zhunianchunjieqianxi，zhongguogushikeweijinluomiguhebeishouzhumu，qianjiaogangganghuanlezhengjianhuizhuxi，houjiaojiufabule《kechuangbangupiaojiaoyitebieguiding（zhengqiuyijiangao）》，zheiyuyiwangzhengjianhuihuanshuaidetaoluhejiezouwanquanbuyiyang。yiwangxinzhuxishangrenhoubannianneijihubufabiaorenhekanfaheguandian，erqiezhongdazhiduhezhongdajuecedoushizaimohe、shuxihoucaihuanhuantuichu，erzheiciyiqianyihoujihutongshituichu，xianrantuichukechuangbanshibuyizhengjianhuideyizhierchiyi，shigenggaocengmiandejuedinghetuidong。
qishi，zaozai2018nian11yue5rixijinpingzhuxijiucengzaizhongguojinkoubolanhuishangxuanbu：“shanghaizhengquanjiaoyisuojiangshelikechuangbanbingshidianzhucezhi，zhichishanghaiguojijinrongzhongxinhekejichuangxinzhongxinjianshe，buduanwanshanzibenshichangjichuzhidu。”dangshihenduorenbuyiweiran，renweizaimuqiandeshikuangxiazaituichuxindeshichangbankuai，zaijiashangcongweichangshiguodezhucezhi，danxinshichangqingxujinyibushoudaoyingxiang。gujihenduorendoumeiliaoxiangdaokechuangbanchoubeihetuichudesudurucizhikuai，zheiyuyiwangzhengjianhuiduizhucezhituisanzusidetaiduyanranbutong。
注册制在中国已经喊了很多年，但一直没有动静，证券监管部门对注册制一直不太积极。2016年3月1日全国人大常委会正式授权国务院在两年内（2018年2月28日前）调整股票发行核准制，实行注册制，但就在即将到期时，时任证监会主席刘士余在2018年2月23日召开的第十二届全国人民代表大会常务委员会第三十三次会议上提出延后两年的申请。于是再次搁置了注册制，但这次习主席直接宣布，而且让证监会换人执行，感觉有点像我们陕西“秦岭拆违建”的味道，如果不执行和执行不到位就换人执行。如果从这个角度来看的话，《科创板股票交易特别规定（征求意见稿）》急匆匆抛出更像是在规定的时间内交答卷，里面的内容显然还需要进一步斟酌和完善，尤其科创板的上市规则、标准、注册流程等都得进一步补充，否则提纲挈领式的规定很难执行下去，这次希望证监会和交易所能够充分征求市场意见，别再搞形式主义的征求意见，如果再推出一个既不是市场想要的、也不是高层决策部门所期望的科创板，迟早还得挨板子，与其这样还不如充分地征求市场意见，让科创板+注册制惊艳亮相，切勿盲目拍脑袋推出一个模棱两可的科创板+注册制。
zheicizhengqiuyijiangaosuiranhenduodifanghenlongtong，danxinxiliangyehenda，biruzaijiaoyitebieguidingli，duiipohezengfashangshihoudeqian5gejiaoyiribushejiagezhangdiefuxianzhi，suihouzhangdiefubilixianzhiwei20%，zheiyuyiwangdezhuban、chuangyebanjiaoyiguizejunbuxiangtong，jiujingshuyoushuliezanshihaibuhaopingjia，ruguobugaigehezhanduanxingufaxingzhidudeliyiliantiao，kechuangbanduixinguyiranshishitequanpeishoudehua，zezheizhongjiaoyiguizefanerbianyutequanliyitaoxian，zaijiashangkechuangbangupiaotianshengjiushirongzirongquandebiaode，ruguozhiduxizehejianguanxizebuwanshan，zehenyoukenenghuibeitoujizhehecaozongzheliyong。yourenshenzhikaiwanxiaoshuozheigezhengqiuyijiangaolidekechuangbanyoudianxiangfangdachoumabeishudeduchang，yaoxiangbimianchengweizheiyangyigeshichang，jinkao50wanyuantouzizheshidangxingmenjianshibugoude，yidanzaikechuangbanyingzaolecaifuxiaoying，huoxuhenduorenhuixiangbanfamairuzheigemenjian，yidanjinrueryoufengxianrenshibuzu，gaobuhaoyouhuilunweijiucai。yinci，jianguantizhiheshichangjichuzhiduwanshanshizhongzhongzhizhong。
首先，注册制要纯粹和透明，避免以注册制之名而行权力核准之实。
muqiandeagushichanghuoxuyouzheiyangneiyangdewenti，danduiyu“kechuangban+zhucezhi”woshichigulitaidude，youqizhucezhishiagushichangshichanghuagaigedezhongzhongzhizhong，“kechuangban+zhucezhi”yidanzaiagushichangshidianchenggong，zhubanshichang、chuangyebanshichangdouhuigenjingaige，fouzeyuanlaide“1.0”banbenyu“2.0”banbenxiangbijiuyoulechaju，shichangdexiyinliziranhuibeixinde、gengfuheshichanghuachaoliudebankuaijixiyinzou，yinci“kechuangban+zhucezhi”degaigeshidianyiyizhongda，