Although there have so many articles about how to supervise the stock issue , how to reveal the information to investors and how to get a rational price of the stock , we still ca n ' t get a overall idea about the reformation of issuing market for those articles only studied the institution segments 客观现实要求我们理性地对中国股票市场的全局性和长远性发展进行思考，作出合理的战略选择。目前国内对股票发行市场的研究主要集中在发行定价模型、发行审批、信息披露等部分子制度的研究上，而缺乏对发行制度整体演化过程和规律的理论总结。
First , it can be do by adjusting the capital market structure , which required to solving several important problems such as the reducing of state - owned shares , the circulation of total shares , the merge of a shares market and b shares market , and the opening of capital market . second , we must improve the issues system and companies " governance to remove the hidden peril at quality of listed companies . finally , the government should improve the capital market regulation system and cancel the recessive guarantee to the capital market ‘为此，要积极推进资本市场结构调整，优化市场结构，稳妥地解决国有股减持、股份全流通、 ab股并轨、资本市场对外开放i等重大问题，并减小它们对市场造成的冲击;要改进股份公司上市发行制度和进一步完善退市机制，改善公司治理，消除上市公司质量隐患;要矫正政府角色定位，取消政府的隐性担保，完善市场监管体系，保护中小投资者利益，抑制过度投机。
Therefore , to limit and reduce the rent - seeking behavior in the securities market , we should prefect securities market institution by reforming securities issue institution , improving governance structure of listed corporation , strengthening securities supervision . moreover , we should also reduce the asymmetric information in the securities market by enlarging information revealing of corporations , instituting reputation system , enhancing transparency of gover nment policies , instituting reasonable and complete system of securities supervisory rewarding and punishing 因此，我们应通过改革证券发行制度、改善上市公司治理结构、加强证券市场监管等措施进一步完善证券市场制度建设；同时加大上市公司信息披露力度、建立信誉机制、提高政府政策的透明度、建立合理完整的证券监管奖惩制度，以削弱证券市场信息不对称现象，最大限度遏制证券市场寻租行为。
Part iii studying the feasibility which use the abroad experience for reference , we can get a clear conclusion that the ratification system is mot an intermediate institution of the registration system and the competiting - price is not suit for our issuing market . part iv putting some suggestions for the issuing market reformation the reasonable reforming order is to introduce the registration system after information and price system have become perfect 通过比较研究各国股票发行监管制度，发行定价制度，竞价发行制度、信息披露制度等，认为我国正在进行的“核准制”改革并不是“注册制”的简单过渡；竞价机制本身并不存在问题，竞价发行机制在我国市场不适应，有其特殊国情因素。
Second board could only service those little and new companies which have the prospect of developing and high scientific and technological content ; ( 2 ) the pattern of working : it ' s essential that the countrywide second board should be built in shen zhen stock exchange . at the same time the lower second board should be built in some district . there is some association between the two degree of second board ; ( 3 ) the stock issue system : in second board registering system should be adopted in issuing securities because it can better meet the demands of second board ; ( 4 ) the trading system : because of our country ' s reality the writer agrees with the view of reference files about second board , which means at the beginning of building second board market maker system will not be used and double auction will be continued ( 2 )在二板市场的运作模式上，笔者认为应在深交所设立独立的全国性二板市场，同时还应在适当的地区设立地区性二板市场，这两个层次的二板市场应是互动的：即达不到全国性二板市场上市标准的和从全国性二板市场下市的公司都可以进入地方性二板市场交易； o ）在二板市场的发行制度上，笔者认为不应实行核准制而应采用注册制，即证券发行主管机关只对发行人提交的材料进行形式审查，而发行证券的质量将直接由参与市场的投资者进行判断。
