發(fā)布時間：2018-06-22 11:28

  本文選題：首次公開發(fā)行 + 市場化改革��； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：我國新股發(fā)行制度在二十幾年以來取得了重大的進步與快速的發(fā)展,無論是從新股發(fā)行的監(jiān)管模式、發(fā)行方式或者定價方式,歷次改革都是在當(dāng)時的市場環(huán)境之下為了更好地發(fā)揮市場的資源配置作用而進行相關(guān)的調(diào)整。有些調(diào)整取得了一時的成效并為后續(xù)的改革起到了很好的引導(dǎo)作用,有些順應(yīng)了一時的市場需要,也有一些更加惡化了當(dāng)時嚴峻的市場環(huán)境。本文就是在我國即將發(fā)起又一輪新股發(fā)行制度改革的當(dāng)口,對我國二十年來歷次改革的焦點與獲取的成效進行回顧與總結(jié),先是從規(guī)范分析的角度來尋求適合我國未來發(fā)展趨向的新股發(fā)行體制,然后對現(xiàn)行的新股發(fā)行制度進行實證檢驗,來探究我國在現(xiàn)行的新股發(fā)行制度下對新股的定價是否合理,并結(jié)合現(xiàn)狀對下一步的改革提出自己的看法。 通過本文的分析研究我們發(fā)現(xiàn),我國二十余年的改革歷程是在去行政化的道路上不斷前行。1999年7月1日《證券法》以及頒布的—系列文件構(gòu)建了股票發(fā)行核準制的基本框架,2001年3月17日,證監(jiān)會正式取消了股票發(fā)行審批制,從而在市場化改革的進程中邁開了重要的一步。2004年發(fā)布的《關(guān)于首次公開發(fā)行股票試行詢價制度若干問題的通知》中確立了詢價制,并于2005年初開始實施,自此,我國新股發(fā)行的定價方式開始在詢價制下不斷完善。2009年,證監(jiān)會發(fā)布《關(guān)于進一步該改革和完善新股發(fā)行體制的指導(dǎo)意見》,進一步完善詢價和中購報價約束機制,從四項規(guī)則上進行約束。這次改革提高了認購的公平性和中小投資者的中簽率,同時也導(dǎo)致了高發(fā)行價格、高市盈率以及高超募資金等問題。為了進一步完善報價申購與配售約束機制,證監(jiān)會又于2010年發(fā)布《關(guān)于深化新股發(fā)行體制改革的指導(dǎo)意見》,這次改革擴大了詢價對象范圍,完善了回撥機制和中止發(fā)行機制,希望能夠提高定價信息的透明度。針對最近幾次改革,我們對新股發(fā)行的價格進行實證檢驗,結(jié)果發(fā)現(xiàn)最近三年改革之下的發(fā)行新股的定價并沒有很好地反應(yīng)出公司內(nèi)在的價值,而是出現(xiàn)了很大的偏離。 結(jié)合現(xiàn)行的新股發(fā)行體制,我們認為應(yīng)從以下幾點做出相應(yīng)的調(diào)整：采取更加合理的定價方式如由荷蘭式詢價向美國式詢價過渡,從而約束詢價機構(gòu)進行合理的申購報價；提高網(wǎng)下配售的比例,延長配售股份限售期；加強信息披露環(huán)節(jié)的監(jiān)察與治理。如設(shè)計多元化的行業(yè)市盈率等,同時加快股票回撥機制的建設(shè)、加強分紅機制的約束、加緊退市機制的完善等的配套設(shè)施建設(shè)也應(yīng)當(dāng)提上議事日程,只有采取多元化的綜合治理才能不斷提高我國股票市場的運行效率,從而更好地發(fā)揮資源配置的作用,進而提升整個社會的經(jīng)濟建設(shè)水準。
[Abstract]:Over the past 20 years or so, China's new share issuance system has made significant progress and rapid development, whether from the regulatory mode, the issuing mode or the pricing mode of the new issue. The previous reforms were adjusted in order to play a better role in the allocation of market resources under the market environment at that time. Some of these adjustments have achieved temporary results and played a very good guiding role in the subsequent reforms. Some of them have met the needs of the market for a while, and some have worsened the grim market environment at that time. This paper reviews and summarizes the focus and achievements of China's previous reforms in the past 20 years at a time when China is about to launch another round of new issue system reform. First of all, from the perspective of normative analysis, we seek a new issue system suitable for the future development trend of our country, and then make an empirical test of the current new issue system to explore whether the pricing of new shares is reasonable under the current new issue system in our country. Combined with the current situation of the next step of the reform put forward their own views. Through the analysis of this paper, we find that, The reform course of our country for more than 20 years is on the road of deadministration. The Securities Law of July 1, 1999 and the series of documents issued have set up the basic frame of the approval system of stock issue, March 17, 2001. The Securities Regulatory Commission formally abolished the stock issuance examination and approval system, thus taking an important step forward in the process of market-oriented reform. The inquiry system was established in the notice on some issues concerning the trial Inquiry system of initial Public offerings issued in 2004. And began to implement in early 2005. Since then, the pricing method of new stock issuance in China has been continuously improved under the inquiry system. In 2009, The Securities Regulatory Commission issued "guidance on further reform and improvement of the new issue system", further improved the binding mechanism of inquiry and purchase quotation, and restricted it from the four rules. This reform has improved the fairness of subscription and the success rate of small and medium-sized investors. It has also led to problems such as high issue price, high price-to-earnings ratio and superb capital raising. In order to further improve the bidding application and placing restraint mechanism, the CSRC issued in 2010 "guidance opinions on deepening the Reform of the New Stock issuance system." this reform has expanded the range of inquiry objects, improved the callback mechanism and the suspension mechanism. We hope to improve the transparency of pricing information. In the light of the recent reforms, we make an empirical test on the price of new issues. The results show that the pricing of new shares issued under the last three years' reform does not reflect the intrinsic value of the company well, but there is a great deviation. Combined with the current new issue system, we think we should make corresponding adjustments from the following points: adopt more reasonable pricing methods, such as the transition from Dutch inquiry to American inquiry, thus constraining the inquiry agencies to make reasonable requisition and quotation; Increase the proportion of off-net placing, prolong the limited sale period of placing shares, and strengthen the supervision and management of information disclosure. For example, designing a diversified industry price-earnings ratio, speeding up the construction of the stock callback mechanism, strengthening the restriction of the dividend mechanism, strengthening the improvement of the delisting mechanism, and so on, should also be put on the agenda. Only by adopting diversified comprehensive management can we continuously improve the efficiency of the stock market in our country, so as to play a better role in the allocation of resources and promote the level of economic construction of the whole society.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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