我们可以用种种人为设计的办法压低发行价,但按下葫芦浮起瓢,买新炒新必然再起,结果只会更糟糕。目前提出的新股发行体制改革方案,主要还是围绕治理“三高”展开。探索券商的配售权试点、引入国际上较为普遍的存量发行、增加网下机构投资人配售比例、取消网下认购者的锁定期、加大造假处罚力度等都被列入了征求意见内容。可以预见,这些措施如果实施,会在一定程度上改善询价过程,但这些枝节性措施,同前两次修补一样,并不会从根本上消除新股“三高”发行和上市炒作此消彼长的现象。道 We can use all kinds of people to design a way to lower the issue price, but press the gourd floating scoop, buy a new speculation will inevitably return, the result will only be worse. The proposed new share issue system reform program, mainly around governance “three high ” start. Brokerage of brokers to explore the pilot, the introduction of the more common stock issuance in the world to increase the proportion of institutional investors under the placement of shares to cancel the lock-up period of offline subscribers to increase efforts to counterfeit and punishments were included in the contents of the comments. It can be predicted that if these measures are implemented, they will improve the inquiry process to a certain extent. However, these measures, like the previous two, will not fundamentally eliminate the issue of new shares and “three highs” Diversify the phenomenon. Road