新股发行制度改革及财税政策支持

发布时间：2018-02-27 11:28

本文关键词： 新股发行制度信息披露财政政策　出处：《财政部财政科学研究所》2014年博士论文　论文类型：学位论文

【摘要】：中国资本市场成立20多年来,经过迅速发展,在很多方面走过了一些成熟市场几十年甚至是上百年的道路。其中,一级市场的新股发行是资本市场配置资源的核心环节,新股发行制度是保障资本市场新股发行的基础,具体是指政府和非政府组织建立起来并以正式方式对新股发行行为进行约束的各种制度安排,包括法律、法规、政策、自律组织制定的规则、契约等。其内涵包括新股发行审核制度、新股发行方式、新股发行信息披露制度和新股发行监管制度。随着我国资本市场运行机制的逐步健全,市场内在约束机制进一步加强,多层次资本市场的逐步完善,我国新股发行机制也逐步从最初的行政主导逐渐向市场化过渡,从集中式的行政审批和核准逐步向注册制、询价制、信息披露监管转变。党的十八届三中全会公报指出：健全多层次资本市场体系,推进股票发行注册制改革,多渠道推动股权融资,发展并规范债券市场,提高直接融资比重。发行制度改革由政府主导推动,作为公共政策在资本市场的重要实践,选择新股发行制度研究具有巨大的理论和现实意义：一是通过公共经济学与财政学关于政府行为和绩效评价的理论,来指导作为政府重要监管行为的新股发行监管研究,能进一步改善政府绩效、提高全市场的全要素效率；二是通过对发行监管机制的比较研究和借鉴,全面分析了我国当前经济环境下实行注册制的可能性和风险,研究分析了注册制的实现要件,并给出了实现的路径；三是对最近三轮新股体制改革中对新股定价效率的因素比较,分析总结了对新股发行定价效率影响的财政、金融、市场的内生因素。本文运用了规范与实证研究互相结合的方法,对2009—2012年期间中国新股发行制度对IPO效率的影响进行了全面的实证分析,并在前人研究模型基础上进行了一定的扩充和改进,在评价新股发行体制效果的解释变量中,纳入公共财政政策、税收等变量来评析政府公共政策对新股发行体制效率的影响,有利于更加全面科学的评价新股定价效率,为提高整体社会资源配置效率提供了借鉴。在研究发行审核机制过程中,本文采用了公共经济学的原理进行比较分析,即对海外资本市场国家的法律沿革、监管制度基础、市场主体特征、市场环境影响因素、制度变迁方式和制度变迁效率进行比较,来研究衡量政府监管新股发行行为对整体市场效率和市场主体的影响,提出了下一步新股发行制度市场化改革的最优绩效的新股审核制度设计方案,同时给出了新股改革下一步的实现路径。经过上述研究,关于我国新股发行体制的主要分析结论及建议如下：一是我国当前新股发行中信息披露机制尚未健全,不完整披露、虚假披露情况一定程度影响了市场效率,深化发行体制改革要以充分、完整、准确的信息披露为中心。本文建议利用大数据等技术手段来提高信息披露质量和效率,从而推动发行体制透明化、规范化；二是通过实证研究,发现财税政策对IPO抑价水平有明显影响,这也印证了公共财随政策对新股定价市场具有一定传导和控制作用。应考虑进一步加强财政金融政策协调,强化市场化约束机制,在现有询价制基础上,进一步增加多样化发行方式的试点；三是目前实行的政府控制的核准制不利于市场机制的发挥和效率提高,应积极探索市场化发展方向,从强制性审核改为以信息披露为中心的市场化遴选机制。具体而言即引进注册制框架,本文还对注册制框架行了设计,提出我国由保荐核准制过渡到注册制,应形成两步走的战略步骤：第一步是形成市场化程度较高的核准制；第二步,是建立核准制下的注册制,并最终达到完全注册制。财政政策对资本市场和新股发行体制具有较强的互动和影响,本文还从公共政策视角,分析了财政政策与资本市场的内在联系和交互影响,提出了财税相关政策支持资本市场新股发行体制改革的建议：一是加大债券市场发展力度,促进新股发行市场多层次转型；二是加大财政支出对机构投资者的支持,促进资本市场成熟和理性；三是通过财政支出政策引导,引导带动地方政府财政支持资本市场发展；四是通过证券交易税、印花税、所得税的调节,来改变市场的收入支出结构,从而影响市场利益集团的利益分配格局,为资本市场的效率和公平提供支撑；五是加强财政资金的引导作用,对国有资本和风险资金的定向扶持,推动资本市场市场化改革,创新财政支持创新性企业新模式。
[Abstract]:China capital market was founded 20 years after the rapid development in many aspects through some mature markets and even hundreds of years of road for decades. Among them, the level of market IPO is the core link of capital market allocation of resources, the IPO system is the basic guarantee of capital market IPO, specifically refers to various the institutional arrangements, the government and non-governmental organizations set up and in a formal way of new shares issued constraint behavior include laws, regulations, policies, regulatory organization rules, contracts and so on. Its connotation includes the IPO audit system, IPO, IPO information disclosure system and the supervision of the IPO system. With the operating mechanism China's capital market gradually perfect, the market to further strengthen the internal restraint mechanism, multi-level capital market gradually improve China's IPO mechanism has gradually changed from the original The executive led gradually to the market transition from a centralized administrative approval and approval gradually to the registration system, inquiry system, change the supervision of information disclosure. The party's the third Plenary Session of the 18th CPC Central Committee communique pointed out that a sound multi-level capital market system, promote the reform of stock issue registration system, multi-channel to promote equity financing to develop and standardize the bond market, improve direct financing. The proportion of distribution system reform led by the government to promote, as an important practice in the capital market of public policy, research on the choice of the IPO system is of great theoretical and practical significance: one is through on the government behavior and the performance evaluation of public economics and finance theory, research on the supervision of the IPO to guide the government as an important regulatory behavior, can to further improve the performance of the government, improve the efficiency of all elements of the whole market; two is through on the issue of the regulatory mechanism of the comparative study and reference , a comprehensive analysis of China's current economic environment to implement the possibility and risk analysis of the registration system, to realize the registration system, and gives the realization of the path; the three is a comparison of the IPO pricing efficiency factor in the recent round of IPO system reform, analyzes and summarizes the finance to finance, the IPO pricing efficiency and the market internal factors. This paper uses the method of