新股破发的原因、影响和对策.pdf

摘 要 摘 要 2009 年6 月，暂停了八个月的IPO 大幕被重新拉开，随之而来的新股破发潮也不 断涌现。一定程度的破发是新股发行制度市场化的体现，但是像中国这样如此大规模的 集体破发也许就不是简简单单能用市场化来解释的了。是什么原因导致了从以前的“打 新必赚”到现在的“打新必被套”正是文章所要研究的重点。 本文试图采用理论与实际相结合的分析方法，根据中国经济的实际状况对我国新股 的破发进行研究。首先，从破发的相关概念入手，通过对破发的阶段性研究，指出我国 新股破发正处于历史高位。其次，从股票的供给与投资者的需求两方面阐述造成新股破 发的具体原因，供给方面主要是受到新股发行的价格和新股发行的数量的影响；需求方 面的原因则主要包括货币政策的变动、二级市场的走势、上市公司自身质量和投资者心 理等四个方面。再次，简要介绍了新股破发给证券市场带来的短期和长期的负面影响。 最后，在对破发问题成因分析的基础上，提出了通过参照行业市盈率，采取美式招标， 扩大询价对象范围来抑制新股发行价格和上市价格过高的现象，对保荐机构和上市公司 也要加强监管，从而约束利益相关方的逐利行为。通过完善审核制度、退市制度和分红 制度等给投资者创造良好的投资环境，并且要加强投资者的教育和保护，减少其投机行 为。 关键词 IPO 破发 保荐机构 美国式招标 退市制度 I Abstract Abstract The IPO suspended eight months and stared again in June 2009.Chinas stock market has also accelerated its financing steps. The IPO Break is the embodiment of the market in sometimes, but we cant use the market to explain the scale of the IPO break. This paper research why buy new shares had money, but now are losing money. Based on the theory and practice of the analysis method, according to the actual condition of Chinas economy, find the reason of the new study break. First of all, from the related concept of break, to introduce the concept of the break and points out that the break are at record highs. Second, from the stock of supply and demand caused by the specific , the reason for the break mainly by the IPO price and the number of the IPO, The change in monetary policy, the secondary market, the trend of the listed company own quality and investor psychology are the reason of demand. Finally, Based on the cause of the break, Put forward t