Therefore , it is an important and meaningful task for us to study the laws and rules of securities issue of america . there is no doubt that we will benefit from this task both in theory and in reality 因此,研究美国证券发行市场及其法律制度对完善我国证券法律制度和促进证券市场的健康发展都有着十分重要的现实意义和理论意义。
This paper is divided into five parts totally : preface . from our country securities issue market ’ s present condition , this part mainly sets out the main point . the reason of securities issue market 第三部分是我国证券发行市场的监管主体,这部分的主要内容是我国证券发行监管的制度沿革和我国证券发行市场的政府监管主体探讨。
In fact , ipo has become a process of rent seeking , and over makeup and frauds have become a normal phenomenon . therefore , ipo price can " t reflect the real value of the issuer , and the primary market can " t efficiently allocate funds 不仅新股发行价格无法反映企业的真实价值，也使发行市场难以起到优化资源配置的作用，导致资金配置效率低下。
The monopolistic equilibrium in newspaper market is5 obviously distinctive from that of neoclassical theory because of the mutual interdependence of the performance of newspaper firms in circulation market and in advertisement market 摘要报业厂商在发行市场与广告市场上经营行为的相互依赖性，使报业市场的垄断厂商均衡明显不同于新古典的垄断厂商均衡。
Primary market is the base of the total stock marker , and the formation of ipo price not only reflects market maturity , but also constitutes the base for healthy function of the stock market and efficient resources a i location 发行市场在股票市场中处于基础地位，发行价格的形成过程不仅反映了整个市场的成熟度，也是整个股票市场健康运行和效率提高的基础。
Then the fifth part and sixth part picture the historical and current status and developing process , and make up a model to account for the formative factor of ipo underpricing from administrative pricing to marketable pricing 第五部分和第六部分阐述了我国发行市场的演变进程和现状，通过构造多元回归模型对行政定价和市场化定价方式下的新股发行抑价原因进行实证分析。
To civil liability for misstatements , the author suggests distinction between civil liabilities of the security issuing market and that of the trading market . civil compensation standard should be made according to the characteristics of different stages 对于虚假陈述的民事责任，建议区分证券发行市场的民事责任和证券交易市场的民事责任，并根据不同阶段的特点给予不同标准的民事赔偿。
In the 80 ' s of last century , there was a economic system reform in china , changing the planned economy system to the market economy system . in the economic system reform , the securities market rises the function of economic " barometer " 证券发行市场政府监管,是指证券监管机关依法对证券的发行活动和对参与证券活动的主体实施监督和管理,以维护证券市场的秩序并保障其合法运行为目的的行为总和。
Along with our country securities market ’ s gradual maturity , the government regulates the norm of the market gradually . the scope of the government regulation contracts gradually , and the market mechanism itself develops the important function gradually 对证券发行市场监管是政府对证券市场监管的重要组成部分,只有把证券发行市场监管适当,确保上市公司的资产质量,才能达到保护投资者合法利益的目的。
With the increasing of people ' s need on civilization , the competition on publication market is more and more fierce . management of xinhua bookstore shouid pay more attention on how to improve economic effect and solidify the dominant role on publication market 随着人民群众日益增长的文化生活需要，出版物发行市场竞争的日益加剧，新华书店的管理者们也必须思考如何调整经营模式去提高经济效益，巩固自己在出版物发行市场中的主导地位。
