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我国证券发行监管制度从最早严格的行政审批制,经过不断的改革和调整,过渡到目前的核准制。那么我国证券发行监管政策的历次变迁是否有效呢?本文以1994-2004年之间首次公开发行的公司为样本,从样本公司的会计业绩、市场业绩和信息欺诈水平三个方面全面探讨证券发行监管政策变迁的效果。结论表明,发行监管政策的变迁并没有改变上市后经营业绩的大幅下滑和有效提高投资者的收益,信息欺诈水平也无显著下降。最后针对证券发行监管中的问题提出了政策建议。
China’s securities regulatory system from the earliest strict system of administrative examination and approval, through continuous reform and adjustment, the transition to the current approval system. So whether the previous changes of the securities regulatory policies in our country are valid? This paper takes the initial public offering companies from 1994 to 2004 as samples, and probes into securities issuance supervision from three aspects: the accounting performance, market performance and information fraud of the sample companies The effect of policy changes. The conclusion shows that the change of issuance regulation policy has not changed the sharp drop of the operating performance after listing and effectively raised the return of investors, and the level of information fraud has not dropped significantly. At last, some policy suggestions are put forward for the problems in securities issuance supervision.