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IPO市场化主要包括对上市规模和新股定价两个方面进行市场化。从中国股票市场IPO制度的演变历程看,发行制度经历了审批制和核准制两个阶段,定价制度则经历了固定发行价定价法、固定市盈率定价法、市盈率区间定价法和询价制度四个阶段。到目前为止,这些制度均没有完全摆脱监管部门对新股定价的干预和影响,实现市场化还有一定距离。在市场化改革过程中,政府监管部门对IPO上市规模和定价的影响会越来越弱,取而代之的是采用注册制和IPO市场定价,即完全市场化模式。但是,在由非市场化模式向市场化模式过渡的过程中必然会带来一些风险,诸如IPO“三高”、新股快速扩容以及股市下跌等问题的出现有可能使投资者蒙受损失,甚至有使股市崩盘的危险。文章试对此进行分析与研究,并提出相应对策。
The IPO market mainly includes marketization of the size of the IPO and the pricing of new shares. From the evolution of IPO system in China’s stock market, the issuance system has gone through two stages of examination and approval system and approval system. The pricing system has undergone fixed price-fixing method, fixed price-earnings ratio method, price-earnings range pricing method and inquiry system stage. So far, none of these systems has completely got rid of the interference and influence of regulators on the pricing of new shares, and there is still a long way to go in achieving marketability. In the process of marketization reform, the influence of government regulators on the size and pricing of IPO will be weaker and weaker. Instead, the registration system and IPO market pricing will be adopted, that is, the full marketization mode. However, the transition from a non-marketization mode to a marketization mode inevitably brings some risks, such as the emergence of IPO “Three-high ”, the rapid expansion of new shares and the fall of the stock market, which may cause investors to suffer losses. There is even the danger of crashing the stock market. The article tries to analyze and research this and put forward corresponding countermeasures.