新股发行制度变迁（IPO system change）.doc

新股发行制度变迁（IPO system change） IPO system change ? prior to 1992, internal subscription and new subscription certificates This is the initial stage of the A-share market, the initial issue of new A system. New subscription certificates become synonymous with wealth, but also left the residual problem of internal staff shares, in 2000 only to be properly resolved. The two types of new shares issued way, because the efficiency is not high, the audience narrow, so be eliminated. 1993 linked to bank savings deposits This has improved the phenomenon of unfair issuance of new shares in advance, but every time new shares issued, often a large number of inter regional transfer of funds, and the efficiency of new shares issued is not high. ? full prepayment in 1996, full prepaid in the form of proportional placing, including full prepayment, proportional placement, balance withdrawal, and full prepayment, proportional placement, balance transfer, two. The way to solve the problem of high cost, high waste subscription permits issued, but also eliminates the certificates of deposit issued funds too long problem. However, there are some problems that can not solve the problem of moving funds of foreign buyers, and small and medium investors can really buy shares, which may be very small in the number of subscription. ? in 1999, a combination of online distribution of common investors and placing of legal persons The original intention of this approach is to improve the securities market, find the function of prices, foster institutional investors. But easy to breed the seeking, a few issuers will be placing the right privilege as the sale, not according to the strategic relationship between the real choice of strategic investors; some institutions do not fulfill the promise of holding period, privately reselling allocated shares etc.. Online bidding in 2001 Online bidding can reduce the subjective operation and prevent the occurrence of illegal activities and black box operations.