“造富神话”的背后,是“权力寻租”的一级市场和高溢价风险的二级市场。“三高”——高发行价、高市盈率、高超募额,早已成为中国新股市场的普遍现象,至今依然难以解决,而众多股民无疑是“三高”发行的最终受害者。专家指出,新股“三高”发行的本质是买卖双方博弈能力差异悬殊,尤其在发行人、承销商和机构投资者的利益合谋下,一二级市场已严重失衡。 Behind the “rich mythology” is the secondary market of “primary market for power rent-seeking” and high premium risk. “Three High ” - High issue price, high price-earnings ratio, superb raised, has long been a common phenomenon in China’s new stock market, so far it is still difficult to solve, and many investors is undoubtedly the ultimate victim of the Experts point out that the essence of the IPO is that the gaming power of buyers and sellers is very different. Especially in the conspiracies of the interests of issuers, underwriters and institutional investors, the primary and secondary markets have become seriously unbalanced.