注册制改革对股票市场的影响研究

发布时间：2018-05-20 15:33

本文选题：注册制 + 核准制　；参考：《对外经济贸易大学》2014年硕士论文

【摘要】：新股发行制度是证券市场最为重要的制度之一，其改革对二级市场有着深远的影响。本文首先以美日等国为例总结注册制与核准制的区别以及实施条件，然后以我国历次新股发行制度改革对市场的影响为基础，，讨论了新股发行注册制与其配套制度之间的关系，进而分析了注册制改革将对二级市场产生的影响，得出以下结论：首先、注册制下的信息披露机制将使上市公司经营管理更加规范，从而降低投资者风险，投资者收益增加，吸引更多的资金进入市场，长期来看对指数起到支撑作用；其次、注册制改革让新股定价过程更加透明合理，长期同样起到稳定市场的作用；最后、由核准制过渡到注册制对二级市场的影响还取决于改革前股票供给是否超出市场承受能力。同时，注册制的实施将导致投资者更加偏好蓝筹股而舍弃重组股和题材股。最后，本文根据研究结论提出投资者建议和政策建议，实行注册制后证券市场将更加完善，建议投资者避免参与垃圾股和概念股的炒作，提高自身投资水平，同时建议监管机构加强投资者教育，逐步减少市场干预，规范中介机构行为，完善退市制度和新三板市场等。
[Abstract]:The new issue system is one of the most important systems in the securities market, and its reform has a profound influence on the secondary market. In this paper, the differences between registration system and approval system and the conditions for implementation are summarized with the examples of the United States and Japan, and then the relationship between the registration system of new share issuance and its supporting system is discussed on the basis of the influence of the previous reform of the new issue system on the market in China. Then it analyzes the impact of the registration system reform on the secondary market, and draws the following conclusions: firstly, the information disclosure mechanism under the registration system will make the management of listed companies more standardized, thereby reducing the risk of investors and increasing the return of investors. Attracting more capital into the market will support the index in the long run. Secondly, the registration system reform will make the pricing process of new shares more transparent and reasonable, and it will also stabilize the market in the long run. The influence of the transition from approval system to registration system on the secondary market also depends on whether the stock supply exceeds the market capacity before the reform. At the same time, the implementation of the registration system will cause investors to prefer blue chips and abandon restructuring stocks and theme stocks. Finally, according to the conclusion of the research, the paper puts forward the investor's suggestion and policy suggestion, the stock market will be more perfect after the implementation of the registration system, and the investors should avoid participating in the speculation of junk stocks and concept stocks, and improve their own investment level. At the same time, it is suggested that the regulators should strengthen investor education, gradually reduce market intervention, standardize the behavior of intermediary organizations, perfect the delisting system and the new three board market, etc.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287;F832.51

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