本文選題：新股價(jià)格　切入點(diǎn)：發(fā)行定價(jià)制度　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：作為新興市場(chǎng)之一的中國(guó)證券市場(chǎng)自2006年起A股融資規(guī)模從未少于1000億元，2010年中國(guó)IPO市場(chǎng)創(chuàng)下了發(fā)起企業(yè)數(shù)量347家、融資規(guī)模4,911億元的歷史記錄。爆發(fā)性的成長(zhǎng)說(shuō)明中國(guó)正逐步成為全球融資規(guī)模最大的市場(chǎng)。從市場(chǎng)企業(yè)數(shù)量來(lái)看，2009年期中國(guó)IPO企業(yè)數(shù)量已經(jīng)超過(guò)美國(guó)、西歐、日本等發(fā)達(dá)地區(qū)，融資規(guī)模也躋身世界前列；如果再將中國(guó)企業(yè)赴海外上市這一因素考慮在內(nèi)，那么中國(guó)一級(jí)市場(chǎng)的重要性不言而喻。 但是中國(guó)新股發(fā)行市場(chǎng)規(guī)模日益增大，，新股發(fā)行市場(chǎng)卻呈現(xiàn)出高發(fā)行價(jià)、高市盈率和高超募比率的特點(diǎn)，新股上市3個(gè)月后的收益率低于行業(yè)同期表現(xiàn)，投資者難以通過(guò)中長(zhǎng)期持有新股獲取超額收益，卻助長(zhǎng)了新股短期投機(jī)的行為方式。所以仔細(xì)研究導(dǎo)致我國(guó)新股發(fā)行價(jià)格所出現(xiàn)問(wèn)題的原因，并針對(duì)這些原因提出改進(jìn)現(xiàn)有制度的方法與措施就顯得尤為重要了。 本文首先詳細(xì)介紹了國(guó)內(nèi)外的新股發(fā)行制度，定價(jià)制度與市場(chǎng)發(fā)展歷程，然后分別對(duì)其進(jìn)行比較分析。不僅從新股發(fā)行定價(jià)制度的對(duì)比中尋找出了導(dǎo)致我國(guó)新股長(zhǎng)期溢價(jià)發(fā)行的制度漏洞，而且還從資本市場(chǎng)整體發(fā)展歷程的角度對(duì)我國(guó)的新股價(jià)格問(wèn)題進(jìn)行了分析。最后，從分析結(jié)果出發(fā)，對(duì)如果改善我國(guó)的新股發(fā)行價(jià)格問(wèn)題提出了系統(tǒng)性的建議與措施。
[Abstract]:As one of the emerging markets, China's securities market has not been less than 100 billion yuan in financing since 2006. In 2010, China's IPO market set up a total of 347 initiating enterprises. The historical record of the financing scale of 491.1 billion yuan. The explosive growth shows that China is gradually becoming the largest market for financing in the world. Judging from the number of market enterprises, the number of Chinese IPO enterprises in 2009 has already surpassed those of the United States, Western Europe, Japan and other developed regions. Financing is also among the world's leading, and the importance of China's primary market is self-evident if Chinese companies are again listed overseas. However, the scale of China's new issue market is increasing day by day, but the new issue market has the characteristics of high issue price, high price-earnings ratio and superb raising ratio. After three months of listing, the return rate of the new stock market is lower than that of the same period in the industry. It is difficult for investors to obtain excess returns by holding new shares in the medium and long term, but it encourages the behavior of short-term speculation of new shares. So we carefully study the causes of the problems in the price of new shares issued in China. For these reasons, it is very important to put forward the methods and measures to improve the existing system. This paper first introduces the domestic and foreign new stock issuance system, pricing system and market development process in detail. Then it is compared and analyzed separately. Not only from the comparison of the new issue pricing system, but also to find out the system loophole that leads to the long-term premium issue of new shares in our country. Finally, from the point of view of the whole development course of capital market, the paper analyzes the issue of new stock price in China. Finally, it puts forward some systematic suggestions and measures to improve the issue of new issue price in China.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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本文編號(hào)：1648747