摘要
我国证券市场借鉴美国等发达资本市场的IPO定价方式,于2005年正式引入询价制度,并分别在2009年、2010年及2012年三次对包括新股发行询价制度在内的新股发行体制进行改革。对我国资本市场"三高"现象的发行定价情况进行分析表明,"三高"现象是我国资本市场市场化改革中阶段性的必然现象,是由于市场约束机制缺失、市场结构不合理等因素造成的,应从制度设计层面进行深层次改革。
Learning from the U.S. and other developed capital markets＇ IPO pricing mechanism, Chinese securities market introduced inquiry system in 2005, and reformed the IPO system for three times in 2009, 2010 and 2012 respectively. The ＂three high＂ phenomenon is inevitable in the process of marketization reform in China＇s capital market, it is caused by lacking of market restraining mechanism, unreasonable market structure and etc., and it can be solved by deep-level reform in the system design.
出处
《证券市场导报》
CSSCI
北大核心
2013年第3期46-50,共5页
Securities Market Herald
