【作者】 吕国文；

【导师】 汪炜；

【作者基本信息】 浙江大学 ， 金融学， 2004， 硕士

【摘要】 股票发行制度的改革是我国证券市场制度建设的核心问题之一。发行制度直接关系到证券一级市场的运行效率。朝着市场化方向改革的股票发行核准制实行已有3年多时间,通过对核准制实行前后数据的实证分析,笔者发现:尽管现阶段相对于绝大多数证券市场来说,我国的IPOs折价程度仍然较高,但是,核准制的实行较审批制能较大程度改善新股发行时的信息不对称程度及相关影响因素的影响,有效降低新股的IPOs折价程度和上市首日收益率的波动率,从而促进了证券市场运行效率的提高。笔者运用IPOs折价理论对影响IPOs折价程度的各种因素进行了深入的分析。通过多元回归的因素分析,笔者发现:随着股票发行制度的改革,这些因素对IPOs折价的影日向方式产生了新的变化;信号理论、“胜者诅咒”模型及累计投标的信息揭露理论能够部分解释我国的高IPOs折价问题。同时,我国证券市场制度的特殊性及制度转变的过渡性也对IPOs折价问题产生了较大影响。此外,企业产业性质、产权性质和承销商声誉也影响了我国的IPOs折价。最后,通过对现存核准制的制度缺陷进行分析,提出了继续推动我国股票发行制度市场化改革的相关政策建议。更多还原

【Abstract】 The reform of stock issuing system which is directly related to the efficiency of primary market is one of the core questions of institutional constructions of in Chinese securities market.Three years have passed since the market-oriented checking system was brought into effect.By our positive analysis, we find that in despite of still very high IPOs underpricing,checking system , compared with approval system,can reduce the degree of information asymmetry and IPOs underpricing.and depress the volatility of the first day return of stocks being listed to a great extent.which can improve the efficiency of securities market.According to the theory of IPOs underpricing,I thorough analyzed all kinds of factors which may affect IPOs underpricing.Using the method of multiple regression,I find that with the reform of stock issuing system.these factors change their effects.Signal theory .winner’s curse and information revealment theory of bookbuliding can partly explain the high IPOs underpricing in our country.Moreover.the state of faultiness and transition in stock issuing system contribute to the underpricing phenomenon.At last,I analyse the defects in current checking system and bring forward some advices to further reform the stock issuing system.更多还原