【作者】 文锐；

【导师】 王常柏；

【作者基本信息】 天津商业大学 ， 金融学， 2012， 硕士

【摘要】 新股发行方式及定价机制是我国证券一级市场中研究的热点问题，也是新股发行的关键环节。发行价格是否合理，极大地影响着资源的配置效率。自我国实行询价制以来，新股发行的市场化定价程度得到了提升，但是高市盈率、破发和业绩变脸等现象仍然频繁出现。为了更好地解决这些问题，新一轮新股发行体制改革已正式启动。如何更加合理地确定新股的发行价格，充分发挥证券市场资源配置的功能，是当前我国资本市场最受关注、最核心的问题。本文首先回顾了新股发行方式与审核制度的历史演变过程，主要分析审批制阶段与核准制阶段所经历的改革路线，然后分析当前理论界关于市场化定价机制的内涵及各主要发行方式对市场化定价机制的影响，重点分析目前我国新股发行定价机制的特点，并引用工商银行和农业银行两个采用超额配售选择机制进行IPO的例子，探讨绿鞋机制在新股发行过程中所起的作用和实际效果。结合当前监管部门的最新思想和最新出台的规范性文件，指出询价制仍然未能解决的问题，并提出建立新的衡量市场化定价机制的评价指标。进而提出本文对市场化定价机制的重新思考，认为真正的市场化定价机制应回到IPO内在询价机制的设计上来，使新股发行的定价能真实地反映公司的内在价值和成长价值，并借鉴当前发达资本市场的新股发行方式和制度，构建完善我国市场化定价机制的一套体系：建立健全发行人与承销商的约束机制；加强询价对象的管理，合理确定询价对象，完善定价约束机制；完善市场化定价机制中的锁定期管理制度；创新发行方式以及强化信息披露制度和惩罚机制，从发行方式的角度推动市场化定价机制的进一步完善。更多还原

【Abstract】 IPO method and pricing mechanism have been hot topics in the research filed ofprimary security market. Whether the issue price is reasonable determines whetheroptimal resource allocation can be achieved in the security market. Since our countryimplemented the inquiry system, the degree of marketization of the IPO price levelhas been improved, but the phenomenon of high P/E, break and frequently changedperformance is still exist. In order to solve these problems, the new roundmarket-oriented reform of the security issue system has been officially launched. Howto determine the IPO price more reasonably and how to play the security market a roleto the allocation of resources, are the most concerned and the core problem in thepresent China’s capital market.This paper first makes a brief review on the development of IPO method and theaudit system. And then analyzes the current theory about market pricing mechanismconnotation. Then the paper analyzes the influence of the main IPO methods on themarket-oriented pricing mechanism. We put the emphasis on the approval stage,especially on the role that the “Green Shoe” mechanism has played by citing theexample of the Industrial and Commercial Bank of China and the Agricultural Bankof China. And explore the role and the actual effect on green shoes mechanism in theprocess of IPO.Combined with current regulatory thinking and the latest introduction of thenormative documents, point out that the inquiry system is still unresolved problems,and proposed the establishment of the evaluation of the new measure ofmarket-oriented pricing mechanism. Rethink of the market-oriented pricingmechanism, and thus that the real market pricing mechanism should be back to thedesign of the IPO internal inquiry mechanism, the pricing of IPOs truly reflect thecompany’s intrinsic value and growth value. And learn from current methods andsystems of developed capital markets issuance of new stocks to build a system of Chinese market-oriented pricing mechanism: establish and improve the constraintmechanism of the issuer and underwriter; strengthen the management of the inquiryobjects, rationally determine the inquiry objects, improve the pricing constrainedmechanism; improve the management system of market-oriented pricing mechanismof the lock-up period; innovate issuing methods and strengthen the informationdisclosure system and punishment mechanism, and further promote market-orientedpricing mechanism from the perspective of issuing methods.更多还原