【摘要】：在二十多年的發(fā)展過程中,我國新股發(fā)行體制不斷經(jīng)歷著從行政管制到市場運作的變革和演進。而隨著其市場化進程的深化,新生的矛盾和問題不斷呈現(xiàn),使得發(fā)行體制依舊備受爭議。 2005年詢價機制的實施以及2009年、2010年兩度新股發(fā)行定價體制改革后,新股定價進一步市場化,定價主體逐步傾向于投資者,使得新股定價效率有所提升。但同時也出現(xiàn)了定價水平大幅上揚,而投資收益則顯著收窄的情況。本文詳細(xì)分析了：當(dāng)前流通市場中,前期新股投資回報率、承銷商商譽、所屬行業(yè)估值水平等因素對發(fā)行市場新股定價水平的影響,以及新股定價水平對流通市場短期和中長期投資回報水平的影響。將發(fā)行、流通市場的作用聯(lián)系起來,并通過回歸分析加以實證。闡明了兩個市場通過交互作用機制,促使新股發(fā)行定價向市場合理估值水平接軌。并在新股估值偏低時提升定價水平,新股估值偏高時促進定價下滑,使得IPO定價能圍繞市場估值區(qū)間上下波動�？隙诵鹿砂l(fā)行定價體制改革后,IPO定價水平走高中部分合理因素。 不過仍然存在的制度、效率缺失,導(dǎo)致IPO定價在圍繞市場估值區(qū)間波動時,還會呈現(xiàn)程度較大和持續(xù)時間較長的偏離。這不利于流通市場投資者的公平交易和投資收益。因此進一步推進市場化和制度改革的關(guān)鍵在于明確各參與者在市場中的地位和作用,改善券商聲譽機制,上市公司投資效率和業(yè)績變臉等因素在新股定價中的無效或負(fù)面作用,以充分發(fā)揮市場機制,進一步提高新股定價的效率,促進新股投資由短期投機炒作行為轉(zhuǎn)變?yōu)殚L期戰(zhàn)略性布局的投資行為。
[Abstract]:In the course of more than 20 years of development, the issuing system of new shares in China has been undergoing continuous reform and evolution from administrative regulation to market operation. With the deepening of its marketization process, the new contradictions and problems continue to emerge, so that the issuance system is still controversial. After the implementation of inquiry mechanism in 2005 and the reform of new share offering pricing system in 2009 and 2010, the pricing of new shares was further marketized, and the pricing subjects gradually tended to investors, which improved the pricing efficiency of new shares. But at the same time, there has been a sharp rise in pricing levels, while investment returns have narrowed significantly. This paper analyzes in detail the influence of the return on investment of new shares in the current circulation market, the goodwill of underwriters and the valuation level of the industry on the pricing level of new shares in the issuing market. And the impact of the pricing level of new shares on the short-and medium-and long-term return on investment in the circulation market. The role of issuance and circulation market is linked, and the regression analysis is used to prove it. This paper expounds the interaction mechanism between the two markets to promote the pricing of new shares to be in line with the reasonable valuation level of the market. It also increases the pricing level when the valuation of new shares is on the low side, and promotes the decline of pricing when the valuation of new shares is on the high side, which makes IPO pricing fluctuate around the market valuation range. After the reform of the pricing system of new share issuance, the pricing level of IPO goes to some reasonable factors in senior high school. However, there is still a lack of efficiency, resulting in IPO pricing around the market valuation range fluctuations, will also show a large degree of deviation and a long period of time. This is not conducive to fair trading and investment returns for investors in the circulation market. Therefore, the key to further promote the marketization and system reform lies in defining the position and role of each participant in the market, improving the reputation mechanism of securities firms, and the ineffective or negative role of listed companies in the pricing of new shares, such as investment efficiency and performance change. In order to give full play to the market mechanism, further improve the efficiency of new stock pricing, and promote the transformation of new stock investment from short-term speculative speculation to long-term strategic layout of investment behavior.
【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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