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改革前的发行机制及存在问题我国IPO定价制度在2005年询价机制改革前曾走过4个阶段:第一阶段:固定市盈率定价(90年代初期)公司在股票发行的数量、发行价格和市盈率方面完全没有决定权,基本上由管理层确定,大部分采用固定价格方式定价。第二阶段:相对市盈率定价(1996～1999年)发
Pre-reform distribution system and existing problems IPO pricing system in China before the inquiry mechanism in 2005 had gone through four stages: The first stage: fixed price-earnings ratio pricing (early 90s) the number of shares issued in the company, issue price and price-earnings ratio There is no decision at all, largely determined by management, and most of the pricing is fixed-price. The second stage: relative price-earnings ratio pricing (1996 ~ 1999) made