新股一级市场高市盈率形成的系统机制及对策

Systemic Mechanism and Solutions of the Formation of High PE Ratio in IPOs

针对新股首发市盈率高及其在二级市场初期暴涨而后暴跌的现象,本文运用系统结构分析方法对我国的新股发行体系下所形成的新股发行交易的相互关系进行研究。揭示了新股上市时有几种力量促使噪声交易自身繁殖的正反馈循环,使初期股票价格形成特殊的运行形态。由于存在初期二级市场的新股炒作的盈利模式,形成了二级市场内部及一二级市场中存在的多重正反馈的现象,造成了股市的不稳定。最后给出了政策建议。

The phenomenon that stocks in IPOs trade with high PE ratio and that their price rise at the beginning then slump in the secondary stock market has aroused great attention. This article uses systemic analysis module in research of the relationship formed in IPOs in China＇s stock market. It reveals there are several powers accelerating the positive feedback cycle of self-productive cause current IPO module is lucrative, the positive noise trade, which twists the stock price after its IPO. Again, befeedback phenomenon in secondary stock market and between the primary and secondary market is strengthened, leading to an erratic stock market. This article gives policy suggestion in the end.