中小投资者的利益来自于两个方面:一是红利,二是股价上涨。在我国上市公司普遍分红较少的情况下,股价的持续稳定上涨就成为投资者获取回报的主要方式。“会计投资者”保护项目组近年跟踪新股发行情况发现,新股过高的发行价导致破发潮涌,巨额超募资金的不当使用雪上加霜,毁损了公司的长期价值。从源头上来看,除了企业上市动机不纯、内部治理薄弱外 The interests of small and medium investors come from two aspects: First, dividends, and second, stock prices. Under the condition that dividends are generally lower in listed companies in our country, the continuous and steady rise of the stock price has become the main way for investors to get rewards. In recent years, the “Investor Investor” Protection Project Group has been tracking the IPO issuance. It found that the issue price of new shares is too high, which leads to a break in the rush. The improper use of huge amounts of raised funds worsened the long-term value of the company. From the source point of view, in addition to impure motivations for listing, internal governance is weak