摘要：在我国的金融市场中，股票市场是其重要的组成部分。而在股票市场中，是否健康发展与股票发行市场的健康与否息息相关。其中，新股的发行在整个发行市场中具有战略意义：首先，新股上市能够一定程度的促进经济增长；其次，新股发行能够促使市场定价机制趋于完善，提高资本配置的效率；第三，更多新股的发行对国家整体金融安全起到了促进作用；第四，新兴产业公司的上市还能够促进产业革新与经济结构的调整；最后，加快新股发行是我国市场开放和市场化进程的迫切需要。70327

本文在对我国IPO制度的现状及研究意义的相关主要研究综述进行分析的基础之上，针对我国证券市场从建立伊始，IPO审核程序经历了“额度制”、“核准制”、“保荐制”的演化这一现状，对我国从1990年以来IPO制度的审批机制、定价机制、发售机制的改革情况进行分析，并对每次改革的创新点进行了论述，接下来着重对我国的IPO制度重启和向注册制的转变进行了相关实证分析，最后总结出IPO改革的重点方向。

毕业论文关键词：IPO制度 股票市场 政策解读 核准制 注册制 

The Reform and Innovation of the IPO System in China

Abstract: As an important component of financial market, healthy stock issuance market is the foundation for the healthy development of the entire stock market. IPO has important strategic significance. First of all, stimulation of economic growth depends on IPO. Secondly, IPO promotes the market pricing mechanics and improve the efficiency of capital allocation. Thirdly, IPO plays an important role in protecting national overall financial security. Moreover, listing of companies in emerging industries promotes industrial innovation and the adjustment of economic structure. The last point is that speeding up IPO is an urgent need to market opening and market-oriented process in our country.

In this paper, reform of the approval mechanism, pricing mechanism and selling mechanism of IPO system in China since 1990 was analyzed based on the related reviews on current status of IPO system in China, focusing on the situation that IPO review process evolves from “Quota system”, “Approval system” to “Sponsor system” since the beginning establishment of the stock market in our country. Moreover, the innovations of each reform were discussed in this paper. Relevant empirical analysis on the restart and transition to the registration system of IPO system in our country was carried out and concluded the main direction on reform of IPO system. 

Key Words：IPO system, Stock market, Policy interpretation, Approval system, Registration system 

目录

一、引言 - 1 -

(一)选题背景及意义 - 1 -

(二)文献综述 - 2 -

二、IPO制度的基本概述 - 5 -

（一）含义 - 5 -

（二）类型及特点 - 5 -

（三）不同类型的比较 - 6 -

三、我国IPO制度的演进与现状 - 6 -

（一）IPO制度的演进 - 6 -

（二）IPO制度的现状 - 7 -

（三）IPO制度存在的问题 - 9 -

四、国外IPO制度的经验启示 - 11 -

五、IPO制度的改革方向与创新 - 12 -

（一）改实质管理原则为公开原则