香港新股发行机制对我国新股发行的启示

高效的新股发行机制是成熟股票市场的标志,香港的新股发行方式是采用累计投标与固定价格相结合的混合发行方式,本文对其发行过程与特点进行了分析。参照香港市场,对我国目前现行的询价制还存在的某些制度上的缺陷与问题,做出改善的建议。     

新股发行方式及其评析

规模的股票发行市场是我国股票市场有序运行的基础，本文综述了近十年来我国新股的各种发行方式，分析了它们的利弊以及对股票市场的影响，从一个方面反映了我国股票发行市场不断完善，快速发展的历程。     

新股发行制度改革探讨

我国自1990年上海及深圳证券交易所成立以来,新股发行制度经历了三个阶段九次改革历程。第一个阶段为行政审批制阶段,第二个阶段为核准制阶段,第三个阶段为询价制阶段。尽管目前的新股发行制度较90年代来说较为进步,但是仍然存在很大的缺陷。本文主要以我国新股发行制度为研究对象,通过其内涵和现行特点以探讨其中存在的缺陷并大胆预测未来新股发行制度的改革方向。     

基于询价制下的新股发行抑价研究

新股抑价现象普遍存在于各个国家,抑价率在一定程度内有一定的合理性,但超过一定限度必然不利于证券市场的稳定与发展。新股定价制度严重影响着抑价水平的高低。询价制的引进意味着我国的定价制度由行政化过度到市场化,但IPO抑价水平还是远高于其他实行询价制的国家。文章通过比较中关询价制流程,分析中美询价制存在的不同之处,并吸收借鉴美国经验,为我国更加完善新股询价制度,降低IPO抑价水平提出建设性建议。     

新股发行定价呼唤市场化

我国对股票发行定价方式的探索自股票市场产生之日起就没有停止过,相继采取过许多的发行方式。1996年以来基本上采秀的是上网定价发行、与以前的发行方式相比,它具有高效率、低成本、安全快捷等优点。然而,近年来这种定价发行方式也逐渐暴露出它的缺点,定价发行主观色彩过浓,发行价无法体现企业的真实价值,一、二级市场价格落差大,新股上市首目涨幅往往在100％以上甚至更高。以2000年上市的诚志股份和中科环为例：诚志股份发行价为9．90元／股,上市当天开盘价24．90元／股,收盘价26．56元／股,涨幅达到168．28％;发行价为7．50元／股的中科三环更是受到投资者追捧,上市当天开盘价22．50元／股,最终收到42．68元／股,涨幅高达469．07％。这种定价方式带来了一系列的问题。     

新股发行及定价方式的市场化研究

新股的发行方式和发行定价方式作为发行制度的基础,对资源有效配置和证券市场健康发展具有重大作用.我国新股发行和定价方式的变化经过了从行政管制向市场化演进的轨迹.为了纠正市场机制的扭曲、平衡发展一、二级股票市场,应当进一步推进股票发行定价的市场化进程,有步骤、分阶段地实现竞价发行定价.     

我国新股发行监管的制度选择

《关于进一步推进新股发行体制改革的意见》（以下简称《意见》）的出台标志着我国新股发行监管模式由核准制向注册制过渡。核准制在运行过程中的诸多问题导致改革的必然,然而一个国家选择监管方式除了考虑核准制和注册制的内在特点外,还与诸多外在因素密切相关。在实行注册制前,尚有若干制度亟待完备。     

我国新股发行效率研究

中国证券市场经历了十多年的超速非均衡发展,证券市场为企业提供融资,促进国企改革,为现代企业制度的发展做出了很大的贡献。我国新股的发行效率也就成为人们关注的焦点。本文以新股发行定价效率和运行效率,两方面来研究我国新股发行效率,探索影响,发行效率的原因,最后,借鉴国内外的经验提出相关对策。     

我国现行新股发行制度的问题及改革

我国的新股发行制度虽然进行了多次改革,取得了一些成绩,但是现行的发行制度仍然存在很多问题,比如新股申购存在不公,询价制度流于形式,新股发行价格过高,上市首日上涨幅度过大等。这就需要我们对现行的新股发行制度进行进一步的改革,保证新股发行过程中机构投资者与中小投资者的公平,完善询价制度,限制发行价格,对二级市场中首日上市股票实行涨跌幅限制,以完善我国的新股发行制度。     

我国新股发行制度浅析

我国A股IPO在暂停了九个月后又重新开启,证监会推出了一些新股发行制度改革的措施,旨在提高中小投资者的中签率,但其真实效果不甚理想.本文通过对我国新股发行特点的介绍,指出其弊端,并在此基础上提出一些政策建议.     

