我国上市公司的整体盈利能力不高，很多公司的财务报表有水分，这已是一个公认的事实。造成这种情况的原因有很多，但笔者认为股票发行制度上的缺陷也是一个重要的原因。在股票发行中发行决定权的归属不合理，造成各个主体的权力和责任不对等、不明确，使得市场机制的作用不能充分发挥。其表现如下：发行人和承销商享受股票发行的收益，但并不承担股票发行的责任，所以倾向于编造上市 The overall profitability of listed companies in China is not high, many companies have moisture in the financial statements, which is a well-established fact. There are many reasons for this situation, but I think the defects of the stock issuance system is also an important reason. The ownership of decision-making power in the issuance of shares is unreasonable, resulting in the unequal rights and responsibilities of all the parties and the lack of clarity so that the role of the market mechanism can not be brought into full play. Its performance is as follows: Issuers and underwriters to enjoy the proceeds of stock issuance, but does not assume the responsibility for the issuance of shares, it tends to make listing