我国创业板IPO定价过高对企业成长影响的研究

发布时间：2018-01-01 15:42

本文关键词：我国创业板IPO定价过高对企业成长影响的研究　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日，筹备十年之久的创业板终于在深圳证券交易所开板上市，其在上市门槛、监管制度、信息披露、投资风险和交易者条件等均有别于主板市场，它的主要目的是为中小企业特别是高成长性企业提供融资渠道，并为创投企业和风险投资建立正常的退出机制。但由于我国资本市场尚不完善，创业板相应机制也不成熟，自创业板开板以来由高发行价所带来的高市盈率和高超募资金的三高问题屡见不穷。本文的研究目的在于探究高IPO定价对企业成长性的影响，研究对象是创业板的上市公司。本文首先在回顾国内外关于企业成长性和IPO定价相关文献的基础上，对创业板高发行价问题进行剖析，先阐述了现阶段我国创业板市场存在的高IPO定价现象，再简要分析高发行价形成原因，对高发行价与企业成长性的相关理论进行梳理后，，提出IPO定价与企业成长性的关系，采用定性与定量分析法分析了创业板企业IPO时的定价过高对企业后续成长性造成的影响，并提出创业板IPO定价高于个股内在价值的价差率与企业成长性呈反比的假设，后采用实证分析法对高IPO定价对企业成长性产生的影响进行验证。最后以实证分析结果为切入点，针对性提出有助于改善IPO定价方法、优化企业上市制度、加强监管等建议，从而促使我国创业板上市公司的健康成长与日益完善。
[Abstract]:In October 23, 2009, the gem for the ten year old finally listed on the Shenzhen Stock Exchange opened in the listing threshold, supervision system, information disclosure, investment risk and traders conditions are different from the motherboard market, its main purpose is to provide financing channels for SMEs in particular high growth enterprises, and to establish normal exit mechanism the venture enterprise and venture capital. But because of China's capital market is not perfect, the gem of the corresponding mechanism is not mature, three high earnings since the gem established by the high issue price rate caused and superb raised funds is usually poor.
The purpose of this study is to explore the influence of high IPO pricing on the growth of enterprises, the research object is the GEM listed companies. Firstly, based on the review of the relevant literature and the growth of IPO pricing of enterprise, the gem high issue price problem analysis, first elaborated the high IPO pricing phenomenon at the present stage China's GEM market, then a brief analysis of causes of high issue price, high issue price and the related theory of the enterprise growth after carding, discusses the relationship between IPO pricing and enterprise growth, the qualitative and quantitative analysis of the gem enterprise IPO high price on subsequent growth enterprises cause, and put forward the gem IPO pricing is higher than the intrinsic value of the stock price and enterprise growth rate is inversely proportional to the hypothesis by empirical analysis of the high IPO pricing of the influence on the growth of enterprises Finally, based on the empirical analysis, we put forward suggestions for improving IPO pricing methods, optimizing the listing system and strengthening supervision, so as to promote the healthy growth and improvement of China's GEM listed companies.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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