中国股票市场询价制改革效果研究

发布时间：2018-03-09 11:47

本文选题：定价　切入点：询价制　出处：《合肥工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：新股定价问题一直都是股票发行市场的核心问题。随着我国资本市场股权融资方式的不断发展，新股合理定价的重要性尤为突出。实现新股的合理定价，不仅与股票的正确估值有关，更与一个国家的发行制度和定价方式有很大的相关性。本文回顾了国内外对于新股抑价问题研究的相关文献及基础理论，发现在多种导致抑价的理论中，信息不对称理论是研究较多并被多数学者认同的理论。针对抑价现象很大程度上是由信息不对称造成的事实，引出能够改善信息不对称的制度——询价制度。该制度可以改善发行市场各主体之间的信息不对称，有利于发行人和承销商获得机构投资者的有效需求信息和真实报价信息，帮助投资者获得较为真实的公司价值信息。信息不对称程度的降低有利于实现新股的合理定价，降低抑价程度。对询价制在我国的应用情况进行综述后，定性分析询价制在我国的应用中存在的不足之处，针对这些不足，我国也采取了一些改革措施，，本文接着对询价制的改革情况进行了描述，并对询价制改革前后两个阶段发行的新股经过一定的方式进行筛选，最终选取245家和233家分别为样本进行实证研究。通过建立模型分别进行回归分析，对比两个阶段回归结果的系数以及前后市场指标和投资者行为的变化，分析询价制改革带来的效果和存在的不足，最后提出政策建议。本文基于我国当前的市场环境和制度环境，以询价制改革为切入点，深入研究提高股票定价效率的方法。通过本文的研究，可以为新股定价问题的探索提供一种新思路，并且可以为询价制改革提供有益的参考。
[Abstract]:The pricing of new shares has always been the core issue in the stock market. With the development of equity financing in China's capital market, the importance of reasonable pricing of new shares is particularly prominent. It is not only related to the correct valuation of stocks, but also to the issuing system and pricing method of a country. This paper reviews the relevant literatures and basic theories on the underpricing of new shares at home and abroad, and finds out that among the theories leading to underpricing, The theory of information asymmetry is a theory that has been studied and accepted by most scholars. In view of the fact that underpricing is largely caused by information asymmetry, This system can improve the information asymmetry, which can improve the information asymmetry among the different parties in the issuing market, and help the issuers and underwriters to obtain the effective demand information and the true quotation information of the institutional investors. The reduction of the degree of information asymmetry is helpful to realize the reasonable pricing of new shares and reduce the degree of underpricing. After summarizing the application of inquiry system in our country, this paper qualitatively analyzes the shortcomings in the application of inquiry system in our country. In view of these shortcomings, some reform measures have been taken in our country. The article then describes the reform of the inquiry system, and after the reform of the inquiry system, the new shares issued in two stages have been screened in a certain way. Finally 245 and 233 samples were selected for empirical research. Regression analysis was carried out by establishing models to compare the coefficients of regression results and the changes of market indicators and investor behavior before and after the two stages. This paper analyzes the effect and deficiency of inquiry system reform, and finally puts forward some policy suggestions. Based on the current market environment and institutional environment of our country, this paper, taking the reform of inquiry system as the starting point, deeply studies the methods to improve the efficiency of stock pricing. Through the research of this paper, we can provide a new way of thinking for the exploration of the pricing problem of new shares. And can provide useful reference for inquiry system reform.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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