2000年1月-2001年10月,新股市场化发行改革受挫,导致我国证券市场遭受重大损失。目前,我国股权分置改革尚未完成,大量国家股法人股未流通,人民币在资本项目下不可自由兑换,投资渠道狭窄,市场还不成熟。在这种环境下,实行新股发行市场化定价可能为时过早。本文从历史和现实的角度,对此问题做了剖析。 From January 2000 to October 2001, the reform of the market-oriented issuance of new shares was frustrated, causing great losses to China’s securities market. At present, the non-tradable share reform in China has not yet been completed. A large number of state-owned legal person shares are not circulating. The renminbi is not freely convertible under capital account. The investment channels are narrow and the market is not yet ripe. In this environment, the implementation of the market price of IPO may be too early. This article analyzes the issue from the perspective of history and reality.