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是时候推出新股竞价发行了
2017-08-15 10:13:45 中国经济网
新股供求关系已经出现明显改变,投资者不再过度追逐新股,开板时间越来越短,一级市场投资者随时都有被套牢的风险。本栏认为,新股发行可以采用买方竞价的方式,谁出价高给谁,这样新股定价将实现完全的市场化,投资者也将谨慎申购新股。
新股不败神话恐怕坚持不了多久了,现在的新股上市,涨停板的数量已经越来越少,下一步就是上市当日无法封住涨停,然后就是上市即破发,新股的盛宴已经到了岌岌可危的地步。本栏认为,新股发行制度到了该有所改变的时候了。
现在咱们推行二级市场投资者按照持股市值申购新股,出台这个政策的背景是新股发行上市之间存在着巨大的无风险差价,即新股一二级市场利润,有这个利润的存在,就会有冲突,这部分利润是应该谁来都能咬一口,还是仅仅向二级市场投资者开放,最终管理层选择了除了网下发行的部分外,由二级市场投资者按照持股市值申购一级市场新股,这一政策受到了二级市场投资者的广泛欢迎。但是如果这一前提出现改变,即新股上市不再必然盈利,而是有亏有盈,那么由二级市场投资者独享新股也就变得不再那么划算。
现在的问题,主要来自于新股上市后二级市场的接盘者越来越少,导致新股定价越来越低,这并不能责怪二级市场投资者不肯踊跃接盘,而是大家变得越来越理性,不再愿意盲目追高,原则上说这是二级市场投资者成熟的表现。那么能不能让新上市公司进一步压低新股发行价格,给二级市场投资者腾出炒作的空间?短期看这一办法不是不行,但是降低发行价格总有极限,总不能新股发行价格比每股净资产还低,那么剩下的惟一办法就是让一二级市场合二为一,即新股发行就直接采用竞价模式,投资者自由报价,最终价高者得。这样做有两个好处,一是让大资金有机会在新股发行阶段就完成筹码的收集,这样等到新股上市之后股价就有机会走出连续上涨的行情。二是让投资者不看好的公司有机会出现发行失败的结果,即投资者有机会拒绝不受欢迎的新股上市,这也可以理解为注册制的前奏阶段。
竞价发行的具体办法,第一是全体投资者都可以参与竞价,投资者报价的下限为竞价发行的底价,例如每股净资产值。如果投资者不低于底价的申报买入数量不少于最低发行数量,那么新股发行就算成功,申购的投资者按照报价从高到低确定成交,最后一名投资者的报价即为新股发行价格,全部投资者都按照这个报价买入新股,等于这一报价的投资者按照时间优先或者比例配售的方式购买,高于发行价格的买入申报全部成交。这样一来,新股发行完成,就有可能大资金已经拿走了大多数筹码,这样新股上市后的炒作行情将值得期待。
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