我国新股发行定价的市场化改革的政策效应

The Policy Effect of the Marketization Reform of New Shares Issuance Pricing in China

随着我国新股发行定价市场化改革的推进,新股发行市盈率和价格有所提高,然而一、二级市场的巨大价差并未得以缩小,反而有所提高,这是与缩小一、二级市场价差的改革初衷相违背的。同时,市场化改革还导致企业超额募集资金,并且出现流通股比例最小化的趋向,因而必须采取相应措施来进一步提高新股发行定价市场化改革的政策效应。

The P/E ratio and the issuing price of new shares increase along with the promotion of the marketization reform of new shares issuance pricing in China. However, the price gap between the primary market and the secondary market does not shrink but expand, which contravenes the original intention to reduce the price variamce. Meanwhile, the marketization reform results in enterprises raising funds above quota, and makes the rate of tradable shares tend to be minimum. Therefore, relevant measures should be adopted to improve the policy effect during the marketization reform of new shares issuance pricing.