股市作为直接融资的渠道,从开创以来就承担着向上市公司输送资金的功能。但在中国,有很大比例的上市公司完全把股市当成“圈钱”的便利场所。然而,过度的攫取,最终只会导致处于弱势群体的中小投资者“用脚投票”的无奈反抗,近期中国股市的一系列现象正说明此问题。 继安阳钢铁上市次日即跌破发行价后,一直在发行价边缘徘徊的中国石化,也终于没能抵挡住投资者的漠视而跌落发行价之下,两家新股跌进发行价敲响了一级市场“无风险神话”破灭的警钟。二级市场的连绵阴跌,违规资金的清理,使资金面捉襟见肘的窘境日益突出。一直以为一、二级市场间缺乏联动机制的囤积在一级市 As a direct financing channel, the stock market has assumed the function of transferring funds to listed companies since its establishment. However, in China, a large proportion of listed companies fully regard the stock market as a convenient place for “misappropriating money.” However, excessive seizure will eventually result in the “vote by foot” resistance of the small and medium-sized investors in vulnerable groups. This phenomenon is illustrated by a series of recent phenomena in the Chinese stock market. Following the listing price of Anyang Iron and Steel that fell below the issue price the next day, Sinopec, which has been hovering on the edge of the issue price, finally failed to withstand investors’ indifference and dropped its issue price. The two new shares fell below the issue price A warning sign of the “risk-free myth” burst in the primary market. Yam Yulian secondary market, illegal fund clean-up, so that the financial constraints stretched dilemma has become increasingly prominent. It has always been assumed that there is a lack of linkage between the primary and secondary markets in the first-tier cities