“新股不败”视角的IPO制度改革

Study on IPO System Reform in the View of “Undefeated New Shares”

沪深两市建立以来,我国新股发行制度几经变迁。2014年至2017年间,我国有1006家公司实现IPO上市。数据显示,我国资本市场新股发行存在发行规模大、网上申购中签率低、新股上市表现亮眼、中签获利丰厚等特点。"新股不败"现象凸显了我国IPO制度中存在资源配置不均衡、价格发现功能缺失、审核效率低下、信息披露不透明等问题。针对上述问题,我国应尽快推进新股发行的注册制改革,改革新股发行的定价机制,完善IPO信息披露制度,消除一级市场和二级市场的巨大套利空间,进而维护公平的市场秩序。

Since the establishment of Shanghai and Shenzhen securities markets, China＇s IPO system has undergone several changes. Between 2014 and 2017, there are 1006 companies in China have issued new shares. The data shows that China＇s new share issue has the following characteristics： Large issuance, Low check-in rate online and Large gains. The phenomenon of ＂unbeaten new shares＂highlights the problems in our IPO system,Including： the imbalance of resource allocation, the lack of price discovery function, the low audit efficiency and the opacity of disclosure. Aiming at these problems, China should promote the reform of IPO system, implement the registration system as soon as possible, reform the pricing mechanism of new share issues, improve the IPO information disclosure system, eliminate the large arbitrage space of primary market and secondary market, and then maintain fair market order.