ruguozheicizaishangjiaosuojintuichu“kechuangban”ermeiyouzhucezhidehuawohuijianjuefandui，bijingmuqianagushichangbuquezheigebanneigeban，erzhenzhengquefadeshishichanghuafaxingdeshichanghuanjing，benlaishenjiaosuodechuangyebanyouzheigetiaojianlaituixingzhucezhi，danyihandeshichuangyebanhaishizaianzhaoquanlifashenlaicaozuo，yuzhuban、zhongxiaobanchayihuabingbushihenda，dankechuangbanshishiquanxindemoshishangzhen，huoxuhuijichuangyebanxiayibugaigechuangzaoyoulitiaojian。
danyourenjilifanduizhucezhi，renweizaihezhunzhixiadouhennanbaozhangshangshigongsidezhiliang，yidangaozhucezhihuinishajuxia，huirangshichangdaluan。qishidakebubidanxin，xianzaihenduorenduiyuzhucezhiderenshiyouwuqu，tamenjiandandecaiqu“erfenfa”lairenshizhucezhiyuhezhunzhi，yiweibubeiquanlifashendezhucezhijiushi“ziyoushichang”，yiweizhiyaofuhetiaojian、meiyoushenhe、zhumaniuyangdoukeyishangshi，qishiburan。
注册制与核准制最大的差别就在于监管部门是否对发行对象进行实质性审核，我们现行的核准制就是实质性审核，上市与否都是证监会的发审委说了算，而注册制是监管部门只对注册文件进行形式审查，监管部门拥有拒绝注册的权力，但拒绝注册得有理有据。实质性审核与形式审核最大的区别就在于监管部门是否对公司的价值作出判断，我们行政主导下的额度制、审批制、核准制，可能初衷是好的，是想选择优质的上市公司，防止劣质公司上市圈钱，是想让资本市场健康发展。但实际情况与父爱主义的初衷背道而驰，行政主导下的权力发审不但没有选出优质的公司，反而成了权力寻租的温床，各种带有财务欺诈的公司通过形形色色的公关，纷纷高价上市圈钱，拿了好处的监管部门睁一只眼闭一只眼，而这些公司却成了打不得、骂不得的保护对象，对媒体揭露出来的“坏孩子”，只用低廉的处罚成本大事化小小事化了，而过低的违规成本恰又默许了他们的胡作非为，结果扭曲了各种市场化的功能，成为阻碍市场化改革的最大障碍。
dangranzhucezhiyebushimeiyourenhedeshizhixingshenhe，zhishizhengjianhuibuzuoshizhixingshenhe，zhengjianhuizhifuzejianduzhizhi，danshizhixingshenheshiyoujiaoyisuohezhongjiejigoulaichengdande。suoyishuo，zhucezhibingfeishiwanquanziyoufangrendeziyoushichang，fanerheguijianguangengjiayange，chuleyaoqiufaxingrenjiangyifagongkaidegezhongziliaowanzheng、zhenshi、zhunquedixiangzhengquanzhuguanjiguanchengbaobingshenqingzhuce，haidehuidazhuguanjiguancengchubuqiongxunwen，zheixiehuidabunengyourenhezuojia，yidanfashengqipian，gongsibudanshangbuleshi，erqiehaihuishoudaofalvdezhicaihegezhongsusongpeichang，tongshihaidejieshoushehuigongzhongdequanfangweijiandu，qishiyueshutiaojiangengduole，suiranzhiyaofuheshangshitiaojiandegongsidoukeyishenqingshangshi，danbixuyaoyoubaojianchengxiaojigou、huijishi、shenjishi、lvshishiwusuodengzhongjiejigouhelijujian，cainenggou“zhuce”chenggong。
其次，要改革和完善IPO发行规则。
kechuangbanyidingyaobimianzhuban、chuangyebanneiyangdexingubaochaoyouxi，youqikechuangbanipoqianwutianbushezhangdietingxianzhi，ruguozaixiangyiwangneiyangshishixingupeishoujizhi，henyoukenenghuichengweiquanshang、tequanjigouheliyiguanlianfangshenglitaoxiandejihui，gaobuhaojiuhuirangkechuangbangaokaidizou、candanshouchang，zhongxiaoban、chuangyebanyizaizhengmingagushichangniuqudeguizehuirangyigexinshiwubianhuai、bianjiu，yincikechuangbanwubiyaojingxing，yaobimianxingububaideechao。
其实，在我看来A股市场新股不败的核心原因有如下几点：一是新股发行定价的一、二级市场价差和利益分配不统一，导致一些持有一级市场原始股和配售股的机构想方设法来诱导散户介入；二是主承销商“直投+保荐”的利益驱动，会想方设法来抬高新股发行的价格；三是网下特权配售存在诸多不透明，再加上主承销商的自主分配权，让新股成了利益输送的工具。shuobaile，qishixingubeibaochaozhuyaoshifaxingzhiduhexinguliyilianbangjiadejieguo，youyuxinguyierjishichangjudajiachahegedaliyizhutizaixingufaxingzhongpangencuojiedeliyiguanxi，haiyouagushichangdetouzizhequeshipianaichaoxin，xinguziranhuichengxianchuxingububai。danruciyilai，bulunshenmezhiliangdexinguzhiyaochuangguanipochenggongdouhuibeidasichaozuo，congzheiliangniancixinguyejibianliandeshuliangheguimolaikan，xingushangshigongsizhiliangbingbushihengao，danipohoudouhuibeichaodehengao，erqiezaidaxiongshiyezhaochaobuwu。
