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新版发行方案中,对业绩包装、财务造假的严厉惩戒措施让人印象颇深。在制度和市场约束严重缺失的当下,严刑峻法不失为一个权宜之计,但前提是执行到位。新股停摆8个月之后,证监会新一轮新股发行改革开始向市场征求意见,这意味着新股重启发行开始进入实质性操作阶段。过去几年来,偏重于发行人和上市前私募利益的机制设计,造成新股业绩粉饰和财务造假成风,高溢价发行带来的套现冲动让二级市场投资者亏损累累。二级市场的池子显然已不能接纳脑满肠肥的一级市场食利者。
The new version of the program, the performance of packaging, financial fraud strict disciplinary measures impressive. At a time when the system and market constraints are seriously lacking, the strict penal law is an expedient measure, provided that the implementation is in place. Eight months after the closure of new shares, the SFC a new round of IPO reform began to seek market opinions, which means that the restart of new shares issued to begin substantive operational phase. Over the past few years, emphasis has been placed on the design of mechanisms for the issuers and the private placement of pre-IPO interests, resulting in the over-allotment of new shares and financial counterfeiting. The emerging impulse of high-premium issuance has caused investors in the secondary market to make heavy losses. It is clear that the pool in the secondary market has not been able to accept the captives of the primary market of brain-full-fat.