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瑞銀:全面註冊制實施將對中國資本市場影響深遠
阿思達克 02-02 14:29
瑞銀集團中國區總裁及瑞銀證券董事長錢於軍表示,全面註冊制的實施將對A股資本市場帶來深遠影響和重大意義。 具體表現在主機板新股發行的條件進一步放寬,將有助於擴寬企業準入範圍,進一步增強資本市場的包容性,加快企業上市融資速度,提升直接融資比例;佔A股總市值約2/3的主機板市場新股發行定價將完全市場化,資本市場優勝劣汰的功能將得到更好的發揮,市場活力也將進一步增強;全面註冊制將進一步提升審覈效率,降低企業的融資成本,提升新股發行效率。 瑞銀證券全球投資銀行部聯席主管孫利軍認爲,全面註冊制將對金融業務從業者提出新的要求,挑戰與機遇並存的時代也即將到來。註冊制以資訊披露爲核心,引入更加市場化的制度安排,對於新股發行的價格和節奏不設任何行政性限制,而是交由市場來決定,投行從傳統的通道迴歸到定價及銷售的本源,必將促進投行的全面轉型。 對投資者而言,孫利軍認爲在全面註冊制下,市盈率隱形限制被打破,市場化詢價定價機制將在A股各板塊得以全面實現,機構投資者報價影響力和價格決定權將得到進一步提升,投資者內部需要形成更爲系統和專業的研究體系用以指導其新股報價。 同時,伴隨審覈效率的提高,新股發行數量會顯着增多,大量新股發行後,新股打新賺錢效較大概率會降低,投資者一方面需要強化其投資標的遴選能力,另一方面需要對上市後可能出現的股價大幅波動做好充分準備,同時也需要適應註冊制下更爲市場化的交易機制。此外投資者也需要提升自身的定價估值和研究分析能力,適應更爲市場化的詢價報價要求。
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