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近年来,尤其是在2011年,新股高市盈率发行并迅速破发已经成为股市常见的现象,在中小板和创业板,问题则更为突出。这些现象产生了极大的社会争议,也引起了监管层的关注。基金公司作为当前IPO询价体系中的重要组成部分,对新股定价起着重要作用。在当前IPO重启呼声渐高之际,作为一名基金公司从业人员,笔者拟就在完善IPO询价过程中规范基金公司的行为方面阐述一些个人看法和建议。笔者认为,在制度整体改革较为困难的情况下,我们应该可以从IPO询价的信息披露、加强基金公司的外部约束等方面做一些努力,使基金公司的行为更市场化、更公开,进而改善新股高市盈率的现象,以迎接可能到来的IPO重启。
In recent years, especially in 2011, the issuance of new shares with high price-earnings ratio and rapid break-through have become common phenomenon in the stock market. The problems are more prominent in the small and medium-sized boards and the GEM. These phenomena have caused great social controversy and have also drawn the attention of regulators. Fund companies as an important part of the current IPO inquiry system, the pricing of new shares plays an important role. As the current IPO renewal is getting louder, as a practitioner of fund companies, I intend to elaborate some personal opinions and suggestions on standardizing the behavior of fund companies in the process of improving IPO inquiry. In the author’s opinion, under the circumstance that the overall system reform is more difficult, we should make some efforts from the information disclosure of the IPO inquiry and strengthening the external constraints of the fund companies so that the behavior of the fund companies will be more market-oriented, more open and further improved IPO high price-earnings ratio phenomenon, in order to meet the possible IPO restart.