中美IPO制度比较研究

中美IPO制度比较研究

摘  要

IPO制度是一项重要的股票市场基础性制度，其定价的合理性、效率的高低程度等因素，直接影响到证券市场的稳定与繁荣。本文通过对我国与美国IPO制度的比较研究，对于完善我国证券市场体制，借鉴美国IPO发行制度的的先进之处，提高运行效率，使我国证券市场更加健康的发展。

本文共分为五部分。第一部分绪论，介绍研究背景和意义。第二部分中美IPO制度概述，分别介绍美国和我国的IPO制度。第三部分中美IPO发行制度比较研究，从审核机制、定价机制、发行条件、审核流程四个方面比较两者异同。第四部分我国IPO制度存在的主要问题，分析指出存在市场配置资源的基础性功能无法实现，权力寻租导致信息披露真实性不够，高市盈率、高发行价、高超募资金的“三高”现象严重，企业活力受准入限制等问题。第五部分针对上述问题，提出对策建议，以期对我国IPO制度的进一步规范有所启迪。

关键词：IPO制度；中美；比较研究

ABSTRACT

IPO system is an important stock market basic system, the rationality of its pricing, the level of efficiency and other factors, a direct impact on the stability and prosperity of the securities market. Through comparative study on the IPO systems in China and America, the perfect system of China's securities market, draw on advanced U.S. IPO issuing system of the Department, improve operational efficiency, make our country securities market more healthy development.

This paper is divided into five parts. The first part is the introduction, which introduces the background and significance of the study. The second part of China and the United States IPO system overview, respectively, the United States and China's IPO system. The third part is the comparative study of the IPO distribution system between China and the United States, from the four aspects of the audit mechanism, pricing mechanism, the issue conditions, the audit process to compare the similarities and differences between the two. The main problems existed in the fourth part of China's IPO system analysis, pointed out the existence of the basic function of the market in the allocation of resources can not be achieved, the abuse of power lead to information disclosure authenticity is not enough, high price earnings ratio, high issue price, superb raised funds in the "three high" phenomenon is serious, the vitality of enterprises by restricted access and other issues. In the fifth part, the countermeasures and suggestions are put forward, in order to enlighten the further standardization of the IPO system in China.

KEY WORDS: IPO system; China and the United States; comparative study

目  录

摘  要 2

ABSTRACT 3

一、绪论 5

（一）研究背景和意义 5

（二）相关文献综述 5

二、中美IPO制度概述 6

（一）美国IPO制度 6

1、美国股份公司首次公开发行的程序 6

2、纽约证券交易所与纳斯达克不同的上市标准 7

3、美国IPO市场效应 7

（二）我国IPO制度 8

1、我国IPO制度演变 8

2、深圳交易所和上海交易所不同的上市标准 8

3、中国IPO市场效应 9

三、中美IPO发行制度比较研究 9

（一）审核机制不同 9

（二）定价机制不同 9

（三）发行条件不同 10

（四）审核流程不同 10

四、我国IPO制度存在的主要问题 10

（一）市场在配置资源基础性功能无法得到实现 10

（二）“权力寻租”导致申请上市企业信息披露不足 11

（三）三“高”现象严重 11

（四）企业活力发挥受到准入条件制约 11

五、结论及相关对策 12

（一）推行注册制：提高市场在资源配置中的基础性作用 12

（二）信息披露：避免IPO滋生权力寻租空间 12

（三）市场定价：避免“三高”现象 13

（四）适当放宽准入：促进中小企业发展 13

参考文献 14