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中文摘要：
股票发行制度是一国资本市场的准入制度，对股票市场的健康发展起着重要作用。由于历史条件和经济环境的影响，中国和日本的股票市场规模及效率不同，所以其发行制度也存在很大差异。分析表明，这些差异主要体现在发行审核体制、信息披露制度和发行定价这3个方面，中国在完善股票市场发行制度方面应该关注这些方面的深远影响。
英文摘要：
Stock issuance involves capital market accessibility of a country and plays an important role in the development of stock markets. The differences in historical conditions and economic environment have distinguished China and Japan in terms of size and efficiency of their stock markets, which have consequently made differences in their stock issuance institutions. Specifically, the stock issuance institutions of the two countries are different in issuance examination, information disclosure and IPO pricing. The Japanese issuance institution has thoughtful implications for China.
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