因股权分置改革暂停一年多的新股发行又恢复了。在短短一个月中,股市融资规模之巨前所未有。因此,应注意防止融资过度发生,防止股市震荡及股权分置改革成果被冲毁。本文阐述了近年中国股市中IPO与SPO过度融资及其危害;分析了“投融资饥渴症”的深层次根源;提出了建议:新股发行应做到节制合理,使股市和谐发展,以及建立真正的退市机制。 The resumption of the IPO of new shares suspended more than a year due to the split share structure reform. In just one month, the scale of stock market financing has never been greater. Therefore, we should pay attention to prevent over-financing, to prevent stock market turmoil and split share reform results were destroyed. This article expounds the over-financing of IPO and SPO in China’s stock market in recent years and its harm; analyzes the deep roots of “investment and financing hunger disease”; puts forward the suggestion that new stock issuance should be properly controlled and the stock market should develop harmoniously and establish a real Delisting mechanism.