询价制背景下我国IPO市盈率影响因素研究

发布时间：2018-02-12 23:08

本文关键词： 询价制度 IPO市盈率即时流通股本　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：从2009年开始，我国IPO正式采用询价制度。实行询价制度后，新股一、二级市场价格差距缩小，抑价率平均水平逐步降低，但是新股发行也出现了一些新的问题。这些新问题引起了社会对IPO定价制度市场化改革的质疑，因此有必要研究我国IPO询价制度对IPO市盈率的制度性影响和询价制背景下IPO市盈率的其它影响因素。首先，本文简要回顾了我国IPO定价制度的变革，并就我国IPO询价制度对IPO市盈率的制度性影响进行了分析。然后，，在理论分析IPO市盈率影响因素的基础上，本文以2011年8月至2012年10月之间A股市场发行的237只新股为样本，选择了13个变量，建立多元线性回归模型进行实证分析。实证结果表明，即时流通股本、发行前总股本、新兴行业属性、发行前的市场氛围是IPO市盈率的主要影响因素；此外，网下配售锁定虚拟变量和当前净资产收益率对IPO市盈率也有重要影响；而资产负债率、流动比率、主营业务收入增长率、民营控股属性、控股股东比例，配售对象入围比例对IPO市盈率没有显著影响。最后，本文提出：放松股票流通限制、细化行业类型划分和鉴定、改革和完善IPO询价制度等措施来缓解中小盘股IPO市盈率高企的问题。
[Abstract]:From the beginning of 2009, China formally adopted IPO inquiry system. After the introduction of the inquiry system, a new, reduced two market price gap, the average underpricing rate gradually decreased, but the IPO also appeared some new problems. These problems caused the society to question the IPO pricing system reform, it is necessary to study China's IPO inquiry system of other factors influencing IPO earnings IPO system influence earnings and inquiry system background.
First, this paper briefly reviews the IPO pricing system reform in our country, and China's IPO inquiry system on the system of IPO price earnings ratio is analyzed. Then, the IPO price earnings ratio based on the factors that influence the theoretical analysis, this paper from August 2011 to October 2012 237 IPO of A stock market as the sample choose 13 variables, a multivariate linear regression model for empirical analysis. The empirical results show that the instantaneous flow of capital, the total issued share capital, emerging industry attributes, the issue before the market atmosphere is the main influencing factors of IPO price earnings ratio; in addition, the net placing lock dummy variables and the current rate of return on net assets on earnings IPO the rate also has an important influence; and the asset liability ratio, liquidity ratio, the growth rate of main business income, private holding property, the proportion of controlling shareholders, placing the object on the proportion of finalists IPO earnings did not have a significant impact. At last, This paper puts forward the following measures: relaxing stock circulation restrictions, refining industry classification and appraisal, reforming and perfecting IPO inquiry system, and so on to alleviate the problem of high IPO earnings ratio of small and medium-sized stocks.

【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】