IPO市场化改革:共识与分歧

Market Reform of IPO System: Consensus and Divergence

本文基于发行资格、发行定价和发行节奏三条主线,从制度变迁和文献回顾两个角度讨论IPO市场化改革的共识和分歧。文章发现如下:中国过去实施的渐进式IPO市场化改革总体上是非常成功的。但是,改革过程中也存在一些问题,包括:(1)近年来,注册制改革进展缓慢;同时,核准制的问题日益突出。(2)监管层对定价市场化改革仍举棋不定,但文献上定价管制的弊大于利已成共识。(3)证监会对企业上市时机的控制,导致部分公司基本面受损且大量优质公司流向海外市场。在这些发现的基础上,本文认为,为促进资本市场的健康发展,现阶段亟需快速、全面地推进IPO市场化改革。本文文末还展望了未来的研究方向。

Based on three main lines of IPO reform,this paper discusses the consensus and differences of IPO market-oriented reform from the perspectives of institutional changes and literature review. The main findings are as follows: First,the progressive IPO marketoriented reforms implemented in China in the past have been generally successful.Second,in recent years,the reform of the registration system has been slow;at the same time,the issue of the approval system has become increasingly prominent. Third,the regulators are still indecisive about the market-oriented reform of pricing,but the literature have reached consensus that the disadvantages of pricing control outweigh advantages. Fourth,companies cannot dominate the timing of their own IPO,which leads to the damage of some companies’ fundamentals and the escaping of a large number of high-quality companies to overseas markets. Based on these findings,this paper argues that in order to promote the healthy development of the capital market,there is an urgent need to promote IPO market-oriented reforms in a rapid and all-round manner.