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在新股发行价格市场化、审批行政化的双重作用下,新股发行“两高”(高发行价、高市盈率)以及由此派生出的超额募资却日益成为不争的事实。2009年6月的新股发行体制改革运行
Under the dual role of the market price of the IPO and the administrative review and approval, the issuance of “two highs” (high issue price and high price-to-earnings ratio) and the excess fund-raising resulting therefrom have become increasingly indisputable facts. June 2009 IPO system reform operation