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新股发行中如何有效地平衡机构投资者和中小投资者利益是健全股市的一个重要方面,也是金融立法的重要内容。但是,由于广泛存在的信息不对称、资金实力、市场参与能力等差异,在新股发行中机构投资者和中小投资者之间利益不平等现象非常严重。主要表现为以下三个方面,首先发行商倾向于向机构投资者发售股票;第二,立法上也更多倾向于超常规发展机构投资者;此外,机构投资者利用其资金、信息、游说能力和技术优势通过多种渠道合法或非法的侵害中小投资者利益。如何有效保护中小投资者利益,平衡新股发行中机构投资者和中小投资者之间的利益,成为一个颇具争议性的话题。
How to effectively balance the interests of institutional investors and small and medium investors in the issuance of new shares is an important aspect of sound stock market and also an important part of financial legislation. However, due to the wide range of information asymmetry, financial strength, market participation and other differences in the IPO of institutional investors and small investors inequality of interest is very serious. Mainly for the following three aspects, first of all, the issuer tends to offer shares to institutional investors; Second, the legislative tend to be more informal development of institutional investors; In addition, institutional investors use their funds, information, lobbying capacity And technological advantages through a variety of channels legitimate or illegal violations of small and medium-sized investors. How to effectively protect the interests of small and medium-sized investors and balance the interests of institutional investors and small and medium-sized investors in the issuance of new shares has become a controversial topic.