本文關(guān)鍵詞： 新股發(fā)行 市場化改革 融資效率　出處：《證券市場導(dǎo)報》2010年12期 　論文類型：期刊論文

【摘要】：新股發(fā)行是資本市場的核心環(huán)節(jié),從最初的審批制,歷經(jīng)通道制、保薦制到詢價制,新股發(fā)行過程市場化不斷增強(qiáng)。本文首次從融資超募的角度考察了新股發(fā)行制度市場化改革的效果。研究發(fā)現(xiàn),中國資本市場存在明顯的融資超募現(xiàn)象;不過,隨著新股發(fā)行制度市場化改革的深入,上市公司融資超募程度隨之顯著下降,表明新股發(fā)行制度市場化改革明顯改善了資本市場的融資效率。
[Abstract]:New issue is the core link of the capital market, from the initial examination and approval system, through the channel system, the recommendation system to the inquiry system. The marketization of the new issue process is increasing continuously. This paper, for the first time, examines the effect of the market-oriented reform of the new stock issuance system from the perspective of financing over-raising. The study finds that there is a clear phenomenon of over-financing in China's capital market. However, with the deepening of the market-oriented reform of the new issue system, the degree of over-financing of listed companies has decreased significantly, indicating that the market-oriented reform of the new issue system has significantly improved the financing efficiency of the capital market.
【作者單位】： 復(fù)旦大學(xué)管理學(xué)院;
【基金】：教育部人文社科基金項目“我國資本市場投資者的機(jī)構(gòu)化趨勢與市場信息效率研究”(項目批準(zhǔn)號:08JC790019)
【分類號】：F832.51
【正文快照】： 證券市場導(dǎo)報2010年12月號引言資本市場的功能在于促進(jìn)和實現(xiàn)社會稀缺資源的優(yōu)化配置,而新股發(fā)行制度是實現(xiàn)資本市場優(yōu)化資源配置功能的重要基礎(chǔ)制度,有效的新股發(fā)行制度有助于識別和遴選出優(yōu)質(zhì)的公司并及時為其提供適當(dāng)?shù)馁Y金(張戡、劉怡,2004)[13]�？v觀中國資本市場的改革，

本文編號：1456577