注册制新股发行市场化改革成效及优化研究——基于市场化定价效率视角

Research on Effectiveness and Optimization of Market-Based Reform of New Stock Issuance under the Registration System-From Perspective of Market-Based Pricing Efficiency

注册制下新股发行市场化定价的合理性,应考察公司首发价格是否反映公司的内在价值、行业前景、成长与发展等关键要素。文章回顾了我国证券市场的发展历程,对三大股票发行制度进行比较。继而以全面注册制改革为背景,研究分析其新股发行定价机制、市场化定价效率现状。通过对影响我国市场化定价效率的诸多因素研究,得出主要影响因素,如新股发行时存在的代理问题、承销商有待加强的定价能力和自我约束能力、机构投资者的非理性交易行为等,进而为我国证券市场发展提出建议:第一,提高注册制下新股发行的信息披露质量;第二,压严压实中介机构责任;第三,提升承销商定价能力与自我约束能力;第四,加强投资者教育和投资者保护。

The reasonableness of market-based pricing of new share issuance under the registration system lies in whether the initial price of a company reflects the company's intrinsic value,industry prospects,growth and development and other key elements.The paper reviews the development history of China's securities market and compares the three major stock issuance systems.Following this,it studies and analyses the pricing mechanism of its new share issuance and the current situation of market-based pricing efficiency against the background of the comprehensive registration system reform.Through the study of many factors affecting China's market-based pricing efficiency,the main influencing factors are concluded,such as the agency problem when issuing new shares,the consignees'pricing ability and self-restraint that need to be strengthened,and the irrational trading behaviors of institutional investors,and then some suggestions for the development of China's securities market are put forward:first,to improve the quality of information disclosure of the new share issuance under the registration system;second,to tighten up and strengthen the responsibility of intermediary institutions;third,to improve the consignees'pricing ability and self-restraint;fourth,to strengthen education to the investors and protection of the investors.