一、溢价率的实证研究 (一)样本的选取 2000年3月17日,证监会发布《股票发行核准程序》和《股票发行上市辅导工作暂行办法》,规定我国公司在申请股票发行时,由审批制改为核准制。在核准制下发起人可以和券商在参考二级市场市盈率的情况下确定一级市场发行价格,而在审批制下新股发行定价一般采用每股收益乘以固定市盈率 First, the premium rate of empirical research (a) the sample selection March 17, 2000, the Commission issued the “stock issuance approval process” and “Interim Measures for the stock market guidance,” the provisions of our company in the application for stock issuance, from Approval system to approval system. Under the approval system, promoters and brokers can determine the issue price of the primary market with reference to the secondary market price-earnings ratio. In the examination and approval system, the IPO price generally adopts the earnings per share multiplied by the fixed price-earnings ratio