【摘要】 注册制下,券商应承担优化资源配置、服务实体经济、稳定二级市场的责任,围绕承销组织、研究估值、机构销售、信息披露等IPO定价全流程,提升市场化定价效率。监管层面需要完善信息披露管理体系,丰富网下报价方式,优化战略配售和二级市场稳定机制,为券商履职及能力提升提供制度保障。本文还创新性构建了券商IPO定价能力评价体系,提出了包含承销能力、组织能力、项目筛选能力、投价报告质量、估值偏离度、定价偏离度、销售能力以及信息披露能力等指标在内的评价体系。更多还原

【Abstract】 Under the registration-based IPO system, securities firms are held responsible for optimizing resource allocation, supporting the real economy, and stabilizing the secondary market. In order to enhance their pricing efficiency, each step of the whole pricing procedure should be carefully examined, including the underwriting organization, research and valuation, institutional sales, and information disclosure. In terms of regulation, it is necessary to improve the managerial system of information disclosure, enrich thequotation methods for offline investors, optimize both mechanisms for strategic placement and secondary market stabilization, so as to ensure securities firms important institutional guarantee for fulfilling pricing responsibilities and enhancing pricing capabilities. This research also innovatively builds the evaluation system of pricing capabilities, indicators of which include underwriting capabilities, organization capabilities, project screening capabilities, investment report quality, valuation deviations, pricing deviations, sales capabilities, and information disclosure capabilities.更多还原