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上市公司融资制度改革是一个系统工程,IPO是上市公司融资制度的主要形式。本文以2006~2010年深圳中小板427家IPO公司为样本,以2009年9月发行制度改革为分段点,研究新股发行制度市场化改革的效果。研究表明,发行制度改革前后的IPO公司的抑价程度显著下降,说明此次改革对降低IPO抑价率的效果明显。但是,本次改革并没有改变IPO发行市场的结构,IPO抑价程度的降低是以提高IPO公司发行价格来达到目的,这对于中小投资者的保护起不到应有的作用。
The reform of financing system of listed companies is a systematic project, IPO is the main form of financing system for listed companies. This article takes the sample of 427 IPO companies in Shenzhen SME Board from 2006 to 2010 as a sample. Taking the reform of the issuance system in September 2009 as the segmentation point, this paper studies the effect of the market-oriented reform of the IPO system. The research shows that the underpricing of IPO companies before and after the reform of the issuance system significantly drops, indicating that the reform has obvious effect on reducing the IPO underpricing rate. However, this reform did not change the structure of the IPO market. The reduction of the IPO underpricing achieved the purpose of raising the issue price of IPO companies, which did not play its due role for the protection of small and medium-sized investors.