中文摘要：

我国新股发行问题的深层次原因是行政监管力度较弱，法律风险水平较低，而核准制并不是主要原因。因此，我国发审方式改革的关键不是从核准制转变为注册制，而是完善相应的制度安排，有效地约束发行人或上市公司及其聘请的中介机构的机会主义行为，进而保护投资者利益。包括加强对发行人及其中介机构的行政监管；健全民事赔偿法律制度，提高发行人及其中介机构的法律风险；完善发行上市相关配套制度，比如提高审核透明度、完善退市制度等。

英文摘要：

The underlying reasons for the problems of initial public offering （IPO） in China are the weaker administrative supervision and lower awareness of legal risks. The authorized system is not the main reason. Therefore, the key point of the reform of IPO system in China is not to change the authorized system into the registered system, but to improve the relevant institutional arrangement so as to effectively restrain the opportunistic behavior of the issuers or the listed companies and their in- termediaries, and protect the interests of investors. The following aspects should be included： strength- ening the administrative supervision on the issuers and their intermediaries; perfecting the legal system of civil compensation to raise the legal risks against the issuers and their intermediaries; improving the supporting arrangement for IPO system, such as promoting the transparency of examination and ratification, improving the delisting system, etc..