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在过去一个较长时间里 ,美国将股票上市初期的种种价格支持行为视为市场操纵加以禁止。然而 ,近年来严格的管制被逐步放松 ,股票上市初期的价格支持不再是主承销商暗中操作的事情 ,相反 ,已经可以在法律许可的范围内对股票价格进行多种技术性操作。为什么要采取这些支持策略 ,其具体操作方式是什么 ,以及它与市场操纵的关系是本文讨论的重点。与此同时 ,我们在对比研究中发现 ,虽然中美两国股票发行制度相去甚远 ,但是在我国已存在价格支持行为 ,从发行制度市场化的发展趋势来看 ,价格支持的必要性也是明显的。这意味着在我国对价格支持行为有稳定和规范的双重要求
For a long time in the past, the United States banned all kinds of price support in the initial stages of the listing of shares as market manipulation. However, stringent controls have gradually been relaxed in recent years. The price support in the initial stage of IPO is no longer a secret operation by the lead underwriter. On the contrary, it is already possible to carry out various technical operations on the stock price within the scope of the law. Why to take these support strategies, what is its specific mode of operation, and its relationship with market manipulation is the focus of this article. At the same time, we found in the comparative study that although the system of stock issuance in China and the United States is far apart, there is already price support in our country. From the perspective of the market-oriented development of the issuance system, the need for price support is also obvious of. This means that in our country there is a double demand of price stability and standardization in price support