中文版

为什么我国证券不能采用折价发行？

证券发行是资本市场的重要环节，而发行价格则是证券发行的核心要素之一。在我国，证券发行通常采用平价或溢价发行的方式，而折价发行则相对较少见。那么，为什么我国证券不能采用折价发行呢？

首先，折价发行可能会对证券市场的稳定性造成负面影响。折价发行意味着证券的发行价格低于其面值，这可能会导致投资者对证券的价值产生疑虑，从而影响市场的信心。此外，折价发行还可能引发市场的投机行为，导致市场波动加大，不利于市场的长期发展。

其次，折价发行可能损害发行人的利益。发行人通过发行证券来筹集资金，如果采用折价发行，那么实际筹集到的资金将少于预期的金额，这可能会影响发行人的经营和发展。此外，折价发行还可能影响发行人的声誉和形象，降低其在市场上的竞争力。

再者，我国证券市场的监管体系也对折价发行有所限制。监管部门为了维护市场的公平、公正和透明，对证券发行价格进行了严格的监管。折价发行可能会被视为违反市场规则的行为，从而受到监管部门的处罚。

综上所述，我国证券不能采用折价发行的原因主要包括对证券市场稳定性的影响、对发行人利益的损害以及监管体系的限制。因此，在证券发行过程中，应充分考虑市场情况和发行人的实际需求，选择合理的发行方式，确保市场的稳定和健康发展。

英文版

Why Can't Securities in China Be Issued at a Discount?

Securities issuance is a crucial part of the capital market, and the issuance price is one of the core elements of securities issuance. In China, securities are typically issued at parity or a premium, while discounted issuance is relatively rare. So, why can't securities in China be issued at a discount?

Firstly, discounted issuance may negatively impact the stability of the securities market. Discounted issuance means that the issuance price of securities is lower than their face value, which may cause investors to have doubts about the value of the securities, thereby affecting market confidence. Additionally, discounted issuance may lead to speculative behavior in the market, increasing market volatility and being detrimental to its long-term development.

Secondly, discounted issuance may harm the interests of the issuer. Issuers raise funds through securities issuance, and if discounted issuance is adopted, the actual amount of funds raised will be less than the expected amount, which may affect the issuer's operations and development. Furthermore, discounted issuance may also damage the issuer's reputation and image, reducing its competitiveness in the market.

Moreover, the regulatory system of China's securities market also restricts discounted issuance. Regulatory authorities strictly regulate the issuance prices of securities to maintain market fairness, impartiality, and transparency. Discounted issuance may be considered a violation of market rules and thus subject to penalties by regulatory authorities.

In summary, the reasons why securities in China cannot be issued at a discount mainly include its impact on the stability of the securities market, harm to the issuer's interests, and restrictions from the regulatory system. Therefore, in the process of securities issuance, it is necessary to fully consider market conditions and the issuer's actual needs, choose a reasonable issuance method, and ensure the stability and healthy development of the market.