中国创业板市场IPO的资本配置效率研究

发布时间：2018-06-07 00:18

本文选题：创业板 + IPO　；参考：《东北财经大学》2013年博士论文

【摘要】：随着我国创业板股票市场的建立,我国多层次资本市场体系的逐步形成,建立创业板的必要性探讨已经成为过去的事情。对其关注点演变为：多层次资本市场的架构的进一步完善；多层次资本市场体系和创业板的运行和配置效率的提高。现有的研究侧重于前者,而对资本配置效率的研究明显被忽略,本文研究的关注点即选择对我国创业板资本配置效率的问题进行探讨。本文严格遵循经典的实证论文框架,按照理论分析支撑实证检验、实证检验佐证理论分析结论的双重关系展开论文的研究。研究思路为：第1章阐述研究背景,提出研究问题。第2章相关研究文献梳理和第3章创业板市场IPO特征,共同构成文章的理论分析部分,为后续的研究提供理论依据。第4章“创业板IPO资本配置效率实证分析”评价我国创业板股票市场的资本配置效率。第5章研究创业板股票市场资本配置的起点-定价及定价效率。第6章对创业板股票市场IPO中投资者与资本配置效率研究,检验机构投资者在资本配置中的导向作用。第7章对创业板IPO上市公司与资本配置进行研究。第8章是研究的结论及提高我国创业板市场IPO资本配置效率的应对策略。文章围绕在投资、融资、资本配置与创业板IPO这一核心问题上,各章节的理论分析与实证检验是层层递进。其中,核心部分是第四章至第七章,分别探讨创业板IPO的投资、融资和资本配置效率的关系。通过上述研究主要得出以下结论： (1)证券市场资本配置是指通过证券市场的融资机制,促进资金合理流向发展前景好的行业或企业。本文按照资本逐利性原则,研究了中国创业板股票市场IPO的资本配置效率,分析创业板IPO融资与不同收益水平的行业产生的资本配置效率,指出我国创业板股票市场的资本配置效率相对较低。 (2)资本市场的定价效率对其资本配置功能的发挥具有决定性作用,文章利用多元线性回归分析了影响我国创业板股票市场定价效率的因素,分析结果表明显著影响超额抑价率的因素是首日换手率和中签率,投资者“从众”效应假说和投机-泡沫假说来解释我国创业板股票市场的IPO首日超额抑价率现象。 (3)按照创业板资金供应链关系,先从融资过程中的资本配置进行分析。通过分析创业板股票市场上投资者结构,指出我国创业板股票市场上以广大个人投资者为主,实证分析机构投资者与资本配置效率的关系,机构投资者对把握优质的上市公司起到了正向作用,但是弹性系数仍远小于1。 (4)按照创业板资金供应链关系,再从融资后的资本再配置进行分析。文章利用统计数据分析了创业板上市公司的融资效果,相对其他资本市场,IPO上市后显著提高了收入、毛利润率,但净利润率却没有得到显著提高。利用DEA方法综合评价了创业板股票市场的股权融资效率,发现存在着资金投入和产出的不均衡现象。文章在分析创业板机构投资者持股与资本再配置效率的关系时,从低效率融资是否得到抑制角度进行研究资本再配置效率的提高。通过实证检验机构投资者持股对上市公司低效率融资不具有制约作用,不能通过制约上市公司低效率融资从而达到提高资本再配置效率。本文的创新之处主要体现在以下两方面：一是系统地用实证方法研究了中国创业板股票市场IPO资本配置效率,从资金供应链角度分析创业板IPO的资本配置效率。先分析创业板市场是否具备将投资者的资金合理导向收益率高的行业的能力；再按照资金供应链角度分析融资过程中的定价效率、抑价的影响因素、机构投资者与资本配置的关系；然后分析融资后的资本配置效率,先分析上市公司在创业板IPO融资中的效果,分析创业板上市公司股权融资效率的影响因素,再分析创业板上市公司在融资后的资本再配置效率,将创业板股票市场资本配置作用分成两个部分融资资本配置效率和融资后资本再配置效率。二是系统地用实证方法研究了中国创业板股票市场IPO的资本配置效率,提出IPO资本配置效率模型,机构投资者与资本再配置效率模型。文章还存在一些有待进一步探讨的不足之处。由于创业板股票市场成立才三年,实证分析时面板数据不易获得,将时间序列数据引入度量IPO资本配置效率的理论研究模型,这是未来研究值得重点深化的方向之一。
[Abstract]:With the establishment of China ' s GEM stock market , the gradual formation of multi - level capital market system in China and the necessity of establishing the GEM have become the past .
The present research focuses on the former , and the research on the efficiency of capital allocation is ignored . The focus point of this paper is to discuss the issue of capital allocation efficiency in China ' s GEM .

The paper studies the capital allocation efficiency in China ' s GEM stock market . In chapter 5 , we study the capital allocation efficiency of the stock market in China . Chapter 5 deals with the capital allocation efficiency of the stock market in China . Chapter 5 deals with the research on the capital allocation efficiency of the stock market in China . Chapter 6 deals with the research on the capital allocation efficiency of the GEM IPO . Chapter 6 deals with the relationship between the investment , financing and capital allocation efficiency of the IPO of GEM .

The following conclusions are mainly drawn from the above studies :

( 1 ) The capital allocation of stock market means the industry or enterprise that promotes the reasonable flow of capital to the developing prospect through the financing mechanism of the securities market . According to the principle of the profit - by - profit , the paper studies the capital allocation efficiency of IPO in Chinese GEM stock market , analyzes the capital allocation efficiency of the IPO financing and the different income level , and points out that the capital allocation efficiency of Chinese GEM stock market is relatively low .

( 2 ) The pricing efficiency of capital market plays a decisive role in the function of capital allocation .

( 3 ) According to the relationship of capital supply chain of the GEM , the capital allocation in the financing process is analyzed firstly . By analyzing the investor structure in the stock market of the GEM , the paper points out that the stock market of China ' s GEM is mainly composed of individual investors , and the relationship between the investor and the capital allocation efficiency is empirically analyzed . The institutional investors play a positive role in grasping the high - quality listed companies , but the elastic coefficient is still much less than 1 .

( 4 ) According to the relationship between capital supply chain and capital re - allocation after financing , the paper analyzes the financing effect of GEM stock market by using statistics , and increases the income and gross profit margin , but the net profit margin is not improved significantly .

The innovation of this paper is mainly embodied in the following two aspects : First , the efficiency of IPO capital allocation in China ' s GEM stock market is studied by the empirical method , and the capital allocation efficiency of IPO is analyzed from the angle of fund supply chain .
Then , according to the angle of fund supply chain , the paper analyzes the pricing efficiency , the influence factors of the price inhibition , the relationship between institutional investors and capital allocation ;
Then the efficiency of capital allocation after financing is analyzed , the effect of listed companies in IPO financing is analyzed , and the influencing factors of equity financing efficiency of listed companies are analyzed . The capital allocation efficiency of the stock market of GEM is analyzed , and the capital allocation efficiency of IPO in China ' s GEM stock market is analyzed systematically .

There are some shortcomings that need to be discussed further . Since the stock market of GEM has been set up for three years , the panel data is not easy to be obtained in the case of empirical analysis , and the time series data is introduced into the theoretical research model to measure IPO capital allocation efficiency , which is one of the directions which should be deepened in future research .
【学位授予单位】：东北财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】