本文選題：新股發(fā)行制度 + 制度缺陷��； 參考：《云南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：全球金融危機(jī)的大背景下，2009年6月A股IPO重新啟動(dòng)對(duì)整個(gè)資本市場(chǎng)可謂意義重大，但這一時(shí)期IPO表現(xiàn)出如高發(fā)行價(jià)、高市盈率和高超募的“三高現(xiàn)象”以及虛假披露等問(wèn)題也更加突出。針對(duì)A股IPO表現(xiàn)出的這些問(wèn)題，，專家、學(xué)者、媒體從各個(gè)角度進(jìn)行了剖析、探討，中國(guó)證監(jiān)會(huì)及下屬兩大交易所也相繼出臺(tái)了各種措施，如市盈率指導(dǎo)意見(jiàn)、提前預(yù)披露時(shí)間、詢價(jià)制度改革等，監(jiān)管部門(mén)領(lǐng)導(dǎo)也在各種場(chǎng)合下為資本市場(chǎng)、為新股發(fā)行存在的問(wèn)題辯解、診斷，但在這些改革措施下，新股發(fā)行存在的這些問(wèn)題并沒(méi)有得到根本改善。 針對(duì)新股發(fā)行中存在的這些問(wèn)題，本文從新股發(fā)行制度演變?nèi)胧�，闡述了我國(guó)股票市場(chǎng)在重融資這一功能定位下出臺(tái)的法規(guī)存在的若干缺陷，重點(diǎn)選取2009年10月創(chuàng)業(yè)板上市至2012年12月期間的發(fā)行新股為研究樣本，用詳實(shí)的案例揭示存在的如“三高”、造假上市、虛假披露、拼湊募投項(xiàng)目等問(wèn)題，再追本溯源找到這些問(wèn)題背后的制度性誘因。 文章最后提出了解決以上問(wèn)題的思路，認(rèn)為改革、完善現(xiàn)行的以核準(zhǔn)制為核心內(nèi)容的新股發(fā)行制度是其根治的措施，并在提高信息披露質(zhì)量的根本基礎(chǔ)上，進(jìn)一步建立、健全法規(guī)體系，才能重樹(shù)股市的投資功能，才能逐步培養(yǎng)起適合我國(guó)經(jīng)濟(jì)發(fā)展的、健康的股票發(fā)行市場(chǎng)。
[Abstract]:Against the background of the global financial crisis, the relaunch of A share IPO in June 2009 is of great significance to the entire capital market, but the IPO price is high in this period. High price-earnings ratio and superb raising of the "three high phenomenon" as well as false disclosure and other issues are more prominent. In view of these problems of A-share IPOs, experts, scholars, and the media have analyzed and discussed from various angles. The CSRC and its two major exchanges have also issued various measures one after another, such as price-earnings ratio guidance, advance disclosure time, The leaders of the supervision department also defend and diagnose the problems in the capital market and the new issue on various occasions, but under these reform measures, the existing problems of the new issue have not been fundamentally improved. In view of these problems in the new stock issuance, this paper begins with the evolution of the new issue system, and expounds some defects of the laws and regulations issued under the function of refinancing in the stock market of our country. Focus on the gem listing from October 2009 to December 2012 as a research sample, with detailed cases to reveal the existence of such problems as "three high", false listing, false disclosure, patchwork of fund-raising projects, and so on. Then trace back to the source to find the institutional incentives behind these problems. Finally, the paper puts forward some ideas to solve the above problems, and holds that the reform and perfection of the existing new issue system with the approval system as the core content are the fundamental measures to cure it, and on the basis of improving the quality of information disclosure, it is further established. Only by perfecting the legal system can we reestablish the investment function of the stock market and gradually cultivate a healthy stock issuing market suitable for the economic development of our country.
【學(xué)位授予單位】：云南財(cái)經(jīng)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

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 孫翠娥;我國(guó)IPO制度改革中的問(wèn)題及對(duì)策分析[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2014年

本文編號(hào)：2029606