风险投资对创业板市场IPO抑价的影响

通过对218家在创业板上市公司首次公开发行当天股价上涨现象进行研究,结果表明在创业板推出初期上市的公司存在严重的IPO抑价。中国创业板近70%的公司有风险资本背景,但是创业企业的风险资本对抑价水平的影响不显著,上市公司本身的特点和财务业绩因素对IPO抑价影响也不显著。中国创业板市场IPO抑价严重的原因是创业板市场运行机制不成熟,二级股票市场投机情况严重。另外,付市盈率、中签率、换手率等对IPO抑价水平影响显著。     

中国A股IPO发行成本：国有上市公司与非国有上市公司的比较

基于中国证券市场发行上市制度市场化改革的渐进性,A股市场上国有企业和非国有企业的IPO发行成本具有差异性特征。国有企业上市融资的动力更强于非国有企业,但非国有上市公司间接成本受发行市值的影响较小。样本数据证实,发行规模、发行前公司盈利指标、发行首日的二级市场投资者非理性行为以及发行方式和定价机制等变量对不同所有制性质企业IPO发行成本产生影响。证据表明与非国有上市公司比较而言,国有上市公司的间接成本受累计投标询价制度和询价发行方式两个变量的影响程度更大。     

Two-stage models for the analysis of information content of equity-selling mechanisms choices

Extant research offers mixed empirical results on if private placement firms are undervalued. [Hertzel, Michael G., and Smith, L. (1993), “Market Discounts and Shareholder Gains for Placing Equity Privately,” J Finance 48, 459-485] suggest that private placements convey favorable information. On the other hand, [Hertzel, Michael G., Lemmon, M., Linck, J., and Rees, L. (2002), “Long-Run Performance following Private Placements of Equity,” J Finance 57, 2595-2617] show that, similar to public offering firms, private placement firms experience significant negative long-run post-announcement stock price performance. This paper develops the two-stage estimation models to explore the information content of equity-selling mechanism. This paper uses estimated residuals from insider trading regressions (proxy for abnormal insider trades) to measure private information. The result shows that the probability of making private placements increases with abnormal insider purchases and decreases with abnormal insider sales. This suggests that, relative to the public offering firms, private placement firms are undervalued.     

Don't call us,we'll call you: Considering cognitive and physical effort in designing effective response systems to manage extended in-process wait

People must often wait for days or weeks to receive test results, price quotes, products, etc. Service providers may manage user experience during such in-process waits using notification systems that inform users when a response is available or inquiry systems that require users to inquire about response availability, thereby imposing prospective memory requirements on users. Based on the prospective memory and wait time literature, we make predictions regarding how response system (notification vs. inquiry) moderates the effects of waits that are shorter or longer than the provider promised on user evaluation of the wait. We find that users of a notification system evaluate a wait more positively and are less sensitive to deviations of actual from promised wait time than are users of an inquiry system. This advantage was more pronounced for a wait that was longer (vs. shorter) than promised. These effects of system and expectation on evaluation were fully mediated by their impact on the cognitive and physical effort of navigating the system. Finally, a week after having experienced a wait, users of an inquiry system who had waited longer (vs. shorter) than promised cooperated less on a follow-up task, highlighting another downside of using an inquiry system.     

股市再融资的门槛有效吗?

This paper compares the cumulative abnormal returns and operating performance of Chinese listed firms which made seasoned equity offerings or right issues at different profitability thresholds. Results show that both the average long-term and short-term cumulative abnormal returns of these firms increase significantly after the setting of thresholds. Moreover, the accounting performances of these firms are also improved to some degree. It implies that regulations on new equity raising behavior of listed firms are necessary and effective in protecting the investors and restricting listed firms’s “money encirclement” behaviors. Translated and revised from Guanli shijie 맜理世界 (Management World), 2006, (10): 108–113     

Filing and Disposition of Consumer Complaints: Some Empirical Evidence*

Who complains and why? What are the dimensions of consumer complaints? How are complaints handled by various recipients? In this article, empirical evidence is offered to shed some light on these questions. Based on a direct inquiry addressed to state consumer protection offices and voluntary consumer associations, this study shows that the number of complaints filed by consumers is rapidly accelerating and that the “grey” areas of marketing are increasingly the target of customer frustrations. The study also points to a consumer-corporate communications vacuum and to various complaint dispositions by the recipients.     

浅析我国创业板市场──必要性、对主板的影响及其关注的问题

有关建立中国创业板市场的种种讨论已经成为热门话题,其对中国未来经济发辰有何意义、市场功能定位如何以及如何运作等问题受到了各界人士的广泛关注．从新经济的角度探讨创业板市场设立的必要性、对主板的影响以及创业板市场本身应关注的深层次的问题至关重要。     

Underwriter Reputation in Brazilian IPOs

This study updates previous analyses of banks' activities in equity offerings in the Brazilian market. Using data for the 2004–2007 period, the study tests the hypotheses that banks with the highest reputations coordinate offerings with lower initial returns, lower levels of risk and charge more for their services. Three measures of reputation were constructed in line with measures used for the US market. None of the measures showed a statistically significant relationship with returns, risk, or remuneration. The difference between the mid-point of the preliminary price range and the offering price constituted the most significant element in the forecasting of returns.     

Analysis of Client Retention in the Homeowners' Insurance Business

This empirical study surveyed homeowners on various demographic and attitudinal dimensions for the purpose of profiling property and casualty insurance customers. The results of a discriminant analysis identified variables which are important with respect to client retention, a factor that is critical for the long-term economic health of an insurance agency.     

动量效应研究的最新进展

行为金融与传统金融理论都对动量现象进行了解释,但一直存在争论,并且这两种解释思路都存在缺陷,也不能合理地解释中国大陆股市的动量现象。国内外有些学者开始从奈特不确定性角度来研究动量现象,它可以合理地解释中国股市的动量效应。本文对这方面的研究进展进行了简述,并对未来的研究进行了展望。