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新股发行体制的改革是一个不断深化的过程。发行新股上市是企业进入资本市场的第一步,发行监管体制是直接融资当中的一个重要环节。在中国资本市场20多年的发展历程中,发行监管体制改革和制度建设推进的每一步,都是与我国经济体制改革和资本市场改革的整体进程密切相连的。深化发行体制改革在市场发展的初期,曾经实行过企业发行上市审批制和额度制,在摆脱计划经济不久,习惯于以贷款额度控制信贷规模的年代,这种方式是最
The reform of IPO system is an ever deepening process. The issuance of new shares is the first step for enterprises to enter the capital market. The issuance supervision system is an important part of direct financing. In the course of more than 20 years of development in China’s capital market, every step of the regulatory reform on the issuance of securities and the progress of institutional development are closely linked to the overall process of China’s economic reform and capital market reform. Deepening the reform of the issuance system At the early stage of market development, the system of examination and approval of the issuance and listing of enterprises and the quota system had been practiced. It was the most popular way to control the scale of credit with the loan quotas shortly after getting rid of the planned economy