我国IPO制度改革中的问题及对策分析

发布时间：2018-07-08 18:38

本文选题：新股发行制度 + 改革　；参考：《对外经济贸易大学》2014年硕士论文

【摘要】：本文对我国新股发行制度的演进过程进行了全面梳理和回顾。我国新股发行制度的演进是一个从行政干预较强到逐步走向市场化的过程，这与我国经济体制从计划经济向市场经济的演化进程是相匹配的。 2009年以来，我国进行了四轮新股发行制度的改革。本文对这四轮改革进行了详细的剖析，发现新股发行中仍然存在的问题。新股上市首日涨停板制度（44%）本意是抑制炒新，可该措施反而导致市场形成新股连续暴涨的预期。窗口指导市盈率意在限制“三高”发行，可是过低的发行价格却使炒新现象愈演愈烈。发审委制度权力过于集中，引发诸多问题。保荐制度中发行人和保荐机构利益高度相关，合谋现象明显。针对以上问题，本文借鉴国外成熟市场经验，对下一步改革措施提出相关意见和建议。十八届三中全会之后，国务院明确提出要使市场在资源配置中起到决定性作用，股票发行制度改革向注册制推进。在这一改革背景下，本文提出以下几项改革建议：新股上市首日实行T+0制度；将IPO核准权下放到证券交易所；对保荐人制度进行改进，尤其是加大保荐人违规违法成本；重塑长期投资和价值投资理念；实行储架发行等等。本文的研究和分析对新形势下新股发行制度的进一步市场化改革具有重要的参考意义。
[Abstract]:This paper reviews the evolution of new issue system in China. The evolution of China's new issue system is a process from strong administrative intervention to gradual marketization, which is in line with the evolution of China's economic system from a planned economy to a market economy. China has carried out four rounds of new issue system reform. This paper makes a detailed analysis of the four rounds of reform and finds that there are still problems in the new issue. The first day of new listings (44 percent) was meant to curb speculation, but instead led to expectations of a continuous surge in new shares. Window guidance price-earnings ratio is intended to limit the "three high" issuance, but too low issue prices to make speculation intensified. The power of the system is too centralized, causing many problems. The sponsor system is highly related to the interests of the sponsor organization and collusive phenomenon is obvious. In view of the above problems, this article draws lessons from the foreign mature market experience, and puts forward the relevant opinions and suggestions on the next step reform measures. After the third Plenary session of the 18th CPC Central Committee, the State Council clearly proposed that the market should play a decisive role in the allocation of resources, and the reform of the stock issuance system should be carried forward to the registration system. Under the background of this reform, this paper puts forward the following reform proposals: implementing the T0 system on the first day of new stock listing, devolving the IPO approval authority to the stock exchange, improving the sponsor system, especially increasing the illegal cost of sponsor; Reshape the concept of long-term investment and value investment; implement storage and shelf issuance and so on. The research and analysis of this paper has important reference significance for the further marketization reform of the new issue system under the new situation.
【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】：F832.51

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