中国证监会主席周小川近日明确表示,从今年3月份起,将彻底取消上市额度和指标,同时还将放开一级市场发行定价,使新股定价完全由市场供求关系决定。这表明证监会将推进资本市场价格机制趋于规范化和合理化,以逐渐改变一二级市场的巨大价差,从而使股票价格趋向合理。但具体如何放开一级市场还需要谨慎行事。熟悉国内证券市场的人都知道,一级市场一直是个稳赚不赔的无风险市场。由于公司申请上市有指标和额度限制,在相当长时间内,任何一家上市公司都成为备受投资者青睐的稀缺资源。而在一级市场上,目前实行的新股发行定价并不能根据供求关系作相应调整。而且长期延用的申购方式事实上是投资者之间资金量的大比拼,谁的资金更雄厚,谁就有更多地中签机会,从而能够按定价从一级市场上购得新股。一旦新 Zhou Xiaochuan, chairman of China Securities Regulatory Commission recently made it clear that from March this year, will completely cancel the listing quotas and indicators, but also will open the primary market issue pricing, the pricing of new shares entirely by the market supply and demand. This shows that the SFC will push forward the capital market price mechanism tends to be standardized and rationalized in order to gradually change the first and second-class market, a huge spread, so that the stock prices tend to be reasonable. However, how to let go of the primary market also needs to be cautious. People familiar with the domestic securities market know that the primary market has always been a risk-free market that does not lose money. Because companies apply for listing with quotas and quotas, any listed company has become a scarce resource favored by investors for quite a long time. In the primary market, the current IPO pricing can not be adjusted according to the supply and demand. And long-term extension of the purchase method is actually the amount of funds between investors, competition, who is more abundant funds, who will have more chances of winning, which can be priced from the primary market to buy new shares. Once new