新股发行制度是证券市场的重要基础制度之一。我国证券市场创建以来,关于股票发行制度的完善与改革的工作一直处于不断探索之中,经历了逐步放松管制,市场化程度渐趋明朗的过程。2009年6月10日,中国证监会公布的《关于进一步改革和完善新股发行体制的指导意见》(下称《指导意见》)明确提出,完善询价和申购的报价约束机制,形成进一步市场化的价格形成机制,取消 Stock issuance system is one of the important basic securities market system. Since the establishment of China’s securities market, the work of perfecting and reforming the stock issuance system has been under continuous exploration. It has undergone a process of gradual deregulation and a gradual liberalization of the market. On June 10, 2009, Guiding Opinions on Further Reforming and Perfecting the System of Issuing New Shares (Guidance Opinion) promulgated by China Securities Regulatory Commission clearly put forward that the quotation restraining mechanism of inquiry and purchase should be perfected to form a further marketization The price formation mechanism to cancel