本文選題：發(fā)行體制改革 + 定價(jià)機(jī)制　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：新股發(fā)行體制改革是A股市場(chǎng)繼“股權(quán)分置改革”之后又一里程碑式的制度性變革,其意義之所以重大,是因?yàn)樾鹿傻陌l(fā)行定價(jià)涉及到我國(guó)股票市場(chǎng)的價(jià)值中樞,是證券市場(chǎng)發(fā)揮資金融通、資源配置及價(jià)值發(fā)現(xiàn)三大基本功能的集中體現(xiàn)。 總體上看,我國(guó)A股市場(chǎng)的新股發(fā)行體制變遷是一個(gè)逐步向市場(chǎng)化推進(jìn)的過(guò)程,尤其是2009年6月以來(lái)推行的新股發(fā)行體制改革取得了良好的效果,預(yù)期的階段性政策目標(biāo)基本實(shí)現(xiàn)：新股發(fā)行定價(jià)市場(chǎng)化水平顯著提高,發(fā)行價(jià)格與二級(jí)市場(chǎng)價(jià)格日趨接軌,新股抑價(jià)率水平有效降低,一、二級(jí)市場(chǎng)價(jià)差得以大幅縮小,新股定價(jià)效率明顯提高,IPO價(jià)格在反映公司內(nèi)在價(jià)值方面更為合理。 本文在對(duì)比分析國(guó)內(nèi)外證券市場(chǎng)新股定價(jià)機(jī)制差異及變遷的基礎(chǔ)上,采用回歸分析法對(duì)2009年6月實(shí)施的新股發(fā)行體制改革效果進(jìn)行了實(shí)證檢驗(yàn)。針對(duì)本次新股發(fā)行體制改革以來(lái)市場(chǎng)上出現(xiàn)的一些新問(wèn)題,諸如新股發(fā)行“三高”現(xiàn)象突出、自主配售權(quán)缺失、新股供給稀缺、投研報(bào)告缺少獨(dú)立性等,本文建議在新股審核環(huán)節(jié)簡(jiǎn)化審核程序,縮小審核范圍以增加股票供給；在新股定價(jià)環(huán)節(jié)促進(jìn)發(fā)行人、承銷商、投資者三方互動(dòng),增強(qiáng)投研報(bào)告獨(dú)立性,并適時(shí)引入美式競(jìng)價(jià)制度；在新股發(fā)行配售環(huán)節(jié),賦予承銷商更為自由的配售權(quán),引入并試行存量發(fā)行、儲(chǔ)架發(fā)行等新的股票配售方式。此外,建立完善的資本市場(chǎng)法律法規(guī)體系,借鑒并引入成熟市場(chǎng)中的集體訴訟制度,增加市場(chǎng)主體的違法違規(guī)成本,將為未來(lái)后續(xù)改革的進(jìn)一步深化提供強(qiáng)有力的制度保
[Abstract]:The reform of new stock issuing system is another milestone institutional reform after the "reform of split share structure" in the A-share market. The significance of the reform is that the pricing of new shares is related to the value center of the stock market in our country. It is the centralized embodiment of the three basic functions of the securities market: capital financing, resource allocation and value discovery. On the whole, the change of the new stock issuance system in China's A-share market is a gradual process of marketization, especially the reform of the new stock issuance system that has been implemented since June 2009 has achieved good results. The expected phased policy objectives are basically realized: the marketization level of new share issue pricing has increased significantly, the issue price is increasingly in line with the secondary market price, the level of new share underpricing has been effectively reduced, and, first, the price difference in the secondary market has been significantly reduced. The IPO price is more reasonable to reflect the internal value of the company. On the basis of comparing and analyzing the differences and changes of the pricing mechanism of new shares in domestic and foreign stock markets, this paper makes an empirical test on the effect of the reform of the new issue system implemented in June 2009 by using regression analysis method. In view of some new problems that have appeared in the market since the reform of the new issue system, such as the "three high" phenomena of new share issuance, the lack of independent placing rights, the scarcity of new stock supply, the lack of independence of investment and research reports, etc. This paper proposes to simplify the audit procedure and narrow the audit scope in order to increase the stock supply in the new stock audit, and to promote the tripartite interaction among the issuer, underwriter and investor in the new stock pricing link, so as to enhance the independence of the investment and research report. And timely introduction of American bidding system; in the new issue placing link, give underwriters a more free placing right to introduce and try out stock issuance, shelf issuance and other new stock placement. In addition, establishing a perfect system of laws and regulations of capital market, drawing lessons from and introducing class action system in mature market, and increasing the cost of violation of laws and regulations of market subjects will provide strong system protection for the further deepening of future reform.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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本文編號(hào)：2024161