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面对资本市场的不确定性,本文尝试探索市场长期存在的体制性、结构化因素,从IPO、并购重组和再融资三个重点领域分析市场与监管的相互作用,并提出具体政策建议,以促进市场与政策的良性互动。过去几年,资本市场充满了各种不确定性,突出表现为市场的大起大落和监管政策的剧烈调整。2008年国际金融危机后,为配合中国经济转型升级,资本市场展开市场化改革。但由于系统配套体制未到位,放松管制和鼓励创新氛围下出现了种种问题,表现为小盘股泡沫累积、IPO(首次公开
In the face of the uncertainty of the capital market, this paper tries to explore the long-standing institutional and structural factors in the market, analyzes the interaction between the market and regulation from the three key areas of IPO, M & A, re-financing and puts forward specific policy suggestions Promote positive interaction between markets and policies. In the past few years, the capital market was full of various uncertainties, highlighting the drastic fluctuations in the market and the drastic adjustment of regulatory policies. After the international financial crisis in 2008, to meet the needs of China’s economic restructuring and upgrading, the capital market launched a market-based reform. However, due to the system supporting system is not in place, deregulation and encourage innovation atmosphere appeared all kinds of problems, manifested as small-cap stocks bubble accumulation, IPO (initial public