核準(zhǔn)制下新股發(fā)行市場(chǎng)化的缺陷與改進(jìn).pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文核準(zhǔn)制下新股發(fā)行市場(chǎng)化的缺陷與改進(jìn)姓名：文欣申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理指導(dǎo)教師：范龍振20030426棱準(zhǔn)制下珊脫發(fā)行市場(chǎng)化的缺陷1j改進(jìn)ABSTRACTThecritiCismonthe“markecorientati0[IIPOsystem”inChinahasbeentestifiedinthiSthesiSThereare27companieshavebeenselectedastheresearchs

2、amplesThese27companieshadissuedstocksduringAptiltoAugustin200l_InthiSperiodstockissuancewassubjecttoapprovalbytheCSRC(ChineseSecuritiesRegulatoryCommission)，and“marketorientationIPOsystem”wasappliedThroughtheresearchsome

3、defectsoftheIPOsystemhavebeenidentified，andsomevaluablesuggestionshavebeenprovidedtoimprovetheefficiencyofChinesestockissuaDceSomedatawascollectedinApril2003Itcankeeptheresearchup—to—dateAndtheresearchwasonlyfocusonthe“m

4、arketorientationIPOsystem”afterthe“CheckandApproveProcess”waseffectiveonMarch16，2001FromtheanalysisinthisthesistwomaindefectsofIPOsystemitselfhavebeenfounded：ATheissuepriceswerenotdeterminedbybusinessvaluationBThepublico

5、fferingandgoingpubliCwereviewedasthesameprocessinChinaAlmostallthecompanieswouldbe1istedafterpublicofferingin2to4weeksIfthesetwoprocessescouldbeseparated，theproblemsofconflictsbetweensupplyanddemandinstockissuanceandtheb

6、igpressureofsecondarymarketwouldbesettledInadditiontheenvironmentofChinesesecuritymarketalSOplayingveryimpcIrtantroleintheIPOsystemreformation，Thereareseveralcriticalbarriersonthereform：suchasdifferentpricingsystembetwee

7、nmarketableandunmarketablestocksonlyonemainboardmarket，thesmallcapitalizatlonsize，verylowtransparencyofthemarket，andSOonThemarketorientationshouldnotbeabolishedThemostimportantthingiSthattheenvironmentofmarketorientation