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November 2001 began the trial inquiry subscription, Beijing Hualian Hypermarket became the first company adopting this distribution methods , try placing inquiry as a legal mechanism for improvement. But China 's securities market the proportion of institutional investors , the quality and maturity are insufficient, and purchase inquiry mode of operation for the first set reserve price auction bidding interval and report to the Commission with the approval of the implementation , and then determine the issue based on the results of the tender price and, therefore, resulting in a re- intervention in market mechanisms executive power status .

Previously described , in the past placing of new shares at market value and IPO market inherent contradiction exists between . Placing market capitalization is a passive way to allocate shares . Investors hold the stock market and investors to subscribe for the IPO there is no necessary connection between intention , a situation that investors have a higher market value , and thus allocated more shares , but the lack of willingness to give up the subscription , a corresponding reduction in willingness of other investors who subscribe subscription opportunities ; another scenario is that investors do not even have a lower market value of the stock held by the Subscription strong will , may be subject to market constraints can not meet the demand subscription . Thus, according to the market value of the subscription amount Placing a market not fully reflect the real needs , which distorts the supply and demand mechanism .

With the split share reform, listed companies will be gradually converted to tradable shares , the market value based on placing the system will no longer exist . Furthermore As mentioned earlier, the market value and the market Issue Placing apparent conflict exists , it is restored stock funds purchase system is to reform the current stage of the inevitable requirement. Therefore, May 17, 2006 China Securities Regulatory Commission issued " Initial Public Offering and listing management approach ( draft ) " , decided to cancel the market placing , subscription funds to restore the system . Capital purchase an investor initiative behavior , investors based on the judgment of the issuing company and the issue price of the analysis determines the amount subscribed , fully embodies the wishes of investors , the real needs of the formation of the new shares , is conducive to the formation of the normal supply and demand, play the market pricing mechanism. Meanwhile, the money purchase as investors demand subscription monies paid in full , so there will be no chance to get subscription without subscription from happening , greatly reducing the underwriting risk. Recover money purchase , not only for the market to provide the conditions for issuance , but also conducive to new money into the stock market. Because the characteristics and investment preferences funding sources , part of the funds to pursue revenue stability and security of funds , purchase of new shares to restore funding for this part to provide investors with investment opportunities to attract new money into the stock market , in circulation increased funding conditions beloved supply and is conducive to the healthy development of the stock market in the long run . In the split share structure reform and other market-based system construction has made signi本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。