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论文编号：	5113
作者编号：	2220080998
上传时间：	2013/5/27 17:46:16
中文题目：	我国A股IPO破发现象研究
英文题目：	The Research on the phenomenon of Chinese
指导老师：	李莉
中文关键字：	首次公开发行；新股破发；绿鞋机制；市盈率
英文关键字：	IPO;New share break;Green shoe;Option;Price-earning ratio
中文摘要：	融资是证券市场的重要功能之一，近年来我国A股（人民币普通股票，以下均简称“A股”）市场IPO（首次公开募股或首次公开发行，以下均简称IPO）节奏之快，融资额度之大，已经位列全球之首，然而伴随而来的是新股上市之后大量破发，同时发行市盈率却依然高居不下，这种现象十分矛盾，背后究竟隐含着怎样的原因，如何又能给出令人满意的解释？A股IPO的现行体制是否存在问题？本文重点研究了新股破发现象，包括主板、中小板和创业板新股现状，从我国新股发行的历史演变，到当前发行方式的分析与当前定价方式的分析，试图寻找我国A股IPO发行上市之后频频破发的原因，希望能够透过现象找到问题的本质，并尝试找到可行的解决方案。本文第一章介绍了本研究的研究背景、研究目的和研究意义，以及研究的主要内容与方法,以及创新点等内容。第二章回顾了A股IPO的概念、意义和程序，以及对国内外理论与文献进行了回顾。第三章对我国A股IPO发行方式进行了分析，分析了审批制度的演变，发行方式的演变和定价方式的演变。第四章系统地分析了我国A股IPO破发现状，包括主板破发的现状，中小板破发的现状及创业板破发的现状。然后对我国A股IPO破发的正负两方面影响进行了分析。最后分析了IPO破发的成因，包括三高问题和定价问题两个方面。第五章主要是提出了我国A股IPO破发的对策。先是提供了一些改进思路，包括改进的原则和改进的目的。然后提出了一些改进措施，包括完善IPO体制和市场传导机制，完善绿鞋机制，提高上市公司自身质量，加强投资者教育等措施。经过分析和研究，本文第六章提出了研究结论和展望。首先是对文章的研究内容进行了归纳总结，然后指出了从IPO破发的现象中反映出来的几个问题，并认为要从完善IPO制度来解决根本问题。最后也提出了本文研究的一些不足和对未来的展望，希望建立配套的法律法规来完善对市场的监管，并严格依法办事，这样才能使市场规范健康发展。
英文摘要：	Financing is one of the important functions of the stock market. In recent years the amount of financing of Chinese A share market has been ranked the first in the world. However, after the issue of a new share, the price came down quickly, breaking its IPO price. This paper focuses on the new stock break phenomenon. With analysis of the evolution of Chinese A share IPO history and the current issues, the paper is trying to find the reason of Chinese A share IPO break, as well as the countermeasures. The first chapter introduces the research background, purpose and significance, as well as the main research content，method and innovation points. The second chapter reviews the concept, the meaning of IPO and its procedures, as well as the domestic and international theories and literature. The third chapter analyzes the issue of Chinese A share IPO. It analyzes the evolution of examination and approval system, evolution of the distribution of the evolution and pricing method. The fourth chapter firstly systematically analyzes the current situation of Chinese A share IPO break. Then it analyzes the positive and negative aspects of Chinese A share IPO break. Finally, it analyzes the causes of IPO break, including the three high problems and the pricing problem. The fifth chapter mainly puts forward some countermeasures to improve the Chinese A share IPO break situation. Finally, through the analysis and demonstration, the sixth chapter concludes the research conclusion and puts forward the research gaps and future. Firstly it summarizes the research contents of the article, and then it points out several problems reflected from the IPO break phenomena, and that we should improve of IPO system to solve the problem. Finally, it puts forward some of the limitations of this study and prospect for future, including the establishment of relevant supporting laws and regulations, acting in strict accordance with the law to give the market a healthy development.
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