我国IPO定价机制研究

发布时间：2018-04-28 13:08

本文选题：IPO + 定价机制　；参考：《吉林大学》2013年硕士论文

【摘要】：在一个新兴和过渡性的证券市场中，我国公司IPO定价机制的发展和改革一直受到广泛的关注。对其深入研究，不仅可以帮助我们认识我国IPO市场各种异常现象，还有助于改善股票市场的运作模式，从而提高资源配置效率。因此，开展我国公司的IPO定价机制研究对于完善社会主义初级阶段的资本市场制度，积累社会主义发展资本市场的经验，具有重要的战略意义。尽管我国资本市场起步较晚，从上海证券交易所成立至今只有短短二十余年的历史，但却经历了发行制度、定价方法、信息披露方式等基本制度的一系列频繁而又重大的变革。其中，股票市场IPO定价方式与方法改进是我国股票市场中问题最多、变化最大、进步最快的制度变革之一。我国IPO发行从2005年4月由于股市持续下跌而被政府叫停，，以期改善股市供求关系来阻止股市下跌，然而结果却并不尽如人意。那么，笔者认为应该从IPO制度的层次来认识我国股票市场的下跌情况，以及我国IPO制度对我国证券市场的影响。基于以上的研究目的，本文回顾了我国新股发行制度的演变，并且通过对国内和国外新股发行定价机制的比较分析，得到以下的结论：首先，我国股票市场中的回拨机制和“绿鞋”机制并没有真正发挥作用、进而达到保护中小投资者利益；其次，承销商约束能力较弱，并不能充分发挥其IPO价格发现的功能；最后，分离的初步询价和累计投标过程也容易导致机构投资者不诚信；另外，现行的市盈率定价方法也存在明显不足的问题。为了进一步验证本文的观点，笔者通过使用单因素方差分析法对不同定价方法的IPO定价效率进行了分析，进而得出了较有意义的结论。结果表明，尽管我国的定价机制经历不断发展和完善，已经取得了实质性的市场化进步，但是现行的IPO定价机制并非完全有具有效率。本文针对我国IPO定价机制的不足，提出进一步改善新股分配制度，建立和完善承销商约束机制，以及改善当前累计投标询价制度等建议，通过不断完善我国新股发行制度与定价方法，进而促进我国IPO定价机制得以进一步发展和完善。
[Abstract]:In a new and transitional securities market, the development and reform of IPO pricing mechanism has been widely concerned. The further study can not only help us understand all kinds of abnormal phenomena in IPO market, but also improve the operation mode of stock market and improve the efficiency of resource allocation. Therefore, it is of great strategic significance to study the IPO pricing mechanism of Chinese companies in order to perfect the capital market system in the primary stage of socialism and accumulate the experience of developing the capital market of socialism. Although the capital market of our country starts relatively late and has only a history of more than 20 years since the establishment of the Shanghai Stock Exchange, it has experienced a series of frequent and significant changes in the basic system of issuing system, pricing method, information disclosure method, and so on. Among them, the improvement of IPO pricing method in stock market is one of the system changes which has the most problems, the biggest changes and the fastest progress in the stock market of our country. China's IPO issue has been suspended by the government since April 2005 because the stock market continued to decline in order to improve the relationship between supply and demand in the stock market to prevent the stock market from falling, but the results are not satisfactory. Therefore, the author thinks that we should understand the decline of stock market in China from the level of IPO system, as well as the influence of IPO system on the stock market of our country. Based on the above research purposes, this paper reviews the evolution of the new issue system in China, and through the comparative analysis of domestic and foreign pricing mechanisms of new share issuance, the following conclusions are obtained: first, The callback mechanism and "green shoe" mechanism in China's stock market have not really played a role in protecting the interests of small and medium-sized investors. Secondly, the underwriters' binding ability is relatively weak, and they can not give full play to their IPO price discovery function. The separate initial inquiry and cumulative bidding process also easily lead to dishonesty of institutional investors, in addition, the current price-earnings ratio pricing method also has obvious shortcomings. In order to further verify the viewpoint of this paper, the author analyzes the pricing efficiency of IPO with different pricing methods by using single-factor variance analysis, and draws a more meaningful conclusion. The results show that despite the continuous development and perfection of the pricing mechanism in China and the substantial marketization progress, the current pricing mechanism of IPO is not completely efficient. In view of the deficiency of IPO pricing mechanism in China, this paper puts forward some suggestions, such as further improving the new share allocation system, establishing and perfecting the underwriter restraint mechanism, and improving the current cumulative bid inquiry system, etc. By perfecting the new issue system and pricing method, the pricing mechanism of IPO in China can be further developed and perfected.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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