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论文编号：	4284
作者编号：	2120102283
上传时间：	2012/6/6 16:49:34
中文题目：	询价制下中国IPO定价合理性研究
英文题目：	The Research on the Rationality of IPO Pricing under the Inquiry Mechanism in China
指导老师：	余娟
中文关键字：	首次公开发行;询价制;发行价格;首日收盘价
英文关键字：	Initial public offerings (IPO); Inquiry mechanism; Issue price; First day closing price
中文摘要：	IPO发行定价机制问题一直是国内外理论界的研究热点之一，而IPO定价是股票发行上市过程中的首要环节，其定价的合理与否关系到多方的利益，它不仅关系到发行人和投资者的切身利益，而且还涉及到股票上市之后短期和长期的表现。合理的定价不仅有助于股票发行成功，为企业筹集到未来发展所需要的资金，而且也有利于股票市场实现资源优化配置以及长期稳定健康的发展。但是由于我国比较特殊的历史原因和制度原因，政府对IPO发行定价的行政干预和管制十分严重，导致发行价格对公司内在价值和市场供求关系反映不足，出现了抑价率过高等问题。源于此，市场上的各方参与者对IPO定价市场化改革的要求越来越急迫，现行的询价制也随之产生。在此背景下，本文主要运用定性与定量相结合的方法对询价制下我国IPO定价合理性问题进行研究。文章一方面比较分析了欧美及香港资本市场询价制的特征，另一方面选取询价制正式实施之后在上海证券交易所和深圳证券交易所首次公开发行的A股作为研究的样本，界定了衡量IPO定价合理性的绝对标准和相对标准并从这两个角度进行了实证分析。研究结论显示，根据绝对标准，从整体来看，我国IPO抑价率均值呈现出下降趋势，现行的询价制度与市场化改革的方向相符；从相对标准的角度衡量，与上市首日收盘价相比较，IPO发行价格更能反映影响公司价值的内外部因素，具有一定的合理性；但是流通股比率和承销商声誉反映外部影响因素的变量没有进入回归方程，仍有部分信息没能通过IPO的发行价格反映出来，说明对公司产生影响因素的内容不能通过IPO发行价格全面的显示出来。在现有制度的基础上，必须不断完善新股发行体制，使其价格发现的功能发挥更大的作用。最后根据研究结论，借鉴欧美及香港市场询价制经验以及结合我国实际情况，本文从完善现行的发行定价机制和优化询价制实施的外部环境两个方面提出了相关的政策建议。
英文摘要：	IPO pricing mechanism has been one of the focus of the theoretical circles at domestic and international，and IPO pricing is the key link in the process of new issues. But rationality of IPO pricing is related to the multi-party interests, because it is not only related to the issuers and investors interests, but also to the short-term and long-term performance after IPO. Reasonable pricing will not only help to stock issuance success and to raise the funds needed for future development of the company, but also help the stock market realize resource allocation optimization and long-term healthy development. However, because of our country’s historical reason and system reason, the IPO pricing is subject to administrative intervention seriously, so issue price is insufficient to reflect the company's intrinsic value and market supply and demand. Therefore, it is urgent to undertake the stock market reform, and inquiry mechanism has emerged. In this context, this article studies the rationality of IPO pricing under the inquiry mechanism in China by using qualitative and quantitative method. This article compares and analyses the inquiry mechanism’s features of mature capital markets, on the other hand, it selects new A-shares as the research sample in Shanghai stock exchange and Shenzhen stock exchange after carrying out inquiry mechanism, .and it measures the rationality of IPO pricing from absolute criterion and relative criterion. The study shows that: (1) On the whole, the IPO underpricing rate has a downward trend, so inquiry mechanism is in line with the market-oriented reforms. (2) The IPO issue price is more reasonable than the closing price. (3) The IPO issue price does not fully reflect all the information of the external factors that affect the company. Finally, according to conclusions, this article makes some suggestions on policies of how to improve efficiency of IPO issue price in China.
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