我国创业板高超募之谜:利益驱使或制度使然

发布时间：2018-06-13 02:16

本文选题：创业板 + 超募　；参考：《中国工业经济》2011年09期

【摘要】：自我国创业板市场成立以来,"三高"问题,即高发行价、高市盈率和高超募率,就受到社会各界的普遍关注与广泛质疑。其中,"高超募"作为我国新兴转轨资本市场上的一个特有现象,对其进行研究具有重要的理论意义和政策价值。本文基于我国创业板市场首次公开发行(IPO)高超募现象的形成机理,收集2009年9月至2010年10月我国创业板市场发行的142只IPO数据进行实证检验。研究结果表明,我国创业板IPO高超募现象并非承销商抬高股票定价以获取高额承销佣金所致,"承销佣金利益驱使假说"并不成立;而《证券法》第五十条关于股票上市条件的规定,即公开发行股份应当达到公司股份总数的25%或10%以上,直接导致创业板公司在IPO时发行股票数量过多,这才是我国创业板高超募现象的制度根源。
[Abstract]:Since the establishment of China's gem market, the "three high" problems, namely, high issue price, high price-earnings ratio and high raising rate, have been widely concerned and questioned by all walks of life. Among them, "superb raising" as a unique phenomenon in China's emerging transitional capital market, its research has important theoretical significance and policy value. Based on the formation mechanism of IPO (initial Public offering) in China's growth Enterprise Market (gem), this paper collects 142 IPO data from September 2009 to October 2010 for empirical test. The results show that the phenomenon of IPO prowess in China's gem is not caused by the underwriters pushing up the price of stocks to obtain the high commission of underwriting, and the hypothesis of "profit driven by underwriting commission" is not true. And the provisions of Article 50 of the Securities Law on the conditions for the listing of stocks, that is, the public offering of shares shall be 25% or more of the total number of shares of the company, which directly leads to the excessive number of shares issued by gem companies at the time of IPO. This is China's gem superb fund-raising phenomenon of the system root.
【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金项目“全球金融风暴背景下中国企业财务决策行为研究”(批准号70972110)
【分类号】：F832.51

【参考文献】