新股发行制度的历史变迁——兼评科创板新股发行规则  

The Historical Revision of IPO System——Incidental Comment on STAR Market IPO Rules

作　　者：郭琳[1] Guo Lin

机构地区：[1]中国政法大学商学院

出　　处：《公共财政研究》2019年第4期89-96,88,共9页Public Finance Research Journal

摘　　要：我国新股公开发行审核依次经历了审批制、核准制-通道制、核准制-保荐制的过程,目前,正在进行科创板的注册制试点。在审批制下,新股发行价由政府指导制定,统一采用市盈率法计算,市盈率一般由监管部门限制在15倍以下;配售则发展出认购证、专项存单等多种形式。在核准制下,2004年引入询价制度,新股发行市场化机制开始建立,后续规则围绕"向谁询价""如何询价""定价后向谁配售""如何配售"等方面进行了多次修改。目前科创板的新股发行询价制度在某些方面出现了历史反复,实际定价过程中虽然取消了市盈率管制,但在供不应求的环境下,市场主体之间仍然难以博弈出体现公司价值的均衡价格,新股发行规则仍然存在改进空间。IPO in China experienced a due course of examination and approval system,authorized system-passage system,authorized system-recommend system,and now the STAR Market is testing on registration system.Under the examination and approval system,the stock issue price is determined under the government's direction,using price-earning ratios below 15,while the issuance way includes purchasing stock certificates,specific deposit receipt,etc.,Under the authorized system,introduction of inquiry system in 2004 marks the establishment of IPO market mechanism.Subsequent revision and complement are centered on object and process of inquiring,object and process of issuance.Rules about inquiring on STAR Market even reappear historical practice.Although control of price-earning ratios disappears,insufficient market competition constrains the validity of stock issue price.Room of improvement still exists for IPO system.

关 键 词：新股发行 询价 配售 科创板 

分 类 号：F83[经济管理—金融学]