英语论文网

China's stock is in the context of transition economies , in early 1990 the reform of state-owned enterprises to raise funds for the purpose of the case established . After 20 years of development, IPO system has changed several times , but on the whole by the Chief pricing to the general direction of the development of market-based pricing . On the whole , can be roughly divided into two stages: First stage of administrative pricing ; second is the gradual transition to a market .

行政定价阶段（1992-1999年）。1992年10月，国务院证券委和中国证监会的成立标志着我国集中统一管理的监管体系逐步形成。在这一阶段，我国先后试行过抽签。全额预缴款、上网定价和上网竞价（仅4只股票试用）4种发行方式。

Administrative pricing phase ( 1992-1999 ) . October 1992 , the State Council Securities Commission and the China Securities Regulatory Commission marks the establishment of centralized management regulatory system is taking shape . At this stage, China has been tried ballot . Payable in full , Internet access pricing and bidding ( only four stocks trial ) four kinds of distribution methods .

和其他国家大多数国家相比，我国的定价方式带有明显的行政色彩，是由中国证监会根据“新股发行价=每股净收益*市盈率”这一固定公式进行统一定价，而且，发行市盈率和所采用的收益是由证监会指定的。

And other countries compared to most countries , China's pricing with a clear administrative color is determined by the China Securities Regulatory Commission under the " net income per share IPO price = * P ," the fixed formula for uniform pricing , moreover, the earnings release and the revenue is used by the Commission specified . In this pricing method , the issuer and the underwriters based on market situation can not determine the issue price , which makes the issue of the company's assets may suffer losses.

Gradual transition to a market ( 1999-present ) . December 31, 1998 , "Securities Law " was promulgated . 1999 formally implemented, since then , China's IPO market pricing significantly accelerate the pace of reform , have appeared underwriters and issuers listed price negotiated tariffs , to the secondary market placing of the Placing and the legal and other new pricing method . Since then, the development of securities markets entered a new stage of market transition . December 11, 2004 , China Securities Regulatory Commission issued the " IPO trial inquiry system several issues," and supporting documents " Issuance audit regulatory requirements" and on January 1, 2005 execution. This marks the Chinese stock market distribution system steering inquiry , the initial establishment of IPO market-oriented pricing mechanism.

From April 2005 the split share structure reform was officially launched to the end of 2006 , China's capital market is the most important institutional changes have been fully completed . Split share structure reform , the Chinese capital market is of great significance . As Professor Wu Xiaoqiu research report in 2006 " after the split share structure reform, capital market " , as mentioned , " In essence , the share reform attempts from a system perspective on ' recycling ' the Chinese market, so it is by far the by far the most important and most complex structural changes , but also for China's capital market development and institution building has landmark significance it has historical significance and almost the