中国的IPO制度表面上在走市场化道路,实际上距离真正市场化的目标还很远至今年6月,IPO市场重启已一周年。在去年重启之时,监管层高调表态,新股发行制度的改革将通过市场化定价机制的完善,优化股票的价格发现功能;促进强化买方对卖方的约束,买方约束力不断增强;中小投资者的参与意愿得到重 China’s IPO system ostensibly follows the path of marketization. In fact, it is still far from the goal of truly marketization. In June this year, the IPO market restarted for the first anniversary. At the time of restarting last year, the regulators gave a high-profile attitude. The reform of the IPO system will optimize the pricing function of the stock market through optimization of the market pricing mechanism. It will also promote the enhancement of the buyer’s restraint on the seller and the buyer’s binding power. The small and medium-sized investors Willingness to participate is heavy