本文選題：IPO + 定價機(jī)制��； 參考：《吉林大學(xué)》2013年碩士論文

【摘要】：在一個新興和過渡性的證券市場中，我國公司IPO定價機(jī)制的發(fā)展和改革一直受到廣泛的關(guān)注。對其深入研究，不僅可以幫助我們認(rèn)識我國IPO市場各種異�，F(xiàn)象，還有助于改善股票市場的運作模式，從而提高資源配置效率。因此，開展我國公司的IPO定價機(jī)制研究對于完善社會主義初級階段的資本市場制度，積累社會主義發(fā)展資本市場的經(jīng)驗，具有重要的戰(zhàn)略意義。 盡管我國資本市場起步較晚，從上海證券交易所成立至今只有短短二十余年的歷史，但卻經(jīng)歷了發(fā)行制度、定價方法、信息披露方式等基本制度的一系列頻繁而又重大的變革。其中，股票市場IPO定價方式與方法改進(jìn)是我國股票市場中問題最多、變化最大、進(jìn)步最快的制度變革之一。我國IPO發(fā)行從2005年4月由于股市持續(xù)下跌而被政府叫停，，以期改善股市供求關(guān)系來阻止股市下跌，然而結(jié)果卻并不盡如人意。那么，筆者認(rèn)為應(yīng)該從IPO制度的層次來認(rèn)識我國股票市場的下跌情況，以及我國IPO制度對我國證券市場的影響。 基于以上的研究目的，本文回顧了我國新股發(fā)行制度的演變，并且通過對國內(nèi)和國外新股發(fā)行定價機(jī)制的比較分析，得到以下的結(jié)論：首先，我國股票市場中的回?fù)軝C(jī)制和“綠鞋”機(jī)制并沒有真正發(fā)揮作用、進(jìn)而達(dá)到保護(hù)中小投資者利益；其次，承銷商約束能力較弱，并不能充分發(fā)揮其IPO價格發(fā)現(xiàn)的功能；最后，分離的初步詢價和累計投標(biāo)過程也容易導(dǎo)致機(jī)構(gòu)投資者不誠信；另外，現(xiàn)行的市盈率定價方法也存在明顯不足的問題。為了進(jìn)一步驗證本文的觀點，筆者通過使用單因素方差分析法對不同定價方法的IPO定價效率進(jìn)行了分析，進(jìn)而得出了較有意義的結(jié)論。結(jié)果表明，盡管我國的定價機(jī)制經(jīng)歷不斷發(fā)展和完善，已經(jīng)取得了實質(zhì)性的市場化進(jìn)步，但是現(xiàn)行的IPO定價機(jī)制并非完全有具有效率。 本文針對我國IPO定價機(jī)制的不足，提出進(jìn)一步改善新股分配制度，建立和完善承銷商約束機(jī)制，以及改善當(dāng)前累計投標(biāo)詢價制度等建議，通過不斷完善我國新股發(fā)行制度與定價方法，進(jìn)而促進(jìn)我國IPO定價機(jī)制得以進(jìn)一步發(fā)展和完善。
[Abstract]:In a new and transitional securities market, the development and reform of IPO pricing mechanism has been widely concerned. The further study can not only help us understand all kinds of abnormal phenomena in IPO market, but also improve the operation mode of stock market and improve the efficiency of resource allocation. Therefore, it is of great strategic significance to study the IPO pricing mechanism of Chinese companies in order to perfect the capital market system in the primary stage of socialism and accumulate the experience of developing the capital market of socialism. Although the capital market of our country starts relatively late and has only a history of more than 20 years since the establishment of the Shanghai Stock Exchange, it has experienced a series of frequent and significant changes in the basic system of issuing system, pricing method, information disclosure method, and so on. Among them, the improvement of IPO pricing method in stock market is one of the system changes which has the most problems, the biggest changes and the fastest progress in the stock market of our country. China's IPO issue has been suspended by the government since April 2005 because the stock market continued to decline in order to improve the relationship between supply and demand in the stock market to prevent the stock market from falling, but the results are not satisfactory. Therefore, the author thinks that we should understand the decline of stock market in China from the level of IPO system, as well as the influence of IPO system on the stock market of our country. Based on the above research purposes, this paper reviews the evolution of the new issue system in China, and through the comparative analysis of domestic and foreign pricing mechanisms of new share issuance, the following conclusions are obtained: first, The callback mechanism and "green shoe" mechanism in China's stock market have not really played a role in protecting the interests of small and medium-sized investors. Secondly, the underwriters' binding ability is relatively weak, and they can not give full play to their IPO price discovery function. The separate initial inquiry and cumulative bidding process also easily lead to dishonesty of institutional investors, in addition, the current price-earnings ratio pricing method also has obvious shortcomings. In order to further verify the viewpoint of this paper, the author analyzes the pricing efficiency of IPO with different pricing methods by using single-factor variance analysis, and draws a more meaningful conclusion. The results show that despite the continuous development and perfection of the pricing mechanism in China and the substantial marketization progress, the current pricing mechanism of IPO is not completely efficient. In view of the deficiency of IPO pricing mechanism in China, this paper puts forward some suggestions, such as further improving the new share allocation system, establishing and perfecting the underwriter restraint mechanism, and improving the current cumulative bid inquiry system, etc. By perfecting the new issue system and pricing method, the pricing mechanism of IPO in China can be further developed and perfected.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1815397