【作者】 刘帅；

【导师】 王健康；

【作者基本信息】 长沙理工大学 ， 应用经济学， 2015， 硕士

【摘要】 新股发行制度是决定证券市场发展的重要基础性制度。基于特定的历史背景和现实条件,我国先后实施了审批制和核准制了两种新股发行制度,经历了额度审批制、指标审批制、通道核准制、保荐核准制四个阶段。两种制度的变迁过程中,行政化的力量逐渐减弱,市场的力量所起的作用越来越大,是一种递进式的市场化改革。新股发行制度是影响新股定价效率的重要制度性因素,而新股定价效率则是衡量新股发行制度的合理性及是否需要改革的重要标准。新股发行制度可以通过规定新股定价方式直接影响新股定价；还通过规定新股发行过程中的信息批露方式影响信息批露质量进而影响投资者对IPO企业的价值评估；新股发行制度还控制了新股发行的规模、数量、节奏进而影响市场上对新股的供求关系从而影响新股定价效率。行政力量对新股定价施加过多影响,将大大降低新股的定价效率,而越市场化的发行方式,新股定价效率越高。本文通过实证分析,证实了在额度审批制下,新股定价效率最低,四个阶段中,保荐核准制下市场机制发挥的作用最大,因而新股定价最为有效。这说明了我国过去我国新股发行制度遵行从行政化到市场化的改革方向是正确的,改革是有效的,新股发行制度应当继续坚持市场化的改革方向。纵观我国新股发行制度变迁的过程,新股发行定价的低效率成为推动我国新股发行制度改革明显的内在动因。股票发行实施注册制,定价市场化是市场经济的内在要求,注册制是我国股票发行制度发展的最终目标。由于我国资本市场处于发展和完善阶段,实施注册制还存在相应的法律法规不够严谨完善、没有严格的退市制度,没有形成多层次的市场监督体系等多种缺陷。因此,必须加快新股发行制度的改革,制定、完善相关的法律法规,转变监管方式,让政府及监管部门从新股发行的过程中退出,加速推进市场化进程,正式推出注册制,为建立一个成熟的、国际化的资本市场提供制度上的保证。更多还原

【Abstract】 The system for issuing new shares is an important factor which decides the development of the securities market. Based on the specific historical background and realistic conditions, China has experienced Quota system, Total volume and number control system, Channel System, Sponsor System for issuing new shares. The change of the four system has reflected that the power of the government gradually get away from the new issues, but the role of market forces playing an more and more important role, and this is a kind of progressive type of market-oriented reform.IPO system is an important institutional factors which influence the efficiency of the pricing of new shares. Firstly, the system for issuing new shares can directly affect the pricing of new shares; Secondly, the system will affect the investors how to evaluate the value of the IPO companies through making the way of information disclosure; Thirdly, issuance system also controls the size, quantity and rhythm of IPO, which will affect the market supply and demand so as to affect the IPO pricing efficiency. The interference of administrative power to IPO will greatly reduce the pricing efficiency of new shares, and the more powerful of market, the more efficiency of pricing efficiency. In this article, through quantitative analysis, we confirmed that under the quota examination and approval system, the least efficient pricing of new shares four system, sponsor authorization under the market mechanism to play the biggest role, thus the IPO pricing is the most effective. This illustrates the reform of China’s IPO system in China in the past to do from the town to the direction of the market is right, the reform is effective, the system for issuing new shares should continue to adhere to the market-oriented reform direction.Reviewing China’s IPO system vicissitude process, we found that the low efficiency of the system for issuing new shares is an inner factor which push the IPO system reform in our country. Implementing registration system and let the pricing decide by the market is the internal requirement of market economy, the registration system is the ultimate goal of development of the stock issuance examination system in China. Now we has possessed the preliminary implementation of registration system, therefore, we can speed up the reform IPO audit system, formulate and perfect relevant laws and regulations, transforming the mode of regulation and let the government and regulators away from the new issues system, and finally, providing institutional guarantee for a mature, international capital market.更多还原