本文選題：股票市場　切入點：新股發(fā)行　出處：《南方金融》2014年05期

【摘要】：在中國股市20多年的發(fā)展歷程中,新股發(fā)行定價與配售制度經(jīng)歷了從非市場化向市場化不斷演進與改革的過程。本文分析了新股發(fā)行定價與配售制度的歷史演進過程及其存在的問題,并對當前發(fā)行體制改革進行審視。本文認為,應平衡一、二級市場關系,有效管控IPO抑價,解決新股"三高"發(fā)行及一、二級市場分割問題;加大對違法違規(guī)行為的監(jiān)管打擊力度,維護"三公"原則,實現(xiàn)改革目標。在此基礎上,本文提出真正實現(xiàn)讓投資者自主判斷企業(yè)價值、健全市值配售制度、補充完善PE、VC及天使投資者信息披露制度和投資者回報制度等對策措施。
[Abstract]:In the development of China's stock market for more than 20 years, the pricing and placing system of new shares has undergone a process of continuous evolution and reform from non-marketization to marketization.This paper analyzes the historical evolution process and existing problems of new issue pricing and placing system, and examines the current reform of issuing system.In this paper, we should balance the relationship between the first and secondary markets, effectively control the underpricing of IPO, solve the issue of "three high" issuance of new shares and split up the first and secondary markets, step up the supervision and crackdown on illegal and illegal activities, and uphold the principle of "three fair".To achieve the goal of reform.On this basis, this paper puts forward some countermeasures such as allowing investors to judge the enterprise value independently, perfecting market value's placing system, and perfecting PEVC and angel investors' information disclosure system and investor's return system.
【作者單位】： 中國證R導嘍焦芾砦被嶂厙旒喙芫，

本文編號：1729178