我国新股发行制度的潜在缺陷与完善对策

Potential Defects and Improvement Countermeasures of China's IPO System

我国新股发行制度虽然经过多次调整与改革已逐步走上正轨,但在实际操作中仍然存在一些问题,主要体现在新股的发行数量少且在公司发行新股后的总股本中所占比重过低、公司新老股东持股成本差距过大、成本极低的限售股数量巨大等,这些潜在缺陷产生了较为严重的市场后果。新股发行制度亟需进一步完善,应达到抑制新股上市后被过度投机炒作,增强股市的融资投资功能并削弱其造富大股东的功能,实现股市利益由市场主体共享、缓解限售股解禁后对二级市场的冲击等预期目标。在新股发行实行审核制乃至注册制的条件下,应采取大幅提高新股发行数量和转让的老股数量在公司总股本中所占比重,取消老股票的限售期限,实现新股上市首日股票全流通,按照公司发行新股后的总股本摊薄的前两年的平均每股收益和20倍以下的市盈率确定新股发行价格等具体对策。

The serious potential shortcomings of the new share issuance system in China have a long history. After many reforms, it has been greatly improved, but there are still many defects. The main ones are that the number of new shares issuing is small and the proportion of new shares issuing is too low, the cost gap between old and new shareholders is too large, and the number of restricted shares is huge, which have brought about many serious market consequences. The new stock issuance system needs urgently to be further improved. It should restrain excessive speculation after the new shares are listed, enhance the financing and investment function of the stock market, weaken its function of making large shareholders rich, and realize the goals that the interests of the stock market should be shared by the market participants and slow down the impact on the secondary market after the lifting of the restriction on the sale of shares. Under the conditions of the examination and even registration system for the issuance of new shares, the proportion of the number of new shares issued and the number of old shares transferred in the total share capital of the company should be greatly increased, and the restriction period for the sale of old shares should be abolished to realize the full circulation of new shares on the first day of listing. According to the average earnings per share in the first two years and the price-earnings ratio below 20 times of the total share capital diluted after the issuance of new shares, the specific countermeasures such as the issuance price of new shares are determined.