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相比当前多层次资本市场建设的顺风顺水,新股发行的市场化改革之路将风雨兼程针对资本市场的发展改革,十八届三中全会《决定》提出了“健全多层次资本市场体系,推进股票发行注册制改革,多渠道推动股权融资,发展并规范债券市场,提高直接融资比重”5项改革要求。《决定》出台后短短几周内,关乎市场前景的数项措施即密集出台,一些重磅政策也纷纷落地。这其中,多层次资本市场建设和新股发行体制的市场化改革,是包括《决定》在内的中央高层文件反复对资本市场提出的核心要求,也是证监部门在《决定》出台后最先作出反应的改革落点。但相比当前多层次资本市场建设的顺风顺水,市场认为,新股发行的市场化改革之路将风雨兼程,而股票发行要从核准制过渡到注册制,更是“短期内难以实现的愿望和要求”。
Compared with the current smooth construction of multi-level capital market, the road of market-based reform of new share issuance will give full play to the reform and development of the capital market. The “Decision” of the Third Plenary Session of the 18th CPC Central Committee put forward the proposal of “a sound multi-level capital market system, Promote the reform of the stock issuance registration system, promote equity financing through various channels, develop and regulate the bond market, and increase the proportion of direct financing, ”5 reform requirements.“ In just a few weeks after the ”decision“ was introduced, several measures concerning the market’s prospects were introduced intensively, and some heavyweights policies also came down one after another. Among them, the multi-level capital market construction and the market-oriented reform of the IPO system are the core requirements repeatedly raised by the top-level documents of the Central Government, including the ”Decision,“ on the capital market. They are also the first response of the securities and securities regulatory department after the ”decision“ has been promulgated The reform of the landing. However, compared with the current smooth construction of multi-level capital markets, the market believes that the market-oriented reform of IPO will have a long way to go, while the issue of shares must transit from an approval system to a registration system. This is even more difficult to achieve in the short term And ask ”.