一、中国证券市场新股发行的市场化进程判断新股发行是否市场化主要有两个标准,一是管理方式,另一为定价方式,从这两个标准看,中国证券市场新股发行方式走的是一条由计划化和行政化向市场化转变之路。《证券法》第11条规定:“公开发行证券,必须符合法律、行政法规规定的条件,并依法报经国务院证券监督管理机构或者国务院授权的部门核准或者审批。”这条规定意味着中国政府对证券市场新股发行的管理将逐渐由行政审批制向核准制转变:2000年3月,中国证监会颁布《股票发行核准程序》,股票发行透明度增强,取消了指标分配、行政推荐的办法。2000年10月26日,《关于公司公告拟公开发行股票并上市有关事宜的通知》要求拟上市公司必须提前在当地报纸公告,这些措施打击了新股发行上市申 First, the market of China’s securities market IPO process to determine whether the IPO market-oriented There are two main criteria, one management approach, the other is the pricing method, judging from these two standards, the Chinese stock market IPO is taking the way A transition from planned and administrative to market-oriented. Article 11 of the Securities Law stipulates that the public offering of securities must comply with the conditions stipulated by laws and administrative regulations and be submitted to the securities regulatory authority under the State Council or the department authorized by the State Council for approval or approval according to law. “” This provision means The Chinese government will gradually shift from administrative examination and approval system to approval system as follows: In March 2000, the CSRC promulgated the Procedures for Approval of Stock Issuance, the transparency of the issuance of shares was enhanced, the method of index allocation and administrative recommendation was canceled . On October 26, 2000, the Notice on Public Announcement of the Public Offering of Stocks and the Listing of Listed Companies required that the companies to be listed must make announcements in local newspapers ahead of time, which have dealt a blow to the issuance and listing of new shares