear in a speech of Tsinghua University that the first-class market price should be completely canceled and the price of first-class and second-class markets should be changed greatly from March. IPO price is determined by the market supply and demand. This shows that the assumption of the market-based issuance of new shares is coming soon. China’s stock market has taken another major step in the direction that “any market plays a decisive role in the market.” To a certain extent, it has expressed management’s confidence in the securities market And to promote market-oriented, standardized determination, is undoubtedly a long-term good stock market. However, the issue of new shares on the interests of all parties in the market, the future development of the stock market has a very profound impact, especially in the second board market