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根据“结构-行为-绩效”的范式,一定的制度政策决定市场主体的相应行为,并由此造成了市场绩效的差异。在当前改革发行制度的讨论中,也有必要研究其市场绩效。我国股票发行制度的最大特点在于其行政性,行政性主要体现在两方面:一是对发行价格的管制;二是实行发行通道制,由此产生
According to the paradigm of “structure-behavior-performance”, certain institutional policies determine the corresponding behavior of market players, and thus cause the difference of market performance. In the current reform of the distribution system, it is also necessary to study its market performance. The most prominent feature of the system of stock issuance in our country lies in the fact that its administrative nature and administrative nature are mainly reflected in two aspects. One is the control over the issue price; the other is the implementation of the distribution channel system,