發(fā)布時間：2018-06-15 23:38

  本文選題：發(fā)行體制改革 + 定價機制��； 參考：《復旦大學》2012年碩士論文

【摘要】：新股發(fā)行體制改革是A股市場繼“股權分置改革”之后又一里程碑式的制度性變革,其意義之所以重大,是因為新股的發(fā)行定價涉及到我國股票市場的價值中樞,是證券市場發(fā)揮資金融通、資源配置及價值發(fā)現(xiàn)三大基本功能的集中體現(xiàn)。 總體上看,我國A股市場的新股發(fā)行體制變遷是一個逐步向市場化推進的過程,尤其是2009年6月以來推行的新股發(fā)行體制改革取得了良好的效果,預期的階段性政策目標基本實現(xiàn)：新股發(fā)行定價市場化水平顯著提高,發(fā)行價格與二級市場價格日趨接軌,新股抑價率水平有效降低,一、二級市場價差得以大幅縮小,新股定價效率明顯提高,IPO價格在反映公司內(nèi)在價值方面更為合理。 本文在對比分析國內(nèi)外證券市場新股定價機制差異及變遷的基礎上,采用回歸分析法對2009年6月實施的新股發(fā)行體制改革效果進行了實證檢驗。針對本次新股發(fā)行體制改革以來市場上出現(xiàn)的一些新問題,諸如新股發(fā)行“三高”現(xiàn)象突出、自主配售權缺失、新股供給稀缺、投研報告缺少獨立性等,本文建議在新股審核環(huán)節(jié)簡化審核程序,縮小審核范圍以增加股票供給；在新股定價環(huán)節(jié)促進發(fā)行人、承銷商、投資者三方互動,增強投研報告獨立性,并適時引入美式競價制度；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,引入并試行存量發(fā)行、儲架發(fā)行等新的股票配售方式。此外,建立完善的資本市場法律法規(guī)體系,借鑒并引入成熟市場中的集體訴訟制度,增加市場主體的違法違規(guī)成本,將為未來后續(xù)改革的進一步深化提供強有力的制度保
[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.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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本文編號：2024161