市值配售对我国证券市场公平与效率的影响分析

2002年5月中国证监会决定恢复和完善向二级市场配售新股方式,使得我国新股发行方式进一步改革,而证券市场的任何改革则必须服务于证券市场的总目标:资源配置最优化。然而,通过对新股市值配售的具体目标与证券市场的总体目标比较分析以及对其运行近半年来的实证考察发现:市值配售的推行对我国证券市场的公平与效率并没有得到推进,反而降低了证券市场的资源配置效率,破坏了游戏规则的公平性。因此,真正要使我国证券市场有效运行,必须认识到我国证券市场中深层次的矛盾,只有解决了根本矛盾才能使证券市场功能充分发挥。

The Influence of IPO Reformation on the Fairness and Efficiency of Security Market in Our Country

China's Securities Regulatory Commission determined to resume the IPO issuing way of new stock in May of this year, which makes the issuing way of new stock of our country reform further. And any reformation of the security market must serve the total goal of the security market: Optimize the distribution of Resource. But through the concrete goal and overall goal comparative analysis of security market and the demonstration of the real example of the past half yean the reformation of IPO does not move forward the fairness and efficiency of our country security market, which reduce the resource distribution efficiency of security market and destroyed the rule of games instead. To make the security market of our country run effectively, we must realize the profound contradiction in the security market of our country. Only solving the fundamental contradiction of the security market can optimize the resource distribution.