新股发行定价市场化改革绩效的实证研究.doc

文档介绍：
新股发行定价市场化改革绩效的实证研究
郁晨,陆珩瑱**
(南京航空航天大学经济与管理学院,南京 211100)
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摘要:任何改革措施的推行都会出现缺陷,新股发行定价市场化改革确实有利于优化价值发
现功能。对公司内在价值变量进行主成分回归分析,研究其对价格的反应程度,以此来检验
各阶段市场化发行定价改革的绩效。研究发现,询价制初期的改革效果有限,其原因在于制
度设计上的缺陷;第二轮发行改革并没有推出突破创新的改革政策,更没有解决新股供不应
求和发行“三高”等问题,改革效果不明显,甚至有倒退迹象;其他阶段改革效果较明显。
关键词:定价市场化改革绩效;询价制;主成分分析
中图分类号:
An Empirical Study on Performance of the IPO Pricing
Marketization Reform
YU Chen, LU Hengzhen
(School Of Economics And Management, Nanjing University Of Aeronautics And Astronautics,
NanJing 211100)
Abstract: Any reform measures will appear defect, IPO pricing market reform is conducive to
optimizing the value discovery function. This paper use ponent and regression
analysis methods to research the intrinsic value of variable and the reaction degree of price, in
order to examine each stage of the market pricing reform performance. The study found, the effect
of inquiry system initial reform is limited, its reason lies in the defects on system design; the
second round of the issue of reform did not launch the innovative reform policy, no new supply
and distribution to solve the "three high" problem, the effect is not obvious, even a sign of
retrogression; other stage of reform is obvious.
Keywords: Market-oriented pricing reform performance; inquiry system; ponent
analysis
0 问题提出
我国新股发行定价市场化改革启于 2005 年,2006 年 9 月证监会颁布了《证券发行与