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中国的新股发行制度改革艰难,虽有制度造成的股票市场的供给短缺和询价制的技术性缺陷,但是更深层次的问题则在于,A股从一开始就被设计成一个散户市场,蕴含着信托责任的股票经纪商制度没有建立起来。因此改革的一项重要工作应是培养券商承担起信托责任,给予券商自由配售权,同时促进养老金等各类长期机构投资者的发展,建立起以机构投资者为主的证券市场,从而提高新股发行的定价
China’s IPO system is difficult to reform. Although there are institutional shortages in the stock market and the technical flaws in the inquiry system, the deeper problem lies in that the A-share has been designed as a retail market from the outset. It contains the trust The responsibility of the stock broker system has not been established. Therefore, an important work of reform should be to cultivate the securities companies to assume the responsibility of trust, give brokers the right of free placement, and promote the development of pension funds and other long-term institutional investors and establish an institutional investor-based securities market, thereby enhancing IPO pricing