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折价发行规则为亏损企业对外融资提供了可行的空间。立法面对折价发行的规制,应从严格禁止向例外允许的模式变迁。异价发行规则推动了承销制度且补偿了发起人的投资风险。立法面对异价发行的规制,应作为同股同价的例外予以有限的允许。分期缴纳规则为认股人提供了认缴出资时间决策上的自由判断权。立法面对分期缴纳机制,应权衡制度利弊,设计配套的追缴与责任机制。
The discount rules provide a feasible space for the foreign-funded enterprises to make losses. Legislation in the face of the regulation of discount issuance should strictly prohibit changes to the model allowed by the exception. Heterogeneous distribution rules drive the underwriting system and compensate sponsors for investment risk. Legislation in the face of the issuance of heterosexual bonds should be limited as an exception to the same share price. The installment payment rules provide the stockholders with the freedom to make decisions on the timing of subscribing for contributions. Legislation in the face of installments payment mechanism should be weighed against the pros and cons of the system, design matching recovery and responsibility mechanism.