Selling at face value-administrative pricing-gradually transitioned to marketization.
Face value sales stage
From the mid-1980s, joint-stock enterprises and the stock market began to rise to 1992, which is the embryonic stage of the development of China stock market. At this stage, because people are not familiar with the stock and securities market, and their subscription enthusiasm is not high, the focus of stock issuance is not to determine the value of stocks, but to issue stocks.
Therefore, there is basically no stock pricing, and many stocks are sold at face value, with low prices and administrative apportionment. This way makes the issue underpriced seriously, but it also encourages some initial investors with investment consciousness to invest in stocks and promotes the establishment of the securities market.
Administrative pricing stage
1992 10, the establishment of the State Council Securities Commission and China Securities Regulatory Commission marked the establishment of a centralized and unified supervision system in China. Since then, China securities market has entered a preliminary stage of development. At present, China has tried four kinds of issuance methods: lottery, full advance payment, online pricing and online bidding (only four kinds of stocks are tried out).
Compared with most other countries, China's pricing method has obvious administrative color, which is fixed by the China Securities Regulatory Commission according to the formula of IPO price = net earnings per share × P/E ratio, and the P/E ratio and adopted earnings are also formulated by the CSRC.
Under this pricing method, the issuing company and the underwriter cannot determine the issue price according to the market situation, which makes the assets of the issuing company suffer losses.
Gradually transition to the market-oriented stage
1998 65438+February 3 1, the securities law was formally promulgated. Since the promulgation of the Securities Law, the pace of market-oriented pricing reform in China's IPO has been accelerated, and new pricing methods such as online pricing, secondary market placement of shares, and legal person placement of shares have emerged one after another. Since then, the development of the securities market has entered a new stage of transition to marketization.
Extended data:
The promulgation of the Securities Law and a series of subsequent documents has greatly accelerated the pace of market-oriented reform in China stock market. Judging from the implementation of market-oriented reform in recent years, China's market-oriented reform of new share issuance has achieved some results, bringing benefits to various market entities:
For listed companies, the amount of funds issued has expanded, and it has begun to reflect the differences between companies, and the shareholder structure has also improved.
The increase of P/E ratio makes the amount of issuance financing of listed companies expand. In addition, the P/E ratio of issuance also began to reflect the differences in market conditions between different companies and during the listing period. During the administrative pricing period, the standard deviation of IPO P/E ratio was 2.3 1, while the P/E ratio of IPO expanded from 1999 to 10.32 in 2000.
In addition, in the period of market-oriented pricing, the legal person allotment method introduced strategic investors and legal person investors, which greatly enhanced the stability of the shareholder structure of listed companies and helped to improve the investor structure and investor behavior.
On the other hand, the legal person inquiry mechanism thus formed has also promoted institutional investors to study the stock value, thus promoting the formation of market prices and facilitating the financing of listed companies.
Baidu Encyclopedia-People's Republic of China (PRC) Securities Law