新股发行定价与配售制度演进和改革审视
发布时间：2018-04-10 02:09
本文选题：股票市场 切入点：新股发行 出处：《南方金融》2014年05期
【摘要】：在中国股市20多年的发展历程中,新股发行定价与配售制度经历了从非市场化向市场化不断演进与改革的过程。本文分析了新股发行定价与配售制度的历史演进过程及其存在的问题,并对当前发行体制改革进行审视。本文认为,应平衡一、二级市场关系,有效管控IPO抑价,解决新股"三高"发行及一、二级市场分割问题;加大对违法违规行为的监管打击力度,维护"三公"原则,实现改革目标。在此基础上,本文提出真正实现让投资者自主判断企业价值、健全市值配售制度、补充完善PE、VC及天使投资者信息披露制度和投资者回报制度等对策措施。
[Abstract]:In the development of China's stock market for more than 20 years, the pricing and placing system of new shares has undergone a process of continuous evolution and reform from non-marketization to marketization.This paper analyzes the historical evolution process and existing problems of new issue pricing and placing system, and examines the current reform of issuing system.In this paper, we should balance the relationship between the first and secondary markets, effectively control the underpricing of IPO, solve the issue of "three high" issuance of new shares and split up the first and secondary markets, step up the supervision and crackdown on illegal and illegal activities, and uphold the principle of "three fair".To achieve the goal of reform.On this basis, this paper puts forward some countermeasures such as allowing investors to judge the enterprise value independently, perfecting market value's placing system, and perfecting PEVC and angel investors' information disclosure system and investor's return system.
【作者单位】： 中国证R导喽焦芾砦被嶂厍旒喙芫，
本文编号：1729178
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