摘要
新股发行是证券市场的核心制度之一,是证券交易活动的前提。其中IPO定价既是整个新股发行制度的重点环节,也是我国推行新股发行市场化改革的着手点。为实现IPO"市场化"定价,我国历次新股发行改革总是围绕着定价方式本身进行,效仿发达资本市场采用的询价制定价方法,不断改进具体的发售方式,而忽视了市场化定价模式对定价主体最基本的独立性要求。文章分析认为实现我国IPO市场化定价首要任务是对定价主体独立性给予法律制度上的完善,确保定价主体能够名副其实地"自主"决定新股发行价格。从定价主体与政府和定价主体之间两个维度进行制度完善,开放证券市场进入、退出环节,加强审核机关的责任约束;同时从事前约束和事后补偿两方面加强定价主体之间的独立性。
IPO is one of the core arrangements of securities market,and is also the premise of securities transaction.IPO pricing is both thekey link in IPO system and the breakthrough point of IPO reform.To realize market-oriented IPO pricing,China has initiated several rounds of IPOreforms,which emulate IPO inquiry system in developed economies,but neglect the independence of IPO pricing subjects.The article argues thatChina should lay legal foundation for the independence of IPO pricing subjects.The improvement of system includes two dimensions: on the onehand,we should open the access and exit mechanism of securities market,and strengthen the obligation constraints of audit agency;on the otherhand,we need to strengthen the independence of IPO pricing subjects by before and after-event binding mechanisms.
出处
《上海金融》
CSSCI
北大核心
2012年第3期35-42,117,共8页
Shanghai Finance
关键词
新股发行改革
IPO定价
市场化
独立性
制度完善
IPO Reform
IPO Pricing
Market-oriented
Independence
Institutional Improvement
