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摘要
全球金融危机的大背景下，2009 年 6 月 A 股 IPO 重新启动对整个资本市场
可谓意义重大，但这一时期 IPO 表现出如高发行价、高市盈率和高超募的“三
高现象”以及虚假披露等问题也更加突出。针对 A 股 IPO 表现出的这些问题，
专家、学者、媒体从各个角度进行了剖析、探讨，中国证监会及下属两大交易
所也相继出台了各种措施，如市盈率指导意见、提前预披露时间、询价制度改
革等，监管部门领导也在各种场合下为资本市场、为新股发行存在的问题辩解、
诊断，但在这些改革措施下，新股发行存在的这些问题并没有得到根本改善
针对新股发行中存在的这些问题，本文从新股发行制度演变入手，阐述了
我国股票市场在重融资这一功能定位下出台的法规存在的若干缺陷，重点选取
2009 年 10 月创业板上市至 2012 年 12 月期间的发行新股为研究样本，用详实的
案例揭示存在的如“三高”、造假上市、虚假披露、拼凑募投项目等问题，再
追本溯源找到这些问题背后的制度性诱因
文章最后提出了解决以上问题的思路，认为改革、完善现行的以核准制为
核心内容的新股发行制度是其根治的措施，并在提高信息披露质量的根本基础
上，进一步建立、健全法规体系，才能重树股市的投资功能，才能逐步培养起
适合我国经济发展的、健康的股票发行市场
关键词：新股发行制度；制度缺陷；对策研究II
Abstract
Despite international financial crisis, China’s A-share IPOs was restarted in June
2009, which meant a great deal to the country’s capital market. But since then there
has been growing concerns over high issue price, P/E ratios, oversubscribed funds
(Three Highs) and fraudulent information disclosure. The problems coupled with
A-share IPOs have been thus under scrutiny of both experts and mass media. In
response, China Securities Regulatory Commission and its afflicted two exchanges
have formulated P/E ratios guideline, moved up information disclosure schedule, and
reformed inquiry mechanism etc. Also, authorities from regulatory bodies have
constantly sought justifications for both the capital market and IPOs. Even so, the
problems have not been alleviated.
In regard to the problems with China’s IPOs, the current thesis, which begins
from evolution of the country’s IPOs system, examines deficiencies in legislations in
light of stock market’s function as a financing channel. In specific, the IPOs between
the GEM listing in October 2009 and December 2012 are taken as research samples,
together with concrete cases, to first look at such problems as Three Highs, fraudulent
information disclosure, and listing fraud, and then dig up fundamental contributing
factors found in the entire system.
Strategies to tackle the problems above are proposed at the end of the thesis. The
author believes improving the current IPOs system by restructuring its core approval
mechanism should be put at the forefront. Meanwhile, information disclosure should
be tightened up and legislation system be upgraded, thus gradually developing a
sound stock market in line with China’s economic growth.
Key words: IPOs system；System defect；coping strategies