股票发行制度问题我国证券市场在建设初期,由于法规不够健全,参与各方还不成熟,对股票发行申请采用了审批制,股票发行决定权归属政府。而在新股发行定价方式从行政管制向市场化演进的过程中,主要经历了下面几个阶段:在1990~1998年底,新股发行价格主要采取固定市盈率水平确定。这一时期新股发行市盈率一般在12~15倍之间,并以 Stock issuance system issues China’s securities market in the early years of construction, due to inadequate laws and regulations, participants are not yet mature, apply for the issuance of shares examination and approval system, the decision of the stock issue vested in the government. In the process of IPO pricing from administrative regulation to marketization, it mainly experienced the following stages: From the end of 1990 to the end of 1998, the IPO price mainly adopted the fixed price-earnings ratio. The issue of new shares during this period price-earnings ratio is generally 12 to 15 times, and to