目 录
摘要···················································2
一、IPO抑价发行概述和现状·······························3
二、IPO发行存在的问题与分析·····························3
1 、新股市场化定价机制不完善····························3
2 、发行审核效率较低 ···································4
3 、“打新”投机心理导致新股高发行抑价····················4
4、违背三公原则·········································4
5、信息披露不充分、不对称································5
三、完善IPO抑价发行的对策建议··························5
1 、进一步完善新股发行定价机制··························5
2、改善新股发行制度，将现在的新股发行核准制过渡新股发行注册制···················································6
3.、完善上市公司信息披露制度····························6
4.、倡导理性投资，合理引导市场投资行为·················6
四、结语················································7
参考文献···············································8
内 容 摘 要
本文论述了我国证券市场IPO抑价发行的现状,包括取得的成绩和存在的问题,剖析了上市公司IPO抑价发行的原因。我国上市公司IPO信息披露存在不真实、不准确、不充分等问题，机构投资者参与询价和发行配售，对IPO抑价率的降低起到了显著的作用。总体上看，现阶段中国A股发行市场定价效率仍然偏低。高抑价率的主要原因在于行政管制使股票发行人和承销商的议价能力发挥不足，根本原因还在于发行制度市场化程度不高，影响了证券市场的发展，给证券市场的健康发展造成了诸多不利的影响。在研究分析的基础上，就如何改善我国证券市场IPO抑价发行的现状，有助于推动我国证券市场高效健康发展提出了有利于提高市场发行定价效率的有效对策。
