低迷时期IPO核准管制的选择性执行

发布时间：2018-01-01 15:22

本文关键词：低迷时期IPO核准管制的选择性执行　出处：《安徽工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：在法律体系已经相对比较完备的情况下，法律执行问题成了学者们关注的焦点。现实中的法律执行问题，经常是执法者在不同时期，针对具体情形有选择性地采取不同的执行强度，即选择性执行。本文研究的问题主要有两个：一是立足于我国IPO市场新股发行特殊的的制度安排特点，从市场环境低迷阶段这个角度出发，探索在低迷时期证监会是如何进行核准管制的选择性执行的；二是对发行核准管制的选择性执行对企业融资的影响进行了实证分析，探索证监会管制选择性执行的经济后果。本文以2006至2011年通过发审委审核会议的IPO申请为样本，对低迷时期证监会发行核准管制的选择性执行进行了经验研究。结果发现：在市场状况处于低迷阶段,证监会会放慢发行核准速度以维护市场的稳定。进一步的研究发现，当市场状况处于低迷阶段时，证监会会放慢所在辖区政治地位较高企业的发行核准速度，即企业所在辖区政治地位较高，获得发行核准的速度越慢。同时发现，低迷时期IPO发行核准的选择性执行对企业融资有一定的影响，即当证券市场比较低迷时，获得发行核准越慢企业的发行市盈率越低，进一步的研究发现，在证券市场低迷阶段，所在辖区的政治地位较高的企业获得发行核准的速度越慢，企业发行市盈率越高。本文的分析和结论为理解转型经济中政府管制选择性执行的状况和后果提供了一个有益的视角，，丰富和推进了证券发行核准管制的选择性执行的相关文献。
[Abstract]:With the relatively complete legal system, the issue of law enforcement has become the focus of scholars' attention. In reality, law enforcement is often implemented by law enforcers in different periods according to specific circumstances, namely selective execution.
There are two main problems: one is based on the new IPO market in China issued special characteristics of institutional arrangements, from the perspective of the market downturn in the exploration stage, the downturn in the Commission is how to control the execution of selective approval; two is to control the examined selective impact on the implementation of the enterprise the financing of the empirical analysis, to explore the Commission regulation of selective enforcement of the economic consequences.
This paper from 2006 to 2011 by the issuance examination committee for the IPO meeting for sample selectivity to downturn the Commission issued the approval regulation execution carried out empirical research. The results showed that in the doldrums stage in the market situation, the Commission will slow down the speed to maintain the issuance market stability. Further research shows that when the market situation in the doldrums stage, the Commission will slow down the area where the political status of higher corporate issuance rate, namely the enterprise is in the area of high political status, have approved the issuance of more slowly. At the same time, selective IPO slump issued executive has a certain impact on enterprise financing, that is when the stock market downturn. Get slower enterprise approved the issuance of the price earnings ratio is low, further study found that, in the stock market downturn, the higher the area where the political status of the enterprises The slower the industry's approval of the issue, the higher the price earnings ratio of the enterprises.
The analysis and conclusion provide a useful perspective for understanding the status and consequences of selective implementation of government regulation in transitional economies, and enrich and promote relevant literature on selective implementation of securities issuance control.

【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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