To improve the distribution system from three aspects

After the deep fall of the stock market in Chu Yongming, the IPO was shelved for a long time, which highlighted the dilemma that the IPO of the domestic stock market is bound by the fluctuation of the secondary markets, and it is related to the improper interest mechanism in the issue system. The current IPO system under the unreasonable market performance, there are mainly two points: the high pricing of new shares issued and new shares in the market after the listing of a further high premium in the two-tier trading.　　Thus deriving two abnormal market phenomena: hoarding in the first market of the huge amount of professional purchase of new shares of food funds, and "size limit" listed on the two-tier market caused by the abnormal impact. The cause of the above abnormal phenomenon is precisely the system level, mainly is the current unreasonable agency-oriented new stock inquiry mechanism and the net purchase method. By doing so, the agency has the dual right to price new shares and large subscriptions. Driven by the motives of self interest, it is inevitable that the behavior of self profit will arise.　　The following is the theory of behavioral finance to give the mechanism and behavior pattern of institutional self profit behavior. First of all, facing the temptation of the huge price difference of the new stock secondary market, institutions will not rationally price the IPO according to the actual value of the company in order to obtain the opportunity and benefit of the new shares, but will adopt Keynes's "beauty pageant rule" to determine the IPO price to ensure the purchase opportunity.　　The nature of Roadshow and inquiry has been "alienated", the essence of the new stock pricing is no longer the actual value of the company, but the result of the interest game, which is the basic reason for the public offering price is much higher than the private placement price. Secondly, when the institutions with the huge amount of new shares, in order to be able to cash their own interests in the two-tier market, the opening price of the IPO so that the initial period of the IPO will not be high?　　This is the domestic two level market new shares high pricing and new shares "unbeaten" one of the reasons. From this we can clearly see that it is the current distribution rules that led to the high price of the IPO and the two-tier market high transaction prices. In this case, most of the domestic stock market participants were forced to carry out highly speculative transactions without rational investment.　　At the same time, the other part of the reluctance to be "hijacked" in the case of irrational transactions of funds, see the first-tier market profitable, become a professional "dozen new" funds to the two-tier market funds in vitro "draw blood". It is also necessary to note that some companies, in the run-up to the IPO, for various purposes of the expansion of equity and the issuance of shares, the "size limit" "Water injection" to expand the size and manufacture of "pseudo size limit" (including some of the prior issuance of strategic investors), to create a two-tier market funds more serious in vitro "blood"　　and price shocks. "Pseudo size Limit" and the first-tier market professional "dozen new" funds caused the domestic two-tier market funds in the abnormal external "blood loss", a can not maintain the normal circulation of funds in the market, is not able to maintain a long-term normal operation.　　It is not surprising, then, that the issue of new shares has been shelved when the share price in the two-tier market has fallen sharply. Maintain the normal circulation of the funds in the level two market and maintain the normal operation order of the marketShould be the guiding principle for reforming the current distribution system. To this end, you can modify the existing distribution rules from the following aspects: first, private equity prices are listed companies themselves are recognized market-oriented pricing, so the public and private placement of the price linked should be logical. One of the functions of securities market is to provide direct financing channel for economic construction. Second-tier market funds in the market within the different individuals between the circulation and circulation, with the outflow of funds there is an essential difference. As for PE, PB that set of things, should not be put it simply to the first-tier market of the issue price applied, who see in the property market is also applied to it?　　Reasonable low price distribution is the basic weapon against "false listed company" and "pseudo size limit" for resisting malicious circle money, is to let the money into the real need to raise funds in the hands of the company entities to achieve a healthy allocation of resources to protect, but also to promote the ban on restricted stocks, to stabilize market volatility of good measures. Second, the need for the interests of the purchase of new shares as far as possible, so that a single individual to obtain the benefit as small as possible, so that you can exclude a large amount of new shares of the individual's initial "hype enthusiasm", to change the initial IPO two-tier market irrational hype.　　Over time, when the idea of a new stock is no longer inevitable, the issue of a primary market will be like a mature market, and it will no longer be a problem that bothers us.　　Third, in order to remove the current level of professional "new" funds in the outside of the normal "blood pumping" phenomenon, can be in the eligibility for temporary technical restrictions. The criterion for measuring whether a system is reasonable is that it should be equal to the interests of all market participants and be able to maintain the efficient functioning of the market. The key to reform the current distribution system is the interest tendency in the reform system, which is bound to be obstructed by the existing beneficiary groups. The key to the real success of the IPO system reform is the insight power of the managers of the securities market and the credibility of maintaining the efficient and normal operation of the market in a fair position.　　Only in this way, the issue of domestic stock market is possible with the two level of market volatility "desensitization", the first level of the market may only be the macro-economic environment and the fundamentals of listed companies to decide, investors may obtain a market with investment value, the market may be in accordance with their own rules of operation. It is necessary to further point out that the price fluctuation of the two-tier market has its own regularity, and the perfection of the system can eliminate the abnormal fluctuation of the market, but it cannot eliminate the inherent fluctuation of the market. A good system is to allow everyone involved in the market to have a fair environment, rather than let some people in a relatively favorable position, the other part of the risk and income of the game. From this point of view, the domestic stock market system needs further reform and improvement.