本文關(guān)鍵詞： 新股發(fā)行制度 信息披露 財政政策　出處：《財政部財政科學(xué)研究所》2014年博士論文　論文類型：學(xué)位論文

【摘要】：中國資本市場成立20多年來,經(jīng)過迅速發(fā)展,在很多方面走過了一些成熟市場幾十年甚至是上百年的道路。其中,一級市場的新股發(fā)行是資本市場配置資源的核心環(huán)節(jié),新股發(fā)行制度是保障資本市場新股發(fā)行的基礎(chǔ),具體是指政府和非政府組織建立起來并以正式方式對新股發(fā)行行為進(jìn)行約束的各種制度安排,包括法律、法規(guī)、政策、自律組織制定的規(guī)則、契約等。其內(nèi)涵包括新股發(fā)行審核制度、新股發(fā)行方式、新股發(fā)行信息披露制度和新股發(fā)行監(jiān)管制度。隨著我國資本市場運(yùn)行機(jī)制的逐步健全,市場內(nèi)在約束機(jī)制進(jìn)一步加強(qiáng),多層次資本市場的逐步完善,我國新股發(fā)行機(jī)制也逐步從最初的行政主導(dǎo)逐漸向市場化過渡,從集中式的行政審批和核準(zhǔn)逐步向注冊制、詢價制、信息披露監(jiān)管轉(zhuǎn)變。黨的十八屆三中全會公報指出：健全多層次資本市場體系,推進(jìn)股票發(fā)行注冊制改革,多渠道推動股權(quán)融資,發(fā)展并規(guī)范債券市場,提高直接融資比重。發(fā)行制度改革由政府主導(dǎo)推動,作為公共政策在資本市場的重要實踐,選擇新股發(fā)行制度研究具有巨大的理論和現(xiàn)實意義：一是通過公共經(jīng)濟(jì)學(xué)與財政學(xué)關(guān)于政府行為和績效評價的理論,來指導(dǎo)作為政府重要監(jiān)管行為的新股發(fā)行監(jiān)管研究,能進(jìn)一步改善政府績效、提高全市場的全要素效率；二是通過對發(fā)行監(jiān)管機(jī)制的比較研究和借鑒,全面分析了我國當(dāng)前經(jīng)濟(jì)環(huán)境下實行注冊制的可能性和風(fēng)險,研究分析了注冊制的實現(xiàn)要件,并給出了實現(xiàn)的路徑；三是對最近三輪新股體制改革中對新股定價效率的因素比較,分析總結(jié)了對新股發(fā)行定價效率影響的財政、金融、市場的內(nèi)生因素。本文運(yùn)用了規(guī)范與實證研究互相結(jié)合的方法,對2009—2012年期間中國新股發(fā)行制度對IPO效率的影響進(jìn)行了全面的實證分析,并在前人研究模型基礎(chǔ)上進(jìn)行了一定的擴(kuò)充和改進(jìn),在評價新股發(fā)行體制效果的解釋變量中,納入公共財政政策、稅收等變量來評析政府公共政策對新股發(fā)行體制效率的影響,有利于更加全面科學(xué)的評價新股定價效率,為提高整體社會資源配置效率提供了借鑒。在研究發(fā)行審核機(jī)制過程中,本文采用了公共經(jīng)濟(jì)學(xué)的原理進(jìn)行比較分析,即對海外資本市場國家的法律沿革、監(jiān)管制度基礎(chǔ)、市場主體特征、市場環(huán)境影響因素、制度變遷方式和制度變遷效率進(jìn)行比較,來研究衡量政府監(jiān)管新股發(fā)行行為對整體市場效率和市場主體的影響,提出了下一步新股發(fā)行制度市場化改革的最優(yōu)績效的新股審核制度設(shè)計方案,同時給出了新股改革下一步的實現(xiàn)路徑。經(jīng)過上述研究,關(guān)于我國新股發(fā)行體制的主要分析結(jié)論及建議如下：一是我國當(dāng)前新股發(fā)行中信息披露機(jī)制尚未健全,不完整披露、虛假披露情況一定程度影響了市場效率,深化發(fā)行體制改革要以充分、完整、準(zhǔn)確的信息披露為中心。本文建議利用大數(shù)據(jù)等技術(shù)手段來提高信息披露質(zhì)量和效率,從而推動發(fā)行體制透明化、規(guī)范化；二是通過實證研究,發(fā)現(xiàn)財稅政策對IPO抑價水平有明顯影響,這也印證了公共財隨政策對新股定價市場具有一定傳導(dǎo)和控制作用。應(yīng)考慮進(jìn)一步加強(qiáng)財政金融政策協(xié)調(diào),強(qiáng)化市場化約束機(jī)制,在現(xiàn)有詢價制基礎(chǔ)上,進(jìn)一步增加多樣化發(fā)行方式的試點(diǎn)；三是目前實行的政府控制的核準(zhǔn)制不利于市場機(jī)制的發(fā)揮和效率提高,應(yīng)積極探索市場化發(fā)展方向,從強(qiáng)制性審核改為以信息披露為中心的市場化遴選機(jī)制。具體而言即引進(jìn)注冊制框架,本文還對注冊制框架行了設(shè)計,提出我國由保薦核準(zhǔn)制過渡到注冊制,應(yīng)形成兩步走的戰(zhàn)略步驟：第一步是形成市場化程度較高的核準(zhǔn)制；第二步,是建立核準(zhǔn)制下的注冊制,并最終達(dá)到完全注冊制。財政政策對資本市場和新股發(fā)行體制具有較強(qiáng)的互動和影響,本文還從公共政策視角,分析了財政政策與資本市場的內(nèi)在聯(lián)系和交互影響,提出了財稅相關(guān)政策支持資本市場新股發(fā)行體制改革的建議：一是加大債券市場發(fā)展力度,促進(jìn)新股發(fā)行市場多層次轉(zhuǎn)型；二是加大財政支出對機(jī)構(gòu)投資者的支持,促進(jìn)資本市場成熟和理性；三是通過財政支出政策引導(dǎo),引導(dǎo)帶動地方政府財政支持資本市場發(fā)展；四是通過證券交易稅、印花稅、所得稅的調(diào)節(jié),來改變市場的收入支出結(jié)構(gòu),從而影響市場利益集團(tuán)的利益分配格局,為資本市場的效率和公平提供支撐；五是加強(qiáng)財政資金的引導(dǎo)作用,對國有資本和風(fēng)險資金的定向扶持,推動資本市場市場化改革,創(chuàng)新財政支持創(chuàng)新性企業(yè)新模式。
[Abstract]:China capital market was founded 20 years after the rapid development in many aspects through some mature markets and even hundreds of years of road for decades. Among them, the level of market IPO is the core link of capital market allocation of resources, the IPO system is the basic guarantee of capital market IPO, specifically refers to various the institutional arrangements, the government and non-governmental organizations set up and in a formal way of new shares issued constraint behavior include laws, regulations, policies, regulatory organization rules, contracts and so on. Its connotation includes the IPO audit system, IPO, IPO information disclosure system and the supervision of the IPO system. With the operating mechanism China's capital market gradually perfect, the market to further strengthen the internal restraint mechanism, multi-level capital market gradually improve China's IPO mechanism has gradually changed from the original The executive led gradually to the market transition from a centralized administrative approval and approval gradually to the registration system, inquiry system, change the supervision of information disclosure. The party's the third Plenary Session of the 18th CPC Central Committee communique pointed out that a sound multi-level capital market system, promote the reform of stock issue registration system, multi-channel to promote equity financing to develop and standardize the bond market, improve direct financing. The proportion of distribution system reform led by the government to promote, as an important practice in the capital market of public policy, research on the choice of the IPO system is of great theoretical and practical significance: one is through on the government behavior and the performance evaluation of public economics and finance theory, research on the supervision of the IPO to guide the government as an important regulatory behavior, can to further improve the performance of the government, improve the efficiency of all elements of the whole market; two is through on the issue of the regulatory mechanism of the comparative study and reference , a comprehensive analysis of China's current economic environment to