论创业板公平和效率的缺失及其对策建议

On the Lack of Equity and Efficiency of Growth Enterprises Market and Its Countermeasure

创业板推出至今已有近两年的时间,其IPO超募,以及由超募带来的体制性造富,进而造成二级市场股价巨烈波动引起了社会的极大关注和质疑。从"效率"与"公平"的视角出发,"三高"是证券市场效率、公平缺失的表现,造成体性性造富的合法化,必将给创业板的长远发展带来不利影响。为改善上述问题,应施行开放发行规模、合理设计定价制度、监审分离、完善股东治理结构等措施。

GEM has been introduced for nearly two years.The oversubscription and coin money by taking advantage of the institution in GEM has resulted in unsteadiness of the secondary market price,which has aroused great concern and question.This article sets out to reveal the ＂Three Highs＂ in stock market which embodies the lack of efficiency and absence of fairness and eventually results in legitimacy of coin money.It points out that the ＂Three Highs＂ is bound to have ill impact on GEM in the long term.In the analysis of these problems,this paper proposes an open issue size,reasonable pricing system design,the separation of supervision and examination,and other proposals to improve governance of shareholder.