论文部分内容阅读
我国股市建立以来,由于新股发行机制不合理,新股发行过程存在着无风险套利,资金大量囤积、价格波动性大、投资机会不公平等诸多弊端,难以适应证券发展的要求,改革现行的新股发行制度已势在必行。本文首先分析我国现行新股发行制度即询价制存在的问题,然后比较全球现有的几种新股发行机制,对全球主要国家和地区的IPO发行机制的特点进行分析,最后结合我国的实际提出几点改革建议。
Since the establishment of the stock market in our country, due to the unreasonable issuing mechanism of new shares, there are many drawbacks such as risk-free arbitrage, large amount of funds hoarding, large price volatility and unfair investment opportunities in the process of new stock issuance. It is difficult to adapt to the requirements of securities development and to reform the existing IPO System is imperative. This paper first analyzes the existing problems of the IPO system in our country, that is, the inquiry system. Then, it compares the existing IPO mechanisms around the world to analyze the characteristics of IPO issuance mechanisms in major countries and regions in the world. Finally, Point the reform proposal.