implement the possibility and risk analysis of the registration system, to realize the registration system, and gives the realization of the path; the three is a comparison of the IPO pricing efficiency factor in the recent round of IPO system reform, analyzes and summarizes the finance to finance, the IPO pricing efficiency and the market internal factors. This paper uses the method of normative and empirical research combined with each other, for the period from 2009 to 2012 China IPO system on the IPO efficiency of comprehensive empirical analysis, and some expansion and improvement in model based on previous studies, in the performance evaluation system of new shares issued to explain variable, into the public finance policy, tax and other variables on the impact of public policy on the efficiency of the IPO system, is conducive to a more comprehensive evaluation of the IPO pricing efficiency of Science The rate, which provides the reference for improving the allocation efficiency of social resources in the whole research issue of the audit mechanism, this paper adopts the principle of public economics comparative analysis, namely the legal history of the overseas capital markets, regulatory system, market characteristics, the effect of environmental factors on the market, compared with the way of institutional change and institutional change study on government supervision efficiency, to measure the IPO behavior affect the overall market efficiency and market, puts forward the optimal performance of the next IPO market reform of the IPO audit system design scheme, and gives the realization of the new path of the next step reform. Through the above research, the main conclusions and suggestions about China's IPO system is as follows: first, China's current IPO information disclosure mechanism is not perfect, incomplete disclosure, false disclosure situation The degree of influence of market efficiency, deepen the reform issue to the full, complete, accurate information disclosure as the center. This paper proposes to improve the quality of information disclosure and the efficiency of the use of big data and other technical means, so as to promote the issuance system of transparency, standardization; two is through empirical research found that fiscal policy has a significant influence on IPO the underpricing level, it also confirms the public goods with the policy for the IPO pricing market has certain conduction and control. Consideration should be given to further strengthen the fiscal and financial policy coordination, strengthen market restraint mechanism, based on the existing inquiry system, to further increase the diversity issue of the pilot; three is to improve the control of the government approval system is not conducive to the market mechanism and efficiency, we should actively explore the development direction of the market, from the mandatory audit to information disclosure as the center of the market selection mechanism Specifically, the introduction of the registration system. This paper also designed the framework for the registration system framework, put forward our country by recommendation and approval system to the registration system transition, should form a strategic step in two steps: the first step is the formation of a higher degree of market approval system; the second step is to establish the approval system under the registration system. And finally complete the registration system. Fiscal policy has strong interaction and influence on the capital market and the IPO system, this paper from the perspective of public policy, analyzes the impact of fiscal policy and capital market internal relations and interaction, is proposed to support the capital market IPO reform tax related policy suggestions: one is to increase development efforts the bond market, to promote the IPO market multi-level transformation; the two is to increase the fiscal expenditure on the support of institutional investors, promote capital market mature and rational; three is through fiscal expenditure policy Guide, guide and drive the local government financial support for capital market development; four is through the securities transaction tax, stamp tax, income tax regulation, to change the structure of income and expenditure of the market, thus affecting the interests of the distribution pattern of market interests, as the capital market efficiency and fair support; five is to strengthen the guiding role of financial funds. The orientation of state-owned capital and venture capital support, promote capital market reform, innovation of financial support for the new mode of innovative enterprises.

【學(xué)位授予單位】：財政部財政科學(xué)研究所
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F812.0

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本文編號：1542478