证券包销,是指具有证券承销资格的证券承销商将发行人公开发行的证券,按照协议全部购入或者在承销期满时将售后剩余证券全部自行购入的承销方式,可分为全额包销和余额包销两种形式。对发行人而言,采用包销方式既能保证如期得到所需要的资金,又无须承担发行过程中价格变动的风险,因此证券包销是国内外成熟证券市场中最常见、使用最广泛的方式。产权市场作为多层次资本要素市场的重要组成部分,在特定项目中引入包销机制,对 Underwriting of securities refers to the method of underwriting which securities underwriters who have securities underwriting qualification issue securities publicly issued by the issuer and all the securities purchased in accordance with the agreement or all the remaining securities after sales upon the expiration of the underwriting may be divided into full underwriting And the balance of underwriting two forms. For the issuer, the underwriting method can not only ensure the required funds can be obtained on schedule, but also does not have to bear the risk of price changes in the issuance process. Therefore, underwriting is the most common and widely used method in the mature securities market at home and abroad. As an important part of the multi-level capital factor market, property rights market introduces underwriting mechanism into specific projects,