High nominal returns , low real returns , little risk , great oversubscription and high turnover of initial public offerings ( ipos ) are long - standing distinguishing features of chinese capital markets , which damage the market efficiency and the resource allocation efficiency 首次发行新股( ipos )的“高名义回报、低实际收益、低风险约束、巨额冻结资金、高换手率”一直是我国资本市场的一个显著特点，大大降低了市场运行效率和资源配置效率。
