本文選題：新股發(fā)行 + 定價機制��； 參考：《電子科技大學(xué)》2014年碩士論文

【摘要】：較之于已經(jīng)成熟的國外股市,由于現(xiàn)今依然處于新興及過渡階段,所以我國股市的IPO定價機制廣泛而持續(xù)地受到關(guān)注。為了充分認識中國IPO市場紛繁復(fù)雜的亂象,改善股票市場運作模式,以便使資源效率得到進一步地提高,對IPO定價機制進行研究已是必然之舉。所以,對中國公司IPO定價機制的研究,有利于使我國社會主義初級階段的資本市場制度更加完善,同時也有利于社會主義發(fā)展資本市場經(jīng)驗的積累,可以說是意義重大。我國發(fā)展資本市場的時間比較短,從上海交易所成立至今只有二十多年的時間,然而所經(jīng)歷的變革卻十分繁多,比如發(fā)行制度、定價方法、信息披露方式等基本制度的變革,都是十分重大的。在諸多變革之中,改善IPO定價方法的變革是中國股市問題、變化、進步均最為明顯的變革之一。2005年4月開始,中國股市陷入持續(xù)下跌窘境,最終政府出面叫停,希望通過對股票市場供求關(guān)系的調(diào)節(jié)來挽回局面,但是結(jié)果卻乏善可陳。所以,要了解中國股市下跌情況,明確IPO制度對中國股市的影響,那么最為明智的做法應(yīng)該是從IPO制度層面去分析。在分析比較了國內(nèi)外新股發(fā)行機制及梳理了中國新股發(fā)行制度和特點之后,本文得出如下結(jié)論:第一,我國股市中的中小投資者利益易受損害局面并沒有得到根本扭轉(zhuǎn),回撥機制和“綠鞋”機制未充分發(fā)揮其應(yīng)有作用;第二,承銷商約束能力不強,其IPO價格發(fā)現(xiàn)功能未完全實現(xiàn);第三,投資者由于分離的初步詢價和累計投標(biāo)過程而易發(fā)生不誠信行為;最后,目前的市盈率定價方法也有顯著的不足之處。在對不同定價方法的IPO定價效率進行分析以驗證本文觀點之后,分析出了頗具意義的結(jié)論:雖然在持續(xù)發(fā)展和完善之后,我國定價機制已取得實質(zhì)性的市場化進步,然而目前IPO定價機制未能做到完全具有效率。為解決中國IPO定價機制存在的問題,本文建議應(yīng)采取措施使新股分配制度更加完善,建立健全承銷商約束機制,且應(yīng)改進現(xiàn)今累計投標(biāo)詢價制度,以中國新股發(fā)行制度和方法的持續(xù)改善來促使中國IPO定價機制更好地發(fā)展與改善。
[Abstract]:Compared with the mature foreign stock market, the IPO pricing mechanism of China's stock market is widely and continuously concerned because it is still in a new and transitional stage. In order to fully understand the complicated chaos of China's IPO market, improve the operation mode of stock market and further improve the efficiency of resources, it is inevitable to study the IPO pricing mechanism. Therefore, the study of IPO pricing mechanism of Chinese companies is beneficial to the perfection of the capital market system in the primary stage of socialism, and to the accumulation of experience in the socialist development of capital market, which can be said to be of great significance. The time for developing the capital market in China is relatively short. It has only been more than 20 years since the establishment of the Shanghai Stock Exchange. However, the changes experienced are quite numerous, such as the changes in the basic system of issuing system, pricing method, information disclosure method, and so on. Are very important. Among the many changes, the reform of improving IPO pricing methods is one of the most obvious changes in China's stock market. Since April 2005, the Chinese stock market has been in a dilemma of continuous decline, and the government finally stopped it. The hope is to restore the situation by regulating the supply and demand of the stock market, but the results are lacklustre. Therefore, to understand the decline in the Chinese stock market and to clarify the impact of the IPO system on the Chinese stock market, the most sensible approach should be to analyze it from the IPO system level. After analyzing and comparing the domestic and foreign IPO mechanisms and combing the system and characteristics of China's IPO, this paper draws the following conclusions: first, the vulnerable situation of the interests of small and medium-sized investors in China's stock market has not been fundamentally reversed. The callback mechanism and "green shoe" mechanism do not give full play to their due role; second, the underwriter has not strong binding ability, its IPO price discovery function has not been fully realized; third, Investors are prone to dishonest behavior due to the separation of initial inquiry and cumulative bidding process. Finally, the current price-earnings ratio pricing method also has obvious shortcomings. After analyzing the IPO pricing efficiency of different pricing methods to verify the point of view of this paper, the paper draws a significant conclusion: although after the continuous development and perfection, China's pricing mechanism has made substantial market-oriented progress. However, the IPO pricing mechanism can not achieve full efficiency. In order to solve the problems of IPO pricing mechanism in China, this paper suggests that measures should be taken to make the new share allocation system more perfect, to establish and perfect the underwriter restraint mechanism, and to improve the present cumulative bidding inquiry system. In order to promote the development and improvement of IPO pricing mechanism in China, the system and method of IPO in China are improved continuously.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前1條

1 左曉蕾;;IPO新政:公平先行[J];資本市場;2006年10期

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本文編號：2066521