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中国证监会于去年发布了《关于进一步改革和完善新股发行体制的指导意见》,就新股定价、承销和发售的一系列制度及相关安排做出指导。此次改革的核心主要有两方面,一是兼顾中小投资者的利益,二是能够更加合理地为上市公司股票定价。这次推出的新股改革措施朝着这个目标迈出了坚实的一步,但仍然没有从根本上解决一二级市场价差过大、申购资金过多、中小投资者中签率过低等问题。此次IPO的重启,证监会旨在提高中小投资者的中签率,但权衡之后还是力度不够,广大中小散户还是很难从这次IPO改革中得益。其原因主要有以下三点:(1)中小投资者会承担很大风险(新股改革后,散户中签率会有所提高,但新股又有破发可能);(2)上市公司市盈率定价过高,上市公司股东一夜暴富;(3)上市募集巨资用途不当,未上市的公司无法募资,造成企业发展两极分化。
Last year, the CSRC promulgated the Guiding Opinions on Further Reforming and Perfecting the System of Issuing New Shares, and provided guidance on a series of systems and related arrangements for the pricing, underwriting and sale of new shares. The core of the reform mainly in two aspects, one that take into account the interests of small and medium investors, the second is more reasonable for listed companies stock pricing. The new share reform measures introduced this time have taken a solid step towards this goal. However, they still have not fundamentally solved such problems as too large price spreads in the first and second markets, excessive subscription funds and too low success rates among medium and small-sized investors. The IPO restart, the Commission aims to improve the success rate of small and medium investors, but after the balance is not enough, the majority of small and medium retail investors is still very difficult to benefit from the IPO reform. There are three main reasons for this: (1) small and medium-sized investors will bear a great deal of risk (after the reform of new shares, the success rate of individual investors will increase but new shares may break down); (2) P / Shareholders of listed companies flourish overnight; (3) inappropriate use of the huge amount of money raised in the market, unlisted companies can not raise funds, resulting in the polarization of business development.