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Since June 14, 2001 "underweight state-owned shares set of social security fund management Interim Measures," promulgated, Shanghai and Shenzhen stock fell sharply and continued until January 2002 , the Shanghai index fell sharply to 1339.2 points from 2245.44 points, so the relevant authorities to reintroduce market placement , expected purchase of new shares of a market capital inflows secondary market in order to stabilize the secondary market and reply to secondary market investors ' confidence. May 21, 2002 , China Securities Regulatory Commission issued "on the placement of new shares to investors in the secondary market issues related to supplementary notice" ( by now referred to as " Supplemental Notice " ) , the abolition of a market issue features restart market placement programs . June 2002 for an IPO Routon electronics, became the first full implementation of the secondary market placement consultancy company. According to " supplementary notice" spirit, to take care of the interests of small investors , the basic principle is the priority to meet market purchase parts , therefore , the actual operation , almost all are made of 100% IPO market placement. Since there is no market placement process of freezing funds , investors purchase cost is greatly reduced . However, from the actual situation after the implementation of the policy to stimulate the market level does not achieve the desired results , because of the different risk preferences , hovering in a market originally purchase money nor therefore carry a higher risk of large-scale secondary market most but out of the stock market, resulting in the total stock market funds continued to decline. Such a situation from changes in the stock market margin to be confirmed . From the implementation of market placement, margin stock market from 2001 peak of 700 billion yuan to 260 billion yuan less than the end of 2004 . For investors must hold in order to participate in the secondary market stock purchase new shares , equivalent to purchase shares of the investment to set up new conditions , is nothing more than the risk aversion of investors excluded, deprived of their right to participate in the purchase of new shares at the same time , the original release of frozen funds to enjoy the company evolved into the lead underwriter interest income due to underwriting I shares ( due to lack of funds or the drain with cause ) the formation of a secondary market spread income . All in all, not only failed to achieve market placement policy objectives originally intended , greatly affected the fairness and efficiency of the market , contrary to the principles of market economy , is not conducive to the overall allocation of resources .

询价申购方式是目前机构投资者比重较高的证券市场常用的发行机制，由于机构投资者的投资行为相对理性且素质较高，询价申购的结果比较贴近市场价格，是解决证券一级与二级市场间高度价差的方式之一。中国在2001年11月开始试行询价申购，北京华联综超成为首家采用此发行方式的公司，试图作为法人配售询价机制的改进。

Request IPOs is a high proportion of institutional investors, securities issuance mechanism commonly used , because the investment behavior of institutional investors relatively rational and high quality, the results of comparative inquiry purchase price close to the market , is to solve the security level with the two high spreads between markets one way . China in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。