yinci，wojianyibufangzaikechuangbanchangshifangkaifaxingjiazhijiezuoweishangshijia，jiangshangshigongsimutoueduzuoweijichu，chaomubufenkeyiguazaizhuanmenzhanghu，dengdaoerjishichanggujiadiepofaxingjiachaoguo50%shi，zaiyongzheibufenzijinzaierjishichanghuigougufenyuyizhuxiao（diefujinru50%shitingzhihuigou，diepozaihuigou），zheiyangyilaifaxingdingjiaguogaoziranhuidiepofaxingjia，xinguchaozuodeliyiliantiaoziranwajie，zheiyangjiuhuijimangmuchaoxindetouzizheyuyijiaoxun，xingufaxingruguodaliangdiepofaxingjia，canyuduziranjiuhuixiajiang，ipochongguanfaxingdejijixingyejiuziranjiangdi，xingufaxingyejiuhuiquyulixingheshichanghua。fouze，zaimuqiandezhidubeijingxiadalianggongjixingubiranhuichongjizhuban、chuangyeban、zhongxiaobandeerjishichangxinxin。
第三，要完善退市制度和投资者赔偿制度。
“kechuangban+zhucezhi”yinggaichuangjianshichangdeziwojiucuojizhiheyoushenglietaijizhi，jiranyaoanzhaoshichanghuadexuanzejizhizhenxuanshangshibiaode，jiuyaoshidangyunxushichangfancuoheshicuo，yidanfaxianshangshigongsiweiguizaojiajiulijitingpaituishi，bingqieyanchengzaojiazhehe“bangxiong”（zhongjiejigou），jitamenfayizhongjin，yibuchangshouhaizhedeliyi。zheifangmiankeyijiejianmeiguozhengjianhuiduishitong、anranshijiandechulifangfa，chulerangshangshigongsidagudongqingjiadangchanlaipeichangtouzizhezhiwai，touxing、huijishishiwusuo、shenjishiwusuodengzhongjiejigou，yeyaofuchucanzhongdedaijia。
jianyizuihaozaikechuangbanyeyinrujitisusongzhidu，yibaozhangtouzizhedehefaquanyi，zhiyoutongguojitisusongzhiduyinruquanshichangjianguanliliangcainengbaozhengquanfangweijianguanhejianguanshizhi，yezhiyouyanxingjunfahegaoangdeweiguichengbencainengyizhiqiyeqizhashangshiquanqianhecaiwuzaojiadechongdong。
chuleyaoduiweiguizhehezhongjiejigouyanxingjunfa，tigaoerjishichangdeweiguichengbenzhiwai，jishixiugaifalvfagui，duifeishangshiqiyeipoqiandexujiachenshuhebinggouzhongzuqiandeweiguixingweiyaonaruzhengquanfachengchudefanwei，tigaoxinxipiludezeren，gaibian“chongguanzhi”tezheng，jikeyihuanjie“ipoyansaihu”hebinggouzhongzu“yansaihu”，yeshizhucezhijiankangyunxingdejichutiaojian，ruozaijiashangyanjianguanchangtaihuahezhenzhengdetuishizhidu，duizhucezhijiubuyongneimejiujiele。xianran，zhucezhixuyaosifazhuisu、peichangjizhi、jitisusongzhiduheyanlidetuishijizhidengjichuzhiduquanmianpeihe，buranzhucezhixiaoguoyehuidazhekou
另外，对“科创板+注册制”还要与之配套的监管规则，避免证监会再像以往那样越俎代庖、窗口指导，对市场乱象该管的要责无旁贷，对于市场运行机制不该伸手的切莫过度行政干预，避免再次重蹈主板、创业板的覆辙，其实中小板、创业板和新三板就是最明显的例子，这些新的板块推出并未给市场带来新的面貌和气象，反而被A股市场的大染缸给染成了主板市场的模样，各个都没有活力。dangwuzhiji，gaocengjuecebumenhezhengjianhuiyinggaishendusikaoduocengcizibenshichangtixidegoujiahegebankuaidechayi，bimiantongzhihua，youqiyaobimianzhubanhua，rangmeigeshichangbankuaidoufahuizuoyong、bicijishijingzhengyoushihubu，erbimiantongzhihuadedixiaojingzheng，youqibuyaobakechuangbangaochengshangjiaosuoyushenjiaosuoqiangshengyidegongju。
yinxingyujinrongkejironghedelixiangjingjieshishenme？shiyinxingjifuwu。
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