股票发行制度的国际比较及对我国的借鉴

发布时间：2018-02-09 19:03

本文关键词： 新股发行制度核准制注册制发行定价　出处：《上海金融》2012年02期 　论文类型：期刊论文

【摘要】：股票发行制度的形成和变化既是一个国家或地区证券市场发展内在要求的体现,更是其政治、经济、法律制度的延伸。以英国、德国为代表的核准制和以美国、日本为代表的注册制,是目前成熟股票市场采用的两种发行制度。各国在首次公开发行股票中选择的发售机制也不尽相同,分别有固定价格机制、累计订单询价机制、拍卖机制等。通过借鉴海外主要市场股票发行上市审核制度及其变革的经验,我国发行制度的后续改革应采取渐进而温和的方式,遵循稳定与发展、效率与公平、中国国情与国际惯例相兼顾的原则,不断合理化发行定价机制,并建立发行风险的市场约束机制,分阶段转向注册制,促进一级市场和二级市场协调健康发展。
[Abstract]:The formation and change of the stock issuance system is not only the embodiment of the inherent requirements of the development of a country or region's stock market, but also the extension of its political, economic and legal system.As represented by the approval system of Britain and Germany and the United States, The registration system represented by Japan is the two issuance systems used in the current mature stock market. The selling mechanism chosen by countries in the initial public offering stock market is also different, with a fixed price mechanism and a cumulative order inquiry mechanism, respectively. Auction mechanism and so on. By learning from the experience of the auditing system and its reform of stock issuance and listing in major overseas markets, the follow-up reform of China's issuance system should adopt a gradual and moderate approach, following stability and development, efficiency and fairness, In order to promote the harmonious development of the primary market and the secondary market, China's national conditions and international practices should be taken into account, the pricing mechanism of the issue should be rationalized and the market restraint mechanism of the issuing risk should be established, and the registration system should be transferred to the registration system in stages.
【作者单位】：上海申银万国证券研究所有限公司;
【分类号】：F832.51

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