新股发行定价与配售制度演进和改革审视

Review of the Evolution and Reform of IPO Pricing and Share Allocation System

在中国股市20多年的发展历程中,新股发行定价与配售制度经历了从非市场化向市场化不断演进与改革的过程。本文分析了新股发行定价与配售制度的历史演进过程及其存在的问题,并对当前发行体制改革进行审视。本文认为,应平衡一、二级市场关系,有效管控IPO抑价,解决新股"三高"发行及一、二级市场分割问题;加大对违法违规行为的监管打击力度,维护"三公"原则,实现改革目标。在此基础上,本文提出真正实现让投资者自主判断企业价值、健全市值配售制度、补充完善PE、VC及天使投资者信息披露制度和投资者回报制度等对策措施。

During the past 20 years＇ development of Chinese stock market, the IPO pricing and share allocation has experienced the evolution and reform from non-market to marketization. This paper analyzed the high IPO under pricing, the first and second class market segmentation, high risk shifting problem and so on. Then, this paper elaborated the direction and negative impact about market-oriented evolution and reform. Moreover, the paper reviewed the current distribution system reform, determined the reform goals such as the relationship between the first and second class market equilibrium, effective control of IP0 under pricing, solving IP0 ＂three high＂ and the first and second class market segmentation problem, increasing enforcement on the violation behavior, and maintenance ＂the three-fair principles＂. Finally, it proposed the countermeasures to realize the goals of reform, such as the investors independent judgment of enterprise value, improving the market value of share allocation, perfecting the intormation disclosure system of PE, VC and angel investors, investors reward system, and so on.