股票市场IPO制度市场化演进可能面临的风险与对策

发布时间：2018-05-01 20:23

本文选题：IPO制度 + 市场化演进　；参考：《社会科学战线》2013年08期

【摘要】：IPO市场化主要包括对上市规模和新股定价两个方面进行市场化。从中国股票市场IPO制度的演变历程看,发行制度经历了审批制和核准制两个阶段,定价制度则经历了固定发行价定价法、固定市盈率定价法、市盈率区间定价法和询价制度四个阶段。到目前为止,这些制度均没有完全摆脱监管部门对新股定价的干预和影响,实现市场化还有一定距离。在市场化改革过程中,政府监管部门对IPO上市规模和定价的影响会越来越弱,取而代之的是采用注册制和IPO市场定价,即完全市场化模式。但是,在由非市场化模式向市场化模式过渡的过程中必然会带来一些风险,诸如IPO"三高"、新股快速扩容以及股市下跌等问题的出现有可能使投资者蒙受损失,甚至有使股市崩盘的危险。文章试对此进行分析与研究,并提出相应对策。
[Abstract]:The marketization of IPO mainly includes two aspects: the scale of listing and the pricing of new shares. From the evolution of the IPO system in China's stock market, the issuing system has experienced two stages: the examination and approval system and the approval system, while the pricing system has gone through the fixed issue price pricing method and the fixed price-earnings ratio pricing method. The price-earnings ratio interval pricing method and the inquiry system are four stages. So far, these systems have not completely got rid of the interference and influence of regulatory authorities on the pricing of new shares, and there is still a certain distance to realize the marketization. In the process of market-oriented reform, the influence of government supervision on the scale and pricing of IPO will become weaker and weaker. Instead, the registration system and IPO market pricing will be adopted, that is, the completely market-oriented model. However, in the process of transition from non-market-oriented mode to market-oriented mode, some risks will inevitably be brought, such as the "three high" IPO, the rapid expansion of new shares and the stock market decline, and so on, which may make investors suffer losses. There is even a risk of a stock market crash. This article tries to carry on the analysis and the research, and proposes the corresponding countermeasure.
【作者单位】：吉林大学数量经济研究中心;
【基金】：国家自然科学基金面上项目(71273112) 教育部人文社会科学规划项目(11YJA790131) 吉林省社会科学基金项目(2011B030) 吉林省科技厅软科学项目(20110642)
【分类号】：F832.51

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