通过抑价分析，阐述了在我国利用两阶段竞价发行方式的意义，分析了目前证券市场政策环境所存在的问题。
On the basis of price control, this paper expatiates the meaning of using the two-phases biding issue mode and analyzes the existent problems of the policy environment in the securities market.
公司事先不确定发行价，只订一个发行估价，由发行公司作为唯一卖方，众多投资人作为买方，进行集合竞价而产生出的价格作为发行价。
There is no set issue price. The price will be determined by the centralized competitive prices offered by the listing company as the only seller and investors as the buyers.
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