STOCK ISSUE:MARKETIZATION ORDER

Abstract

Abstract: Under the authorization system,stocks are issued by high premium prices,most part of which is economic rent and not the true market ones.The correct order of marketization is such:increasing the supply of stocks so that the economic rent is disappeared by competition,then deregulating the issue prices.

Key words: authorization system, stock issue, marketization order

摘要： 核准制下以市场化名义进行的高溢价发行并非真正的市场价格,其中很大部分属于经济学上所谓的“租金”(Economic Rent),市场化的正确顺序是先放开竞争增加股票供给使租金消失,然后再放开发行价格管制。

关键词: 核准制, 股票发行, 市场化顺序

CLC Number:

F830.91

QI Chun-yu. STOCK ISSUE:MARKETIZATION ORDER[J]. Economic Theory and Business Management, 2001, (11): 36-41.

齐春宇. 股票发行市场化的顺序—兼论核准制[J]. 经济理论与经济管理, 2001, (11): 36-41.

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