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用注册制取代审核制,明显是在回避新股发行制度中所存在的问题,或者说是在避重就轻。据有关人士透露,证监会一直在着手研究的新股发行制度改革由注册制(或称备案制)取代现行审核制事宜,目前已经获得国务院领导的首肯,新股发行制度改革有可能在十八大后推出。再次对新股发行制度进行改革,这是符合投资者意愿的。虽然今年4月证监会对新股发行制度进行过一次改革,但由于当时证监会主席郭树清新上任不久,这次改革总体上给人以仓促之感。新股发行制度中存在的一些根本性的问题并没有解决。如新股高价发行问题、询价机构无须对报价负责的问题、控股股东一股独大问题、首发流通股比例偏低问题、造假上市问题等。所以,再次对新股发行制度进行改革成了不少投资者的一种期盼。
To replace the examination system with the registration system is obviously to evade the problems existing in the system of issuing new shares or to avoid it. According to sources, the Commission has been studying the reform of the IPO system by the registration system (or filing system) to replace the existing audit system has now received the approval of the leadership of the State Council, the IPO system reform may be in the 18th Congress roll out. To reform the IPO system again is in line with the wishes of investors. Although the SFC conducted a reform on the IPO system in April of this year, the overall reform gave a sense of haste because of the recent appointment of Guo Shu, the chairman of the Securities and Futures Commission. Some basic problems in the system of issuing new shares have not been solved. Such as IPO issue of high prices, inquiry agencies do not need to be responsible for the quotation, controlling shareholder of a dominance issue, the issue of low initial public float ratio issue, listing fraud and so on. Therefore, once again the reform of the system of issuing new shares has become a kind of look forward to many investors.