我觉得注册制没有大家想象的那么复杂。证券发行的核心问题如何将股票销售出去。因为说到底,发行的目的在于融资,这只有在销售完成时才有可能。能否销售出去,则可能取决于三个因素:市场推广、价格和品质。投资者只有在获知证券出售的信息,对该证券的品质有信心,并认为价格合适时才会购买证券。注册制和核准制的最大差异在政府在出售证券的品质挑选上扮演什么样 I think the registration system is not as complicated as we think. The core issue of securities issue how to sell the stock. Because after all, the purpose of distribution is financing, which is only possible when sales are completed. The ability to sell out may depend on three factors: marketing, price and quality. Investors will only buy securities if they know the information they sell and have confidence in the quality of the security and think the price is right. What is the biggest difference between the registration system and the approval system in the government’s selection of the quality of the securities for sale?