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一、问题的提出我国股票市场的建立与发展是一种典型的政府推动型制度变迁。新股发行价格的确定除了１９９２年以前采用平价甚至低于面值发行外 ,之后均采用溢价市场盈率法 ,即新股发行价格＝每股收益×发行市盈率 ,发行市盈率一般控制在１５倍以下。这种定价实质就是计划经济
First, the issue put forward The establishment and development of China’s stock market is a typical government-driven institutional change. The issuance price of new shares is determined by the method of using the price-earnings ratio (PE), ie the IPO price = earnings per share × issue price-earnings ratio. The issue price-earnings ratio is generally controlled at 15 times or less. The essence of this pricing is the planned economy