新股上市首日爆炒成因分析及对策研究

An Analysis and Counter-measures on the Sharp Rise in First-Day New Share Price

深、沪市场存在新股上市首日爆炒的情况,其主要弊端在于扭曲了市场化定价机制,加大了二级市场运行风险和投资风险。影响新股上市首日爆炒的原因较为复杂,主要有制度层面、市场层面、上市公司层面和投资者层面等因素。新股上市爆炒不是简单的发行制度、交易制度改革或交易监管就能解决的问题,防控新股上市爆炒需要齐抓共管。

The first day new shares in Shenzhen and Shanghai exchanges are generally over hot that may distort the pricing mechanism and bear great risks in terms of market and investment.The causes of this phenomenon are complicated that may embrace factors of institution,market,company and investors.This problem can not be effectively resolved simply by issuance,transaction or supervision.Multi-measures should instead be taken to prevent this phenomenon.