创业板IPO抑价现象及其影响因素研究

发布时间：2018-04-18 11:34

本文选题：创业板 + IPO抑价　；参考：《山东大学》2013年硕士论文

【摘要】：中国创业板市场历经十年酝酿,终于在2009年10月30日在深圳证券交易所正式启动。创业板的推出,不仅有利于中小企业尤其是高新技术企业融资,消除影响其发展的资金短缺瓶颈,还利于我国多层次资本市场的建立,完善我国的资本市场体系,对于整个国民经济的可持续发展有着重大意义。然而,我国创业板在上市的同时也带来了一些关于IPO抑价的问题,因此研究创业板市场的IPO抑价现象具有一定的理论和现实价值。上市公司的IPO抑价现象,长久以来都被称作是一个“谜”,并且一直是金融界研究的焦点问题。本文在总结和吸收前人理论和研究成果的基础上,运用经济、金融学理论并同时结合我国创业板市场的特征,对我国创业板市场的180家上市公司进行分析。本文的研究,从我国创业板的特征出发,分别对一级市场和二级市场两个方面进行分析,得出影响我国创业板市场IPO抑价的因素。这对于提高中国资本市场的效率,提升企业融资的效率,优化金融资源的配置,加强资本市场的监管都具有很重要的意义。本文分为七个部分。第一章介绍了研究背景、研究目的与意义、研究方法及结构路线图；第二章主要回顾了国内外有关IPO抑价的相关理论及实证研究；第三章介绍IPO抑价的影响机理；第四章从发展历程、功能定位、运作风险三个方面系统地分析了我国创业板市场的基本情况；第五章首先对因变量抑价率和自变量影响因素进行了合理的选择,接下来随机选取了创业板市场从创立起至今发行的160只股票作为样本并进行描述性分析；第六章分别运用多元线性回归模型和多元逻辑回归模型对创业板IPO抑价的影响因素进行考察；第七章在前几章对创业板市场进行系统研究的基础上,总结了本文的结论,并提出了完善创业板市场的建议和对策。在研究方法上,本文将定性分析与定量分析相结合：定性分析方面,着重探讨IPO抑价理论上的形成机制以及可能的影响因素,并罗列出一个相对完善的指标系统；定量分析方面,以我国创业板市场180个企业的横截面数据为样本,进行多元线性回归与多元逻辑回归,寻找最主要的影响因素。在创新方面,本文注重IPO抑价的“多因一果”,并分别在指标选择的深度与广度、两种回归模型的结合分析、我国创业板本身具有的性质等三方面进行了重点把握。在论文结构方面,本文七个章节的内容呈递进关系,由浅入深,由定性向定量转变。研究结果表明,中签率和首日换手率是影响IPO抑价的两大重要因素,这两者反映的是一、二级市场上投资者的投资热情,表明我国的创业板市场很大程度上受到投资者情绪影响；相反,反映企业基本面信息的各项指标均表现出不显著,这也说明了投资者一定程度上表现出情绪化投资,缺乏对企业基本信息的考察。
[Abstract]:After ten years of gestation, China's growth Enterprise Market was officially launched on October 30, 2009 on the Shenzhen Stock Exchange.The launch of the gem is not only conducive to the financing of small and medium-sized enterprises, especially high-tech enterprises, but also conducive to the establishment of a multi-level capital market and the improvement of our country's capital market system.It is of great significance to the sustainable development of the whole national economy.However, the listing of gem in China has brought some problems about IPO underpricing, so it is of theoretical and practical value to study the phenomenon of IPO underpricing in gem market.The IPO underpricing phenomenon of listed companies has long been called a "mystery", and has been the focus of financial research.On the basis of summing up and absorbing the previous theories and research results, this paper analyzes 180 listed companies in China's gem market by using the theory of economics and finance and combining the characteristics of the gem market in our country at the same time.Based on the characteristics of gem in China, this paper analyzes the primary market and the secondary market, and concludes the factors that affect the IPO underpricing in the gem market.It is of great significance to improve the efficiency of Chinese capital market, to improve the efficiency of enterprise financing, to optimize the allocation of financial resources and to strengthen the supervision of capital market.This paper is divided into seven parts.The first chapter introduces the research background, research purpose and significance, research methods and structure roadmap; the second chapter mainly reviews the domestic and foreign related theories and empirical research on IPO underpricing, the third chapter introduces the influence mechanism of IPO underpricing.The fourth chapter systematically analyzes the basic situation of China's gem market from three aspects: development course, function orientation and operational risk. Chapter five makes a reasonable choice of dependent variable underpricing rate and independent variable influencing factors.Then, 160 stocks in gem market are selected as samples and analyzed in a descriptive way.In chapter 6, we use multiple linear regression model and multivariate logic regression model to investigate the influencing factors of IPO underpricing in gem. Chapter 7 summarizes the conclusions of this paper on the basis of systematic research on gem market in the previous chapters.And put forward the suggestion and countermeasure of perfecting gem market.In terms of research methods, this paper combines qualitative analysis with quantitative analysis: in qualitative analysis, the formation mechanism and possible influencing factors of IPO underpricing theory are discussed, and a relatively perfect index system is listed.In terms of quantitative analysis, taking the cross-section data of 180 enterprises in China's gem market as a sample, multivariate linear regression and multivariate logic regression are carried out to find the most important influencing factors.In the aspect of innovation, this paper pays attention to the "multiple cause and one fruit" of IPO underpricing, and respectively in three aspects: the depth and breadth of index selection, the combination analysis of two regression models, and the nature of gem in China.In terms of the structure of the paper, the content of the seven chapters of this paper presents the relationship from shallow to deep, from qualitative to quantitative.The results show that the success rate and the first day turnover rate are two important factors affecting the IPO underpricing, which reflect the investment enthusiasm of investors in the secondary market.The results show that the gem market in China is largely influenced by investor sentiment. On the contrary, the indicators reflecting the fundamental information of enterprises are not significant, which also shows that investors have emotional investment to a certain extent.Lack of enterprise basic information inspection.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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