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知道了高市盈率发行的巨大弊端,还需要知道造成如此大弊端的发行制度究竟哪里出了错?如此才能找到正确的解决路径。热衷“选美”监管不足由管理层来审批股票的发行与上市,这在世界范围内都是特例,而这种特例居然在中国畅行了20多年,至今看不到解决问题的任何端倪。管理层通过行政审批,掌握着新股发行的审批权力,控制着市场的供求关系,造成整个市场对行政部门与行政权力的层层依附,这也是中国股市
Knowing the huge downside of a high PE ratio, you also need to know exactly what went wrong with the issuance system that caused such a big mistake, so that we can find the right path to solution. Keen “beauty pageant ” lack of supervision by the management to approve the issuance and listing of shares, which are exceptionally worldwide, and this exception has actually traveled in China for more than 20 years, so far can not see any clues to solve the problem. Through administrative examination and approval, the management holds the examination and approval authority for the issuance of new shares and controls the supply and demand of the market, resulting in the entire market being dependent on the administrative departments and administrative power. This is also the reason why the Chinese stock market