新股询价制度研究

发布时间：2018-03-22 12:49

本文选题：新股价格　切入点：发行定价制度　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：作为新兴市场之一的中国证券市场自2006年起A股融资规模从未少于1000亿元，2010年中国IPO市场创下了发起企业数量347家、融资规模4,911亿元的历史记录。爆发性的成长说明中国正逐步成为全球融资规模最大的市场。从市场企业数量来看，2009年期中国IPO企业数量已经超过美国、西欧、日本等发达地区，融资规模也跻身世界前列；如果再将中国企业赴海外上市这一因素考虑在内，那么中国一级市场的重要性不言而喻。但是中国新股发行市场规模日益增大，，新股发行市场却呈现出高发行价、高市盈率和高超募比率的特点，新股上市3个月后的收益率低于行业同期表现，投资者难以通过中长期持有新股获取超额收益，却助长了新股短期投机的行为方式。所以仔细研究导致我国新股发行价格所出现问题的原因，并针对这些原因提出改进现有制度的方法与措施就显得尤为重要了。本文首先详细介绍了国内外的新股发行制度，定价制度与市场发展历程，然后分别对其进行比较分析。不仅从新股发行定价制度的对比中寻找出了导致我国新股长期溢价发行的制度漏洞，而且还从资本市场整体发展历程的角度对我国的新股价格问题进行了分析。最后，从分析结果出发，对如果改善我国的新股发行价格问题提出了系统性的建议与措施。
[Abstract]:As one of the emerging markets, China's securities market has not been less than 100 billion yuan in financing since 2006. In 2010, China's IPO market set up a total of 347 initiating enterprises. The historical record of the financing scale of 491.1 billion yuan. The explosive growth shows that China is gradually becoming the largest market for financing in the world. Judging from the number of market enterprises, the number of Chinese IPO enterprises in 2009 has already surpassed those of the United States, Western Europe, Japan and other developed regions. Financing is also among the world's leading, and the importance of China's primary market is self-evident if Chinese companies are again listed overseas. However, the scale of China's new issue market is increasing day by day, but the new issue market has the characteristics of high issue price, high price-earnings ratio and superb raising ratio. After three months of listing, the return rate of the new stock market is lower than that of the same period in the industry. It is difficult for investors to obtain excess returns by holding new shares in the medium and long term, but it encourages the behavior of short-term speculation of new shares. So we carefully study the causes of the problems in the price of new shares issued in China. For these reasons, it is very important to put forward the methods and measures to improve the existing system. This paper first introduces the domestic and foreign new stock issuance system, pricing system and market development process in detail. Then it is compared and analyzed separately. Not only from the comparison of the new issue pricing system, but also to find out the system loophole that leads to the long-term premium issue of new shares in our country. Finally, from the point of view of the whole development course of capital market, the paper analyzes the issue of new stock price in China. Finally, it puts forward some systematic suggestions and measures to improve the issue of new issue price in China.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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