我国创业板IPO超募现象的影响因素实证分析

发布时间：2018-03-09 19:47

本文选题：创业板　切入点：超募资金　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：在第一轮新股发行改革引入询价制度之后,伴随着我国经济在金融危机后的复苏,在这样的经济条件和制度背景下,2009年10月30日,创业板正式开闸。创业板公司背负了人们高成长性、高收益性的期待,但自成立以来就凸显“三高”现象,之后又有上市公司业绩变脸,经历着成长的烦恼。本文主要针对创业板IPO的超募现象展开研究,分析了承销商声誉、投资者情绪、公司治理、承销商利益以及企业成长性对超募现象的影响,其中各研究变量均对超募有不同程度的正相关性。本文亦结合2012年4月第三轮新股发行改革实证分析了新股发行改革带来了资本市场效率的提升。最后本文提出了针对我国创业板市场未来的改进建议：加强监管；完善超募资金信息披露,发挥中介机构的监督作用；打通退市转版渠道；鼓励承销商参与新股申购,拥有自主配售权,强调保荐人终身制；长期新股发行制度将逐渐向注册制过渡,需弱化行政审批,适时引入做市商制度。
[Abstract]:After the introduction of inquiry system into the first round of new issue reform, with the recovery of our economy after the financial crisis, under such economic conditions and institutional background, in October 30th 2009, The gem officially opens the gate. Gem companies are burdened with people's expectations of high growth and high profitability, but since its inception, the "three high" phenomenon has been highlighted, and then there has been a change in the performance of listed companies. This paper mainly focuses on the phenomenon of over-raising in gem IPO, and analyzes the influence of underwriter reputation, investor sentiment, corporate governance, underwriter interests and enterprise growth on the phenomenon of over-raising. Each of the research variables has positive correlation to the over-raising in varying degrees. This paper also analyzes the efficiency of the capital market with the third round of IPO reform in April 2012. Finally, the paper puts forward that the reform has brought about the improvement of the efficiency of the capital market. The suggestions for the future improvement of China's gem market are as follows: strengthening supervision; To improve the information disclosure of over-raised funds, to play the supervisory role of intermediary organizations; to open up the channels of delisting and reprinting; to encourage underwriters to participate in the application for new shares, to have the right of independent placing, and to emphasize the lifelong system of sponsors; The long-term new issue system will gradually transition to the registration system, which needs to weaken the administrative examination and approval, and introduce the market maker system in good time.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】