完善我国股票发行方式的基本思路

本文从分析中国股票市场发行方式的历史演变和存在弊端入手,探讨了中国股票发行方式模式选择的科学基础与客观制约因素。指出在中国加入WTO后,完善股票发行方式的终极目标是实现股市资源的市场化选择,而要实现这个终极目标必须经过阶段性目标的积累。因此,在这个过程中要兼顾“多重任务”的完成,从严格审核筹资项目;重新启用市值配售方式;逐步取消新股发行市盈率水平的人为限制;加强股市立法、执法、监管力度;拓展金融市场空间,降低系统风险等五个方面迅速而有效地推进我国股票发行制度的市场化进程。

Analyzing Perfection of the Way of Initial Public Offerings in Our Stock Market

Starting from the analysis of changes in the way of Initial Public Offerings, IPO, since 1991 and existing problems in our stock market, the article discusses the scientific foundation and impersonal restricted factors for choice of its models. Choosing the stock resources through market after entering into WTO is the final aim to perfect the way of IPO, which must be accumulated stage by stage. In order to make the stock market develop healthily, steadily and rapidly as well as play its economic leverage, the perfection of the way of IPO is a dynamic process rather than the way itself. In this process, therefore, multi - tasks will be accomplished such as review of financing project, reuse of the allotment way in accordance with the market capitalization, abolishment of the restriction of PE ratio. It is so important to strengthen legislation, implementation and supervision of the laws, at the meantime, to enlarge financial market space and diminish the risk that market - oriented progress will be boosted quickly and effectively in the way of IPO.