normative and empirical research combined with each other, for the period from 2009 to 2012 China IPO system on the IPO efficiency of comprehensive empirical analysis, and some expansion and improvement in model based on previous studies, in the performance evaluation system of new shares issued to explain variable, into the public finance policy, tax and other variables on the impact of public policy on the efficiency of the IPO system, is conducive to a more comprehensive evaluation of the IPO pricing efficiency of Science The rate, which provides the reference for improving the allocation efficiency of social resources in the whole research issue of the audit mechanism, this paper adopts the principle of public economics comparative analysis, namely the legal history of the overseas capital markets, regulatory system, market characteristics, the effect of environmental factors on the market, compared with the way of institutional change and institutional change study on government supervision efficiency, to measure the IPO behavior affect the overall market efficiency and market, puts forward the optimal performance of the next IPO market reform of the IPO audit system design scheme, and gives the realization of the new path of the next step reform. Through the above research, the main conclusions and suggestions about China's IPO system is as follows: first, China's current IPO information disclosure mechanism is not perfect, incomplete disclosure, false disclosure situation The degree of influence of market efficiency, deepen the reform issue to the full, complete, accurate information disclosure as the center. This paper proposes to improve the quality of information disclosure and the efficiency of the use of big data and other technical means, so as to promote the issuance system of transparency, standardization; two is through empirical research found that fiscal policy has a significant influence on IPO the underpricing level, it also confirms the public goods with the policy for the IPO pricing market has certain conduction and control. Consideration should be given to further strengthen the fiscal and financial policy coordination, strengthen market restraint mechanism, based on the existing inquiry system, to further increase the diversity issue of the pilot; three is to improve the control of the government approval system is not conducive to the market mechanism and efficiency, we should actively explore the development direction of the market, from the mandatory audit to information disclosure as the center of the market selection mechanism Specifically, the introduction of the registration system. This paper also designed the framework for the registration system framework, put forward our country by recommendation and approval system to the registration system transition, should form a strategic step in two steps: the first step is the formation of a higher degree of market approval system; the second step is to establish the approval system under the registration system. And finally complete the registration system. Fiscal policy has strong interaction and influence on the capital market and the IPO system, this paper from the perspective of public policy, analyzes the impact of fiscal policy and capital market internal relations and interaction, is proposed to support the capital market IPO reform tax related policy suggestions: one is to increase development efforts the bond market, to promote the IPO market multi-level transformation; the two is to increase the fiscal expenditure on the support of institutional investors, promote capital market mature and rational; three is through fiscal expenditure policy Guide, guide and drive the local government financial support for capital market development; four is through the securities transaction tax, stamp tax, income tax regulation, to change the structure of income and expenditure of the market, thus affecting the interests of the distribution pattern of market interests, as the capital market efficiency and fair support; five is to strengthen the guiding role of financial funds. The orientation of state-owned capital and venture capital support, promote capital market reform, innovation of financial support for the new mode of innovative enterprises.

【学位授予单位】：财政部财政科学研究所
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;F812.0

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