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新股发行的“行政治理模式”推动了中国股市的早期发展但也蕴藏着深层次的危机。《证券法》实施以后,中国股市的新股发行制度在借鉴境外成熟市场的制度之后,尝试着向市场化的方向演进,但几年来的实践表明从境外移植的制度体系在中国股市遇到了“水土不服”的问题。从制度经济学的视角分析,造成这一现象的原因是移植制度并未成为我国新股发行市场中均衡的制度安排。如何克服这一问题,本文认为结合我国证券市场现实情况,权力中心可以引入“监管竞争”和“卖空机制”来协同促成我国市场化新股发行制度的均衡。
The issuance of new shares “administrative mode ” to promote the early development of China’s stock market but also contains a deep crisis. After the implementation of the Securities Law, the IPO system in China’s stock market has been trying to evolve in the direction of marketization after drawing on the system of mature overseas markets. However, the practice over the past few years shows that the institutional system of transplanting from overseas has encountered problems in the Chinese stock market. Acclimatized “problem. From the perspective of institutional economics, the reason for this phenomenon is that the transplant system has not become a balanced institutional arrangement in China’s IPO market. How to overcome this problem, this paper believes that with the actual situation of China’s securities market, the power center can introduce ”regulatory competition “ and ”short selling mechanism " to synergize the balance of China’s market-oriented IPO system.