A股市场新股发行体制改革与定价效率研究

发布时间：2018-06-15 23:38

本文选题：发行体制改革 + 定价机制　；参考：《复旦大学》2012年硕士论文

【摘要】：新股发行体制改革是A股市场继“股权分置改革”之后又一里程碑式的制度性变革,其意义之所以重大,是因为新股的发行定价涉及到我国股票市场的价值中枢,是证券市场发挥资金融通、资源配置及价值发现三大基本功能的集中体现。总体上看,我国A股市场的新股发行体制变迁是一个逐步向市场化推进的过程,尤其是2009年6月以来推行的新股发行体制改革取得了良好的效果,预期的阶段性政策目标基本实现：新股发行定价市场化水平显著提高,发行价格与二级市场价格日趋接轨,新股抑价率水平有效降低,一、二级市场价差得以大幅缩小,新股定价效率明显提高,IPO价格在反映公司内在价值方面更为合理。本文在对比分析国内外证券市场新股定价机制差异及变迁的基础上,采用回归分析法对2009年6月实施的新股发行体制改革效果进行了实证检验。针对本次新股发行体制改革以来市场上出现的一些新问题,诸如新股发行“三高”现象突出、自主配售权缺失、新股供给稀缺、投研报告缺少独立性等,本文建议在新股审核环节简化审核程序,缩小审核范围以增加股票供给；在新股定价环节促进发行人、承销商、投资者三方互动,增强投研报告独立性,并适时引入美式竞价制度；在新股发行配售环节,赋予承销商更为自由的配售权,引入并试行存量发行、储架发行等新的股票配售方式。此外,建立完善的资本市场法律法规体系,借鉴并引入成熟市场中的集体诉讼制度,增加市场主体的违法违规成本,将为未来后续改革的进一步深化提供强有力的制度保
[Abstract]:The reform of new stock issuing system is another milestone institutional reform after the "reform of split share structure" in the A-share market. The significance of the reform is that the pricing of new shares is related to the value center of the stock market in our country. It is the centralized embodiment of the three basic functions of the securities market: capital financing, resource allocation and value discovery. On the whole, the change of the new stock issuance system in China's A-share market is a gradual process of marketization, especially the reform of the new stock issuance system that has been implemented since June 2009 has achieved good results. The expected phased policy objectives are basically realized: the marketization level of new share issue pricing has increased significantly, the issue price is increasingly in line with the secondary market price, the level of new share underpricing has been effectively reduced, and, first, the price difference in the secondary market has been significantly reduced. The IPO price is more reasonable to reflect the internal value of the company. On the basis of comparing and analyzing the differences and changes of the pricing mechanism of new shares in domestic and foreign stock markets, this paper makes an empirical test on the effect of the reform of the new issue system implemented in June 2009 by using regression analysis method. In view of some new problems that have appeared in the market since the reform of the new issue system, such as the "three high" phenomena of new share issuance, the lack of independent placing rights, the scarcity of new stock supply, the lack of independence of investment and research reports, etc. This paper proposes to simplify the audit procedure and narrow the audit scope in order to increase the stock supply in the new stock audit, and to promote the tripartite interaction among the issuer, underwriter and investor in the new stock pricing link, so as to enhance the independence of the investment and research report. And timely introduction of American bidding system; in the new issue placing link, give underwriters a more free placing right to introduce and try out stock issuance, shelf issuance and other new stock placement. In addition, establishing a perfect system of laws and regulations of capital market, drawing lessons from and introducing class action system in mature market, and increasing the cost of violation of laws and regulations of market subjects will provide strong system protection for the further deepening of future reform.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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