我国创业板IPO抑价影响因素的实证研究

发布时间：2018-01-15 20:05

本文关键词：我国创业板IPO抑价影响因素的实证研究　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：1999年8月，党中央、国务院的《关于加强技术创新，发展高科技，实现产业化的决定》的出台，标志着我国大陆创业板的萌芽。2000年，深圳证券交易市场为筹建创业板，停发新股。由于受到纳斯达克股市以及国内丑闻的影响，创业板一度被搁置。2006年，中国证监会主席尚福林提出尽快推出创业板。2009年10月30日，历经十年筹备之久的中国创业板正式上市。首批登录中国创业板的28家上市企业也正式开始交易。创业板的正式成立，意味着我国多层次资本市场体系的完善和我国新股发行市场化定价方式的加强，提高了市场的有效性。发行价格是否接近二级市场的预期价格，是判断IPO定价是否合理的主要标准，也是计算IPO抑价的直接数据。本文利用Stata/SE12.0和EXCEL软件，运用实证分析的方法，通过对创业板建立两年多以来的上市公司发行价格的研究，发现截止到2011年12月29日，IPO抑价现象非常严重，企业上市首日收盘价屡创新高，市场投机气氛浓烈，平均抑价率如此之高造成的直接后果就是大量的资金滞留在一级市场，严重影响我国资本市场资源配置的效率，大大阻碍了创业板健康有序的发展。因为我国创业板推出的时间较短，目前针对我国创业板IPO定价问题的研究较少。本文通过研究和分析影响我国创业板IPO抑价的因素，可以有效提高我国创业板市场资源配置的效率，促进我国创业板市场的健康发展。在实证部分中，本文首先对创业板IPO抑价率的影响因素进行分析，然后采用岭回归分析方法进行分析，研究结果显示，上市首日市盈率、企业首发实际募集资金、企业上市首日换手率和上市公司所在地域对创业板企业的IPO抑价率都有着比较大的影响。最后本文从IPO发行定价市场化改革的角度提出建议，认为应进一步完善信息披露制度和新股发行的市场询价机制等。而在改革的进程中，，创业板应当担当起改革试点的重任。
[Abstract]:On August 1999, the decision of the CPC Central Committee and the State Council on strengthening technological innovation, developing high technology, and realizing industrialization marked the germination of the gem in mainland China. Shenzhen stock exchange market to prepare for the establishment of the gem, stop the issue of new shares. Due to the Nasdaq stock market and domestic scandals, the gem was once shelved. 2006. Shang Fulin, Chairman of China Securities Regulatory Commission, proposed to launch gem as soon as possible. October 30th 2009. After ten years of preparation, China's gem was officially listed. The first batch of 28 listed enterprises to log on to the China growth Enterprise Market (gem) also officially began trading, and the gem was formally established. It means that the improvement of our country's multi-level capital market system and the strengthening of the market-oriented pricing mode of new stock issuance in our country improve the effectiveness of the market. Whether the issue price is close to the expected price in the secondary market is the main criterion to judge whether the IPO pricing is reasonable or not. It is also the direct data to calculate IPO underpricing. This paper uses Stata/SE12.0 and EXCEL software to use the method of empirical analysis. Through the research on the IPO prices of listed companies since the establishment of the gem for more than two years, it is found that the IPO underpricing phenomenon is very serious until December 29th 2011, and the closing price of the first day of the listing of enterprises has repeatedly reached a new high. The direct consequence of the strong speculative atmosphere in the market and the high average underpricing rate is that a large number of funds are stranded in the primary market, which seriously affects the efficiency of resource allocation in our capital market. It greatly hinders the healthy and orderly development of the gem, because the gem in our country is launched in a short time. At present, there are few researches on IPO pricing in China's gem. By studying and analyzing the factors that affect the underpricing of gem, this paper can effectively improve the efficiency of resource allocation in gem. Promote the healthy development of China's gem market. In the empirical part, this paper first analyzes the factors affecting the IPO underpricing rate of gem, then uses the method of ridge regression analysis, the research results show that the price-earnings ratio on the first day of listing. The initial financing, the turnover rate on the first day of listing and the region where the listed company is located have great influence on the IPO underpricing rate of the gem enterprises. Finally, this paper puts forward some suggestions from the perspective of market-oriented reform of IPO issue pricing, and points out that we should further improve the information disclosure system and the market inquiry mechanism of new issue, and in the process of reform. The gem should take on the important task of reforming pilot projects.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】