本文關(guān)鍵詞：低迷時(shí)期IPO核準(zhǔn)管制的選擇性執(zhí)行　出處：《安徽工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 選擇性執(zhí)行 核準(zhǔn)制 證券市場(chǎng)狀況 所在轄區(qū)的政治地位

【摘要】：在法律體系已經(jīng)相對(duì)比較完備的情況下，法律執(zhí)行問(wèn)題成了學(xué)者們關(guān)注的焦點(diǎn)�，F(xiàn)實(shí)中的法律執(zhí)行問(wèn)題，經(jīng)常是執(zhí)法者在不同時(shí)期，針對(duì)具體情形有選擇性地采取不同的執(zhí)行強(qiáng)度，即選擇性執(zhí)行。 本文研究的問(wèn)題主要有兩個(gè)：一是立足于我國(guó)IPO市場(chǎng)新股發(fā)行特殊的的制度安排特點(diǎn)，從市場(chǎng)環(huán)境低迷階段這個(gè)角度出發(fā)，探索在低迷時(shí)期證監(jiān)會(huì)是如何進(jìn)行核準(zhǔn)管制的選擇性執(zhí)行的；二是對(duì)發(fā)行核準(zhǔn)管制的選擇性執(zhí)行對(duì)企業(yè)融資的影響進(jìn)行了實(shí)證分析，探索證監(jiān)會(huì)管制選擇性執(zhí)行的經(jīng)濟(jì)后果。 本文以2006至2011年通過(guò)發(fā)審委審核會(huì)議的IPO申請(qǐng)為樣本，對(duì)低迷時(shí)期證監(jiān)會(huì)發(fā)行核準(zhǔn)管制的選擇性執(zhí)行進(jìn)行了經(jīng)驗(yàn)研究。結(jié)果發(fā)現(xiàn)：在市場(chǎng)狀況處于低迷階段,證監(jiān)會(huì)會(huì)放慢發(fā)行核準(zhǔn)速度以維護(hù)市場(chǎng)的穩(wěn)定。進(jìn)一步的研究發(fā)現(xiàn)，當(dāng)市場(chǎng)狀況處于低迷階段時(shí)，證監(jiān)會(huì)會(huì)放慢所在轄區(qū)政治地位較高企業(yè)的發(fā)行核準(zhǔn)速度，即企業(yè)所在轄區(qū)政治地位較高，獲得發(fā)行核準(zhǔn)的速度越慢。同時(shí)發(fā)現(xiàn)，低迷時(shí)期IPO發(fā)行核準(zhǔn)的選擇性執(zhí)行對(duì)企業(yè)融資有一定的影響，即當(dāng)證券市場(chǎng)比較低迷時(shí)，獲得發(fā)行核準(zhǔn)越慢企業(yè)的發(fā)行市盈率越低，進(jìn)一步的研究發(fā)現(xiàn)，在證券市場(chǎng)低迷階段，所在轄區(qū)的政治地位較高的企業(yè)獲得發(fā)行核準(zhǔn)的速度越慢，企業(yè)發(fā)行市盈率越高。 本文的分析和結(jié)論為理解轉(zhuǎn)型經(jīng)濟(jì)中政府管制選擇性執(zhí)行的狀況和后果提供了一個(gè)有益的視角，，豐富和推進(jìn)了證券發(fā)行核準(zhǔn)管制的選擇性執(zhí)行的相關(guān)文獻(xiàn)。
[Abstract]:With the relatively complete legal system, the issue of law enforcement has become the focus of scholars' attention. In reality, law enforcement is often implemented by law enforcers in different periods according to specific circumstances, namely selective execution.
There are two main problems: one is based on the new IPO market in China issued special characteristics of institutional arrangements, from the perspective of the market downturn in the exploration stage, the downturn in the Commission is how to control the execution of selective approval; two is to control the examined selective impact on the implementation of the enterprise the financing of the empirical analysis, to explore the Commission regulation of selective enforcement of the economic consequences.
This paper from 2006 to 2011 by the issuance examination committee for the IPO meeting for sample selectivity to downturn the Commission issued the approval regulation execution carried out empirical research. The results showed that in the doldrums stage in the market situation, the Commission will slow down the speed to maintain the issuance market stability. Further research shows that when the market situation in the doldrums stage, the Commission will slow down the area where the political status of higher corporate issuance rate, namely the enterprise is in the area of high political status, have approved the issuance of more slowly. At the same time, selective IPO slump issued executive has a certain impact on enterprise financing, that is when the stock market downturn. Get slower enterprise approved the issuance of the price earnings ratio is low, further study found that, in the stock market downturn, the higher the area where the political status of the enterprises The slower the industry's approval of the issue, the higher the price earnings ratio of the enterprises.
The analysis and conclusion provide a useful perspective for understanding the status and consequences of selective implementation of government regulation in transitional economies, and enrich and promote relevant literature on selective implementation of securities issuance control.

【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 陳信元 ,葉鵬飛 ,陳冬華;機(jī)會(huì)主義資產(chǎn)重組與剛性管制[J];經(jīng)濟(jì)研究;2003年05期

2 周黎安;晉升博弈中政府官員的激勵(lì)與合作——兼論我國(guó)地方保護(hù)主義和重復(fù)建設(shè)問(wèn)題長(zhǎng)期存在的原因[J];經(jīng)濟(jì)研究;2004年06期

3 袁凱;;上市公司市盈率分析[J];現(xiàn)代商貿(mào)工業(yè);2009年07期

本文編號(hào)：1365067