被市场化的权力（Market power）.docVIP

被市场化的权力（Market power） Trial system: the power to be market-oriented Duanzhu If human beings are all angels, there will be no need for any government.. If angels manage the masses, there is no need for any outside or internal control of the government. This sentence from the beginning of the founding of the United States Federalist Papers words, is being A stock issuance system repeated verification. Review of Chinese stock market 20 years down the road, bumpy modifies the most appropriate, the unique A stock issuance system change of 20 years is to become a microcosm, from the audit system to the trial system, from the exchange of securities issued by the CSRC to monopoly power, incorporated from the case of Wang Xiaoshi to Wang case, the securities issuance system and the change of power through the issuance of A shares, China securities market system since the date of birth was criticized by the people. Today, the monopoly of regulatory authorities and control of the issue of shares has become the biggest source of all ills in the A-share market A. However, in todays worlds more than 100 stock markets, Chinas A share market is the only one built from a top-down approach. It is precisely because of the typical Chinese characteristics of the A stock market, the securities market in China has been rectified from top to bottom in the past 20 years, and at the same time it has been reconfirmed from the bottom up. In the end, this distortion of the market release audit power has become difficult to cure the ills of history. Dispute over the power of examination and publication In 1989, when the Shenzhen Development Bank issued shares, it was not successful. The stock market was sold at least half of the shares, and there were 1 million 500 thousand shares left in the Vanke stock. No one subscribed. At that time, buying stocks was based on awareness, almost as much as buying Treasury bonds. At that time, they went to the organs to sell, deep development of 20 yuan / shar