科创板股票价格下跌风险问题研究  

Study on Risks of Stock Price Decline on the Science and Technology Innovation Board

作　　者：张童 胡阳 张统铜[1] 肖德蓉 ZHANG Tong;HU Yang;ZHANG Tongtong;XIAO Derong(School of Accounting,Tianjin University of Commerce,Tianjin 300134,China;Management Innovation and Evaluation Research Center in Tianjin University of Commerce,Tianjin 300134,China)

机构地区：[1]天津商业大学会计学院,天津300134 [2]天津商业大学管理创新与评价研究中心,天津300134

出　　处：《商业观察》2024年第23期90-92,100,共4页BUSINESS OBSERVATION

基　　金：教育部青年基金项目(18YJC630135)的阶段性成果。

摘　　要：科创板的创立成为中国资本市场里程碑式的大事件。科创板旨在补齐我国资本市场服务科技创新的短板,为科技型企业提供了融资渠道和融资平台,但是近年来,很多科创板企业股票发行价格定价过高,股价破发的情况屡见不鲜,科创板股票总体价格不断下跌,根本原因就是市场把融资者和投资者的利益割裂开,股票市场不是零和游戏而是帕累托改进,充分关注投资者利益,可以有效避免科创板股票价格下跌风险。文章首先阐明了股票市场建立的初衷,其次说明了企业的股票发行应该是帕累托改进,接下来指出了科创板成立的意义与下跌风险问题,进而提出了相关的建议,为促进我国科创板市场的稳定与繁荣发展贡献力量。The creation of the science and technology innovation board has become a landmark event in China's capital market.Sci-tech innovation board aims to make up for the short board of China's capital market to serve scientific and technological innovation.It provides financing channels and financing platforms for science and technology-based enterprises.But in recent years,the stock issue price of many science and technology innovation board enterprises is overpricing,and they have traded below their IPO prices,which is not uncommon.And science and technology innovation board stock price in general continues to fall.The interests between financiers and investors are seperated by market,which is the fundamental reason.And the stock market is not a zero-sum game,but the Pareto improvement.Paying full attention to the interests of investors can effectively avoid the risk of falling stock prices of the science and technology innovation board.This paper firstly clarifies the original intention of the establishment of the stock market,secondly explains that the stock issuance of the enterprise should be the Pareto improvement,then points out the significance of the establishment of the science and technology innovation board and the problem of the downside risk,and finally puts forward relevant suggestions to contribute to the common prosperity and stable development of the market of China's science and technology innovation board.

关 键 词：科创板 帕累托改进 投资者利益 投资者保护 

分 类 号：F832.5[经济管理—金融学]