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  本文選題：綠鞋機(jī)制　切入點(diǎn)：A股　出處：《蘭州大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：綠鞋機(jī)制作為國際證券市場上一種成熟的股票發(fā)行配套機(jī)制,引入我國已經(jīng)有將近二十年的時間,我國B股市場上的成功運(yùn)用給了A股市場很大的借鑒意義。隨著我國證券市場與國際市場的聯(lián)系日益密切,我國A股市場市場化的進(jìn)程不斷加快,抑價率開始呈逐年下降趨勢,股票上市后破發(fā)現(xiàn)象愈加頻繁,這些都說明了我國A股市場已經(jīng)具備了使用綠鞋機(jī)制的前提條件。 自2001年我國在A股市場推行綠鞋機(jī)制試點(diǎn)以來,共有三家銀行企業(yè)在IPO中成功使用了綠鞋機(jī)制,本文通過對我國A股市場推行綠鞋機(jī)制的具體分析,發(fā)現(xiàn)這三家銀行的主承銷商都選擇全額或者接近全額行使了綠鞋機(jī)制,成功進(jìn)行了托市,綠鞋機(jī)制在我國A股市場上成功起到了應(yīng)有作用的同時也帶來了一些問題。針對我國A股市場綠鞋機(jī)制的行使機(jī)率小,綠鞋機(jī)制對承銷商、發(fā)行商、投資者和市場的影響,本文提出我國需要進(jìn)一步完善現(xiàn)有審核制度,改革關(guān)于漲跌停幅度的限制,引進(jìn)綠鞋機(jī)制相關(guān)的配套措施,提高信息披露的強(qiáng)度。
[Abstract]:As a mature supporting mechanism for stock issuance in the international securities market, the Green Shoe Mechanism has been introduced into China for nearly 20 years. The successful application of the B share market in our country has given the A-share market great reference significance. With the increasingly close relationship between the Chinese stock market and the international market, the marketization process of the A-share market in our country has been speeding up, and the underpricing rate has begun to decline year by year. The break-up phenomenon is becoming more and more frequent, which indicates that the A share market of our country already has the precondition of using the green shoe mechanism. Since 2001, three banks have successfully used the Green Shoe Mechanism in the A-share market. This paper analyzes the implementation of the Green Shoe Mechanism in the A-share market in China. It was found that the lead underwriters of these three banks all chose to exercise the green shoe mechanism in full or near full, and successfully carried out the support of the market. The success of the Green Shoe Mechanism in China's A-share market has also brought about some problems. In view of the small probability of the implementation of the Green Shoe Mechanism in China's A-share market, the influence of the Green Shoe Mechanism on underwriters, distributors, investors and the market, This paper points out that our country needs to further improve the existing auditing system, reform the limit of the limit of fluctuation, introduce the relevant measures of green shoe mechanism, and improve the intensity of information disclosure.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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