本文選題：注冊制 + 核準(zhǔn)制　； 參考：《對外經(jīng)濟貿(mào)易大學(xué)》2014年碩士論文

【摘要】：新股發(fā)行制度是證券市場最為重要的制度之一，其改革對二級市場有著深遠(yuǎn)的影響。本文首先以美日等國為例總結(jié)注冊制與核準(zhǔn)制的區(qū)別以及實施條件，然后以我國歷次新股發(fā)行制度改革對市場的影響為基礎(chǔ)，，討論了新股發(fā)行注冊制與其配套制度之間的關(guān)系，進(jìn)而分析了注冊制改革將對二級市場產(chǎn)生的影響，得出以下結(jié)論：首先、注冊制下的信息披露機制將使上市公司經(jīng)營管理更加規(guī)范，從而降低投資者風(fēng)險，投資者收益增加，吸引更多的資金進(jìn)入市場，長期來看對指數(shù)起到支撐作用；其次、注冊制改革讓新股定價過程更加透明合理，長期同樣起到穩(wěn)定市場的作用；最后、由核準(zhǔn)制過渡到注冊制對二級市場的影響還取決于改革前股票供給是否超出市場承受能力。同時，注冊制的實施將導(dǎo)致投資者更加偏好藍(lán)籌股而舍棄重組股和題材股。 最后，本文根據(jù)研究結(jié)論提出投資者建議和政策建議，實行注冊制后證券市場將更加完善，建議投資者避免參與垃圾股和概念股的炒作，提高自身投資水平，同時建議監(jiān)管機構(gòu)加強投資者教育，逐步減少市場干預(yù)，規(guī)范中介機構(gòu)行為，完善退市制度和新三板市場等。
[Abstract]:The new issue system is one of the most important systems in the securities market, and its reform has a profound influence on the secondary market. In this paper, the differences between registration system and approval system and the conditions for implementation are summarized with the examples of the United States and Japan, and then the relationship between the registration system of new share issuance and its supporting system is discussed on the basis of the influence of the previous reform of the new issue system on the market in China. Then it analyzes the impact of the registration system reform on the secondary market, and draws the following conclusions: firstly, the information disclosure mechanism under the registration system will make the management of listed companies more standardized, thereby reducing the risk of investors and increasing the return of investors. Attracting more capital into the market will support the index in the long run. Secondly, the registration system reform will make the pricing process of new shares more transparent and reasonable, and it will also stabilize the market in the long run. The influence of the transition from approval system to registration system on the secondary market also depends on whether the stock supply exceeds the market capacity before the reform. At the same time, the implementation of the registration system will cause investors to prefer blue chips and abandon restructuring stocks and theme stocks. Finally, according to the conclusion of the research, the paper puts forward the investor's suggestion and policy suggestion, the stock market will be more perfect after the implementation of the registration system, and the investors should avoid participating in the speculation of junk stocks and concept stocks, and improve their own investment level. At the same time, it is suggested that the regulators should strengthen investor education, gradually reduce market intervention, standardize the behavior of intermediary organizations, perfect the delisting system and the new three board market, etc.
【學(xué)位授予單位】：對外經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287;F832.51

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