我国新股发行制度改革的深层次思考

发布时间：2018-06-22 11:28

本文选题：首次公开发行 + 市场化改革　；参考：《复旦大学》2012年硕士论文

【摘要】：我国新股发行制度在二十几年以来取得了重大的进步与快速的发展,无论是从新股发行的监管模式、发行方式或者定价方式,历次改革都是在当时的市场环境之下为了更好地发挥市场的资源配置作用而进行相关的调整。有些调整取得了一时的成效并为后续的改革起到了很好的引导作用,有些顺应了一时的市场需要,也有一些更加恶化了当时严峻的市场环境。本文就是在我国即将发起又一轮新股发行制度改革的当口,对我国二十年来历次改革的焦点与获取的成效进行回顾与总结,先是从规范分析的角度来寻求适合我国未来发展趋向的新股发行体制,然后对现行的新股发行制度进行实证检验,来探究我国在现行的新股发行制度下对新股的定价是否合理,并结合现状对下一步的改革提出自己的看法。通过本文的分析研究我们发现,我国二十余年的改革历程是在去行政化的道路上不断前行。1999年7月1日《证券法》以及颁布的—系列文件构建了股票发行核准制的基本框架,2001年3月17日,证监会正式取消了股票发行审批制,从而在市场化改革的进程中迈开了重要的一步。2004年发布的《关于首次公开发行股票试行询价制度若干问题的通知》中确立了询价制,并于2005年初开始实施,自此,我国新股发行的定价方式开始在询价制下不断完善。2009年,证监会发布《关于进一步该改革和完善新股发行体制的指导意见》,进一步完善询价和中购报价约束机制,从四项规则上进行约束。这次改革提高了认购的公平性和中小投资者的中签率,同时也导致了高发行价格、高市盈率以及高超募资金等问题。为了进一步完善报价申购与配售约束机制,证监会又于2010年发布《关于深化新股发行体制改革的指导意见》,这次改革扩大了询价对象范围,完善了回拨机制和中止发行机制,希望能够提高定价信息的透明度。针对最近几次改革,我们对新股发行的价格进行实证检验,结果发现最近三年改革之下的发行新股的定价并没有很好地反应出公司内在的价值,而是出现了很大的偏离。结合现行的新股发行体制,我们认为应从以下几点做出相应的调整：采取更加合理的定价方式如由荷兰式询价向美国式询价过渡,从而约束询价机构进行合理的申购报价；提高网下配售的比例,延长配售股份限售期；加强信息披露环节的监察与治理。如设计多元化的行业市盈率等,同时加快股票回拨机制的建设、加强分红机制的约束、加紧退市机制的完善等的配套设施建设也应当提上议事日程,只有采取多元化的综合治理才能不断提高我国股票市场的运行效率,从而更好地发挥资源配置的作用,进而提升整个社会的经济建设水准。
[Abstract]:Over the past 20 years or so, China's new share issuance system has made significant progress and rapid development, whether from the regulatory mode, the issuing mode or the pricing mode of the new issue. The previous reforms were adjusted in order to play a better role in the allocation of market resources under the market environment at that time. Some of these adjustments have achieved temporary results and played a very good guiding role in the subsequent reforms. Some of them have met the needs of the market for a while, and some have worsened the grim market environment at that time. This paper reviews and summarizes the focus and achievements of China's previous reforms in the past 20 years at a time when China is about to launch another round of new issue system reform. First of all, from the perspective of normative analysis, we seek a new issue system suitable for the future development trend of our country, and then make an empirical test of the current new issue system to explore whether the pricing of new shares is reasonable under the current new issue system in our country. Combined with the current situation of the next step of the reform put forward their own views. Through the analysis of this paper, we find that, The reform course of our country for more than 20 years is on the road of deadministration. The Securities Law of July 1, 1999 and the series of documents issued have set up the basic frame of the approval system of stock issue, March 17, 2001. The Securities Regulatory Commission formally abolished the stock issuance examination and approval system, thus taking an important step forward in the process of market-oriented reform. The inquiry system was established in the notice on some issues concerning the trial Inquiry system of initial Public offerings issued in 2004. And began to implement in early 2005. Since then, the pricing method of new stock issuance in China has been continuously improved under the inquiry system. In 2009, The Securities Regulatory Commission issued "guidance on further reform and improvement of the new issue system", further improved the binding mechanism of inquiry and purchase quotation, and restricted it from the four rules. This reform has improved the fairness of subscription and the success rate of small and medium-sized investors. It has also led to problems such as high issue price, high price-to-earnings ratio and superb capital raising. In order to further improve the bidding application and placing restraint mechanism, the CSRC issued in 2010 "guidance opinions on deepening the Reform of the New Stock issuance system." this reform has expanded the range of inquiry objects, improved the callback mechanism and the suspension mechanism. We hope to improve the transparency of pricing information. In the light of the recent reforms, we make an empirical test on the price of new issues. The results show that the pricing of new shares issued under the last three years' reform does not reflect the intrinsic value of the company well, but there is a great deviation. Combined with the current new issue system, we think we should make corresponding adjustments from the following points: adopt more reasonable pricing methods, such as the transition from Dutch inquiry to American inquiry, thus constraining the inquiry agencies to make reasonable requisition and quotation; Increase the proportion of off-net placing, prolong the limited sale period of placing shares, and strengthen the supervision and management of information disclosure. For example, designing a diversified industry price-earnings ratio, speeding up the construction of the stock callback mechanism, strengthening the restriction of the dividend mechanism, strengthening the improvement of the delisting mechanism, and so on, should also be put on the agenda. Only by adopting diversified comprehensive management can we continuously improve the efficiency of the stock market in our country, so as to play a better role in the allocation of resources and promote the level of economic construction of the whole society.
【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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