询价制度第一阶段改革有效吗

询价制度第一阶段改革后,新股定价效率明显提高,证监会取消对发行价格的管制是新股定价效率提高的前提,询价对象竞争程度的增加是定价效率提高的根本动因;改革后,机构投资者择股效应显著,将定价效率提高所引发的部分投资风险转嫁给了中小投资者。中小投资者由改革前利益分配不公平转变为改革后风险分担不公平,定价效率进一步提高很可能引发中小投资者的赢者诅咒。发行制度未来改革应在注重提高定价效率的同时,限制机构投资者向中小投资者转嫁风险的能力。

Is the First-stage Book-building Reform Effective

The empirical results of this paper suggest that,IPO pricing efficiency has been improved significantly after the first-stage book-building reform,and the abolition of SEC's window guidance sets preconditions of IPO pricing efficiency improving,furthermore the increasing of competition among inquired objects is essential motives of IPO pricing efficiency improving;the effect of stock selection of institutional investors is significant, thus the added investment risk incurred by pricing efficiency improvemen...