我国新股发行定价机制探讨

发布时间：2018-06-25 15:34

本文选题：新股发行 + 定价机制　；参考：《电子科技大学》2014年硕士论文

【摘要】：较之于已经成熟的国外股市,由于现今依然处于新兴及过渡阶段,所以我国股市的IPO定价机制广泛而持续地受到关注。为了充分认识中国IPO市场纷繁复杂的乱象,改善股票市场运作模式,以便使资源效率得到进一步地提高,对IPO定价机制进行研究已是必然之举。所以,对中国公司IPO定价机制的研究,有利于使我国社会主义初级阶段的资本市场制度更加完善,同时也有利于社会主义发展资本市场经验的积累,可以说是意义重大。我国发展资本市场的时间比较短,从上海交易所成立至今只有二十多年的时间,然而所经历的变革却十分繁多,比如发行制度、定价方法、信息披露方式等基本制度的变革,都是十分重大的。在诸多变革之中,改善IPO定价方法的变革是中国股市问题、变化、进步均最为明显的变革之一。2005年4月开始,中国股市陷入持续下跌窘境,最终政府出面叫停,希望通过对股票市场供求关系的调节来挽回局面,但是结果却乏善可陈。所以,要了解中国股市下跌情况,明确IPO制度对中国股市的影响,那么最为明智的做法应该是从IPO制度层面去分析。在分析比较了国内外新股发行机制及梳理了中国新股发行制度和特点之后,本文得出如下结论:第一,我国股市中的中小投资者利益易受损害局面并没有得到根本扭转,回拨机制和“绿鞋”机制未充分发挥其应有作用;第二,承销商约束能力不强,其IPO价格发现功能未完全实现;第三,投资者由于分离的初步询价和累计投标过程而易发生不诚信行为;最后,目前的市盈率定价方法也有显著的不足之处。在对不同定价方法的IPO定价效率进行分析以验证本文观点之后,分析出了颇具意义的结论:虽然在持续发展和完善之后,我国定价机制已取得实质性的市场化进步,然而目前IPO定价机制未能做到完全具有效率。为解决中国IPO定价机制存在的问题,本文建议应采取措施使新股分配制度更加完善,建立健全承销商约束机制,且应改进现今累计投标询价制度,以中国新股发行制度和方法的持续改善来促使中国IPO定价机制更好地发展与改善。
[Abstract]:Compared with the mature foreign stock market, the IPO pricing mechanism of China's stock market is widely and continuously concerned because it is still in a new and transitional stage. In order to fully understand the complicated chaos of China's IPO market, improve the operation mode of stock market and further improve the efficiency of resources, it is inevitable to study the IPO pricing mechanism. Therefore, the study of IPO pricing mechanism of Chinese companies is beneficial to the perfection of the capital market system in the primary stage of socialism, and to the accumulation of experience in the socialist development of capital market, which can be said to be of great significance. The time for developing the capital market in China is relatively short. It has only been more than 20 years since the establishment of the Shanghai Stock Exchange. However, the changes experienced are quite numerous, such as the changes in the basic system of issuing system, pricing method, information disclosure method, and so on. Are very important. Among the many changes, the reform of improving IPO pricing methods is one of the most obvious changes in China's stock market. Since April 2005, the Chinese stock market has been in a dilemma of continuous decline, and the government finally stopped it. The hope is to restore the situation by regulating the supply and demand of the stock market, but the results are lacklustre. Therefore, to understand the decline in the Chinese stock market and to clarify the impact of the IPO system on the Chinese stock market, the most sensible approach should be to analyze it from the IPO system level. After analyzing and comparing the domestic and foreign IPO mechanisms and combing the system and characteristics of China's IPO, this paper draws the following conclusions: first, the vulnerable situation of the interests of small and medium-sized investors in China's stock market has not been fundamentally reversed. The callback mechanism and "green shoe" mechanism do not give full play to their due role; second, the underwriter has not strong binding ability, its IPO price discovery function has not been fully realized; third, Investors are prone to dishonest behavior due to the separation of initial inquiry and cumulative bidding process. Finally, the current price-earnings ratio pricing method also has obvious shortcomings. After analyzing the IPO pricing efficiency of different pricing methods to verify the point of view of this paper, the paper draws a significant conclusion: although after the continuous development and perfection, China's pricing mechanism has made substantial market-oriented progress. However, the IPO pricing mechanism can not achieve full efficiency. In order to solve the problems of IPO pricing mechanism in China, this paper suggests that measures should be taken to make the new share allocation system more perfect, to establish and perfect the underwriter restraint mechanism, and to improve the present cumulative bidding inquiry system. In order to promote the development and improvement of IPO pricing mechanism in China, the system and method of IPO in China are improved continuously.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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