我国新股发行制度问题及对策研究

发布时间：2018-06-17 04:09

本文选题：新股发行制度 + 制度缺陷　；参考：《云南财经大学》2013年硕士论文

【摘要】：全球金融危机的大背景下，2009年6月A股IPO重新启动对整个资本市场可谓意义重大，但这一时期IPO表现出如高发行价、高市盈率和高超募的“三高现象”以及虚假披露等问题也更加突出。针对A股IPO表现出的这些问题，，专家、学者、媒体从各个角度进行了剖析、探讨，中国证监会及下属两大交易所也相继出台了各种措施，如市盈率指导意见、提前预披露时间、询价制度改革等，监管部门领导也在各种场合下为资本市场、为新股发行存在的问题辩解、诊断，但在这些改革措施下，新股发行存在的这些问题并没有得到根本改善。针对新股发行中存在的这些问题，本文从新股发行制度演变入手，阐述了我国股票市场在重融资这一功能定位下出台的法规存在的若干缺陷，重点选取2009年10月创业板上市至2012年12月期间的发行新股为研究样本，用详实的案例揭示存在的如“三高”、造假上市、虚假披露、拼凑募投项目等问题，再追本溯源找到这些问题背后的制度性诱因。文章最后提出了解决以上问题的思路，认为改革、完善现行的以核准制为核心内容的新股发行制度是其根治的措施，并在提高信息披露质量的根本基础上，进一步建立、健全法规体系，才能重树股市的投资功能，才能逐步培养起适合我国经济发展的、健康的股票发行市场。
[Abstract]:Against the background of the global financial crisis, the relaunch of A share IPO in June 2009 is of great significance to the entire capital market, but the IPO price is high in this period. High price-earnings ratio and superb raising of the "three high phenomenon" as well as false disclosure and other issues are more prominent. In view of these problems of A-share IPOs, experts, scholars, and the media have analyzed and discussed from various angles. The CSRC and its two major exchanges have also issued various measures one after another, such as price-earnings ratio guidance, advance disclosure time, The leaders of the supervision department also defend and diagnose the problems in the capital market and the new issue on various occasions, but under these reform measures, the existing problems of the new issue have not been fundamentally improved. In view of these problems in the new stock issuance, this paper begins with the evolution of the new issue system, and expounds some defects of the laws and regulations issued under the function of refinancing in the stock market of our country. Focus on the gem listing from October 2009 to December 2012 as a research sample, with detailed cases to reveal the existence of such problems as "three high", false listing, false disclosure, patchwork of fund-raising projects, and so on. Then trace back to the source to find the institutional incentives behind these problems. Finally, the paper puts forward some ideas to solve the above problems, and holds that the reform and perfection of the existing new issue system with the approval system as the core content are the fundamental measures to cure it, and on the basis of improving the quality of information disclosure, it is further established. Only by perfecting the legal system can we reestablish the investment function of the stock market and gradually cultivate a healthy stock issuing market suitable for the economic development of our country.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【引证文献】