投资者新股申购收益率影响因素研究

发布时间：2019-06-04 19:09

【摘要】：申购新股是普通投资者参与一级市场的一个重要途径,被认为是一种高收益低风险的投资手段。但是随着新股发行体制的不断改革,市场化程度的提高,使得新股申购已经不再是无风险的投资途径了,这时候对于投资者而言如何获得更高的新股申购收益率,就变得更加有意义。本文的创新之处在于从投资者的角度来研究新股申购收益率的影响因素。本文首先梳理了国外学者对于新股抑价的研究成果,根据不同市场、信息是否对称等因素对国外的研究进行一个分类,并进行相应的评述,同时也对国内一些关于新股抑价的文献进行了一些梳理跟评述;除此之外,还对我国的新股发行制度的演变进行了详细地梳理以及评述;并重点对2009年7月IPO重启之后的三次新股发行制度改革对于新股申购收益率的影响进行了相关的实证分析,最近得出相应的结论与建议。通过对我国新股申购收益率影响因素的理论以及实证研究,本文发现新股发行制度的不断变化,对于新股申购收益率具有明显的影响;同时随着新股体制改革的不断深化,相较于新股基本面特征,市场氛围的相关指标对新股申购收益率具有更为明显的影响。除此之外,新股所处行业不同,对于新股申购收益率的影响也十分显著。
[Abstract]:The purchase of new shares is an important way for ordinary investors to participate in the primary market, and is considered to be a high-yield and low-risk investment means. However, with the continuous reform of the new share issuance system and the improvement of the degree of marketization, it is no longer a risk-free way to apply for new shares. At this time, how to obtain a higher rate of return on new shares for investors. It becomes more meaningful. The innovation of this paper lies in the study of the influencing factors of the return on new stock purchase from the perspective of investors. This paper first combs the research results of foreign scholars on new stock underpricing, classifies and comments on foreign research according to different markets, information symmetry and other factors. At the same time, some domestic literature on IPO underpricing is also combed and reviewed. In addition, it also combs and comments on the evolution of the new share issuance system in China in detail. It also focuses on the impact of the three new share issuance system reforms on the return on new stock requisition after the restart of IPO in July 2009, and draws the corresponding conclusions and suggestions recently. Through the theoretical and empirical study on the influencing factors of the rate of return on new share requisition in China, this paper finds that the continuous change of the issuing system of new share has obvious influence on the rate of return on new stock purchase. At the same time, with the deepening of the reform of the new stock system, compared with the basic characteristics of the new shares, the relevant indicators of the market atmosphere have a more obvious impact on the return on the purchase of new shares. In addition, the industry in which the new shares are located is different, and the impact on the return on the purchase of new shares is also very significant.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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