本文選題：新股發(fā)行制度 + 改革　； 參考：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文

【摘要】：本文對(duì)我國新股發(fā)行制度的演進(jìn)過程進(jìn)行了全面梳理和回顧。我國新股發(fā)行制度的演進(jìn)是一個(gè)從行政干預(yù)較強(qiáng)到逐步走向市場(chǎng)化的過程，這與我國經(jīng)濟(jì)體制從計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)的演化進(jìn)程是相匹配的。 2009年以來，我國進(jìn)行了四輪新股發(fā)行制度的改革。本文對(duì)這四輪改革進(jìn)行了詳細(xì)的剖析，發(fā)現(xiàn)新股發(fā)行中仍然存在的問題。新股上市首日漲停板制度（44%）本意是抑制炒新，可該措施反而導(dǎo)致市場(chǎng)形成新股連續(xù)暴漲的預(yù)期。窗口指導(dǎo)市盈率意在限制“三高”發(fā)行，可是過低的發(fā)行價(jià)格卻使炒新現(xiàn)象愈演愈烈。發(fā)審委制度權(quán)力過于集中，引發(fā)諸多問題。保薦制度中發(fā)行人和保薦機(jī)構(gòu)利益高度相關(guān)，合謀現(xiàn)象明顯。 針對(duì)以上問題，本文借鑒國外成熟市場(chǎng)經(jīng)驗(yàn)，對(duì)下一步改革措施提出相關(guān)意見和建議。十八屆三中全會(huì)之后，國務(wù)院明確提出要使市場(chǎng)在資源配置中起到?jīng)Q定性作用，股票發(fā)行制度改革向注冊(cè)制推進(jìn)。在這一改革背景下，本文提出以下幾項(xiàng)改革建議：新股上市首日實(shí)行T+0制度；將IPO核準(zhǔn)權(quán)下放到證券交易所；對(duì)保薦人制度進(jìn)行改進(jìn)，尤其是加大保薦人違規(guī)違法成本；重塑長期投資和價(jià)值投資理念；實(shí)行儲(chǔ)架發(fā)行等等。本文的研究和分析對(duì)新形勢(shì)下新股發(fā)行制度的進(jìn)一步市場(chǎng)化改革具有重要的參考意義。
[Abstract]:This paper reviews the evolution of new issue system in China. The evolution of China's new issue system is a process from strong administrative intervention to gradual marketization, which is in line with the evolution of China's economic system from a planned economy to a market economy. China has carried out four rounds of new issue system reform. This paper makes a detailed analysis of the four rounds of reform and finds that there are still problems in the new issue. The first day of new listings (44 percent) was meant to curb speculation, but instead led to expectations of a continuous surge in new shares. Window guidance price-earnings ratio is intended to limit the "three high" issuance, but too low issue prices to make speculation intensified. The power of the system is too centralized, causing many problems. The sponsor system is highly related to the interests of the sponsor organization and collusive phenomenon is obvious. In view of the above problems, this article draws lessons from the foreign mature market experience, and puts forward the relevant opinions and suggestions on the next step reform measures. After the third Plenary session of the 18th CPC Central Committee, the State Council clearly proposed that the market should play a decisive role in the allocation of resources, and the reform of the stock issuance system should be carried forward to the registration system. Under the background of this reform, this paper puts forward the following reform proposals: implementing the T0 system on the first day of new stock listing, devolving the IPO approval authority to the stock exchange, improving the sponsor system, especially increasing the illegal cost of sponsor; Reshape the concept of long-term investment and value investment; implement storage and shelf issuance and so on. The research and analysis of this paper has important reference significance for the further marketization reform of the new issue system under the new situation.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：2108370