我国A股市场推行绿鞋机制的案例分析

发布时间：2018-03-08 19:36

本文选题：绿鞋机制　切入点：A股　出处：《兰州大学》2014年硕士论文　论文类型：学位论文

【摘要】：绿鞋机制作为国际证券市场上一种成熟的股票发行配套机制,引入我国已经有将近二十年的时间,我国B股市场上的成功运用给了A股市场很大的借鉴意义。随着我国证券市场与国际市场的联系日益密切,我国A股市场市场化的进程不断加快,抑价率开始呈逐年下降趋势,股票上市后破发现象愈加频繁,这些都说明了我国A股市场已经具备了使用绿鞋机制的前提条件。自2001年我国在A股市场推行绿鞋机制试点以来,共有三家银行企业在IPO中成功使用了绿鞋机制,本文通过对我国A股市场推行绿鞋机制的具体分析,发现这三家银行的主承销商都选择全额或者接近全额行使了绿鞋机制,成功进行了托市,绿鞋机制在我国A股市场上成功起到了应有作用的同时也带来了一些问题。针对我国A股市场绿鞋机制的行使机率小,绿鞋机制对承销商、发行商、投资者和市场的影响,本文提出我国需要进一步完善现有审核制度,改革关于涨跌停幅度的限制,引进绿鞋机制相关的配套措施,提高信息披露的强度。
[Abstract]:As a mature supporting mechanism for stock issuance in the international securities market, the Green Shoe Mechanism has been introduced into China for nearly 20 years. The successful application of the B share market in our country has given the A-share market great reference significance. With the increasingly close relationship between the Chinese stock market and the international market, the marketization process of the A-share market in our country has been speeding up, and the underpricing rate has begun to decline year by year. The break-up phenomenon is becoming more and more frequent, which indicates that the A share market of our country already has the precondition of using the green shoe mechanism. Since 2001, three banks have successfully used the Green Shoe Mechanism in the A-share market. This paper analyzes the implementation of the Green Shoe Mechanism in the A-share market in China. It was found that the lead underwriters of these three banks all chose to exercise the green shoe mechanism in full or near full, and successfully carried out the support of the market. The success of the Green Shoe Mechanism in China's A-share market has also brought about some problems. In view of the small probability of the implementation of the Green Shoe Mechanism in China's A-share market, the influence of the Green Shoe Mechanism on underwriters, distributors, investors and the market, This paper points out that our country needs to further improve the existing auditing system, reform the limit of the limit of fluctuation, introduce the relevant measures of green shoe mechanism, and improve the intensity of information disclosure.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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