新股发行制度变迁（The issuing system）.docVIP

新股发行制度变迁（The issuing system） The issuing system 1992 - before the internal subscription of new shares and the subscription card This is the earliest stage of start-up A stock market IPO system. The new subscription card has become synonymous with wealth, but also left internal staff shares this problem, be resolved in 2000. The above two kinds of IPO, the efficiency is not high, narrow audience, thus being eliminated. 1993 - and bank savings deposits linked This improvement in front of IPO unfairness, but in every IPO, often regional funds transfer, and the efficiency of IPO is not high. 1996 - the full amount in advance payment according to the proportion of placing full advance payment including full advance payment, proportion, balance refund and full advance payment, proportion, balance transfer two. The way to solve the problem of high cost, high waste subscription permits issued, but also eliminates the certificates of deposit issued funds too long problem. But there are also some problems, can not solve the problem of moving funds to overseas buyers, investors can buy shares in real purchase quantity may account for a small proportion. 1999 online issue for investors and the combination of corporate placement This way the original intention is to improve the securities market price discovery function, fostering institutional investors. But easy to breed the seeking, a few issuers will be placing the right privilege as the sale, not according to the strategic relationship between the real choice of strategic investors; some institutions do not fulfill the promise of holding period, privately reselling allocated shares etc.. 2001 - Internet auction The bidding issue can reduce the subjective operation, to prevent violations and the black box operation behavior. But because the stock issue price is in accordance with the purchase market to decide, often the purchase of new shares issue price high situation. It is difficult to carry out long-term. 2002 - accordin