作　　者： ; ;

机构地区： 中山大学岭南学院

出　　处： 《南方经济》 2013年第7期48-55,共8页

摘　　要： 中国A股市场新股发行询价机制之后,不仅新股发行三高(高市盈率、高股价、高超募)现象仍然长期存在,而且还带来了上市公司过度包装、发行人与中介机构利益合谋超额募资、"权力寻租"、一级市场定价畸高等系列问题。新股发行制度改革目标与方向仍然不明确。本文另辟蹊径,提出了以"行业平均市盈率"为基础的新股定价原则,通过对最近2年A股市场IPO的309家公司的实证研究,论证了新股以"行业平均市盈率"为基础的发行定价原则基本符合我们现阶段的实际的结论,并据此提出了加大信息披露的范围,提高信息披露质量,加强对新股发行定价的监管等政策建议。 After the release of the inquiry mechanism for the A share market in China, not only the ＂Three highs＂ phenomenon （high price -earnings ratio, high stock price and high recruitment） of the new share remains for a long time but also a series of new problems have been brought along, such as the excessive packing of the listed company, the excessive fund raising of the issuers and the intermediary agents, ＂Power rent- seeking＂ and excessive high price in the primary market. The reform target and direction of the new releasing mechanism of the stock remains unclear. This thesis selects a new approuch by promoting the new principle for stock pricing based on the ＂average price - earnings ratio of the industries＂. Through the empirical study on the 309 initial public offerings companies in＇the A share market in the recent two years, it proves that the new principle for stock pricing based on the ＂average price - earnings ratio of the＇industries＂ is primarily in accordance with the current situation in China. A wider scope of the information disclosure is proposed, which improves the quality of the information disclosure and enhances the policy suggestions for the regulation of the initial public offering issue pricing.

关 键 词： 新股发行 行业平均市盈率 超额市盈率 信息披露

领　　域： [经济管理—金融学]