当前中国创业板IPO定价问题研究

发布时间：2018-02-26 23:31

本文关键词： 创业板首次公开发行抑价　出处：《安徽大学》2012年硕士论文　论文类型：学位论文

【摘要】：中国资本市场发展二十多年来,股票首次公开发行高抑价现象一直是困扰监管者和学术界的难点问题,股票发行高抑价对资本市场主要有三点危害：其一,申购新股成为无风险投资,使得巨量资金积压在一级市场,不利于资本流动,造成资源浪费；其二,公司只要上市成功就能获得所需资金,不会出现发行失败现象,在目前核准制下,公司战略重心不是如何提高公司内在价值,而变为怎样通过各种手段尽快上市,公司发展本末倒置；其三,新股发行后,市场投机情绪浓厚,股价大幅波动,不利于资本市场长期稳健发展。因此,解决股票发行的高抑价问题是未来我国资本市场健康发展的前提条件。 2009年10月23日中国创业板正式推出,首批上市的28家公司平均抑价率高达106.23%,此后创业板上市公司发行首日鲜有破发,高抑价发行现象有增无减,申购创业板新股被视为无风险投资。创业板IPO市场作为中小企业融资平台,是为培育具有发展潜力的高新技术公司而设立的,巨额资金炒作新股,对中小企业长期稳定发展产生不利影响,因此我们需要分析创业板IPO高抑价现象背后的原因,找出核心的影响因素,制定配套政策,完善创业板IP0市场定价机制,并为不同市场参与者提供相关建议。本文首先介绍当前国内外关于IPO定价问题的相关理论,对最新研究成果进行文献综述。对于股票IPO抑价的研究,国外学者开始较早,形成的理论观点较多,体系也较完善,而我国学者的独创性理论较少,基本是在选取沪深A股相关数据的基础上,实证分析国外IPO抑价理论的正确性以及对我国资本市场的适用性。由于我国创业板IPO市场刚刚起步,样本数据有限,国内对创业板IPO高抑价现象的研究很少,没有形成统一的研究体系,因此,本文对这一现象的研究起到了一定的补充作用。创业板市场参与主体对拟上市公司股票估价是否合理,直接影响到股票上市后的价格走势,因此,需要对我国创业板IPO市场参与主体的股票估价模型,和当前创业板IPO定价方式进行分析。当前我国IPO市场常用的估价模型可分为贴现类模型、乘数类模型和资产类模型,而不同市场参与主体对创业板上市公司有着不同的估价模型：发行人一般会使用贴现类模型对自身股票进行估价；承销商一般采用资产类估价模型,并根据当前市场情况,参考乘数类估价模型估计股票价值；投资者一般会参照市场同类行业或相似企业指标,运用乘数类模型进行估价。当前创业板IP0市场主要采用询价定价方式,与改革之前相比市场化程度显著提高,但股票IP0高抑价现象没有本质变化,可见创业板定价机制还有进一步完善的空间。在对国内外IP0定价理论和IPO股票估价模型总结分析的基础上,本文简单介绍了我国创业板市场的发展历程和现状,归纳了当前创业板IPO制度的三个方面,即发行人资格、核准程序和信息披露。通过对我国创业板IPO相关样本数据的实证研究,得出实证结论：中国创业板IPO抑价现象与大盘环境具有相对独立性,抑价率表现出“重个股,轻大盘”的统计特征；当前主流理论中,影响IP0抑价率的核心因素可以归为五大因子,即初始定价、发行规模、股票价值、市场投机情绪和股东集中度；以最新样本数据建立的多元回归模型表明,摊薄发行市盈率、发行前每股净资产、发行后前十名股东合计持股比例、发行股数和上市首日换手率是影响创业板IP0抑价率的关键因素,其中前三者与抑价率成负相关关系,后两者成正相关关系。在结合实证结论的基础上,针对当前创业板IPO定价机制存在的问题,本文最后提出适用于不同市场参与者的政策建议：对于监管者,应当降低创业板准入门槛,适时推出不同行业上市标准,使得创业板一级市场供需平衡,促进抑价率逐步下降；对于发行人,应当引入风险投资,提高每股净资产,减少持股比例,为公司项目适度融资；对于保荐机构,应当加大信息透明度,提高保荐质量,建立自身品牌；对于中小投资者,应当理性投资和价值投资,学习必要的专业知识,控制投资风险,避免盲目参与创业板IPO市场的新股炒作。
[Abstract]:China ' s capital market has been developing for more than 20 years . The first public offering of high and low prices has been a difficult problem for regulators and academia . First , it has three main risks to the capital market . First , it is not conducive to capital flows and causes resource waste . At present , the company ' s strategic focus is not how to improve the intrinsic value of the company , but it is not conducive to the long - term steady development of the capital market . Therefore , the problem of high price - suppression of stock issuance is the precondition for the healthy development of capital market in the future . On October 23 , 2009 , China ' s GEM was officially launched . The average price inhibition rate of 28 companies listed in the first batch was up to 106 . 23 % . After that , the IPO market of GEM was regarded as a non - venture capital . The GEM IPO market had been set up as a financing platform for small and medium - sized enterprises . It is a financing platform for small and medium - sized enterprises . Therefore , we need to analyze the reasons behind the high IPO price - suppression phenomenon , find out the core influencing factors , formulate supporting policies , improve the pricing mechanism of the GEM IP0 market , and provide relevant suggestions for different market participants . This paper first introduces the relevant theories of IPO pricing at home and abroad , and reviews the latest research results . The stock valuation model of IPO market in our country can be divided into discount class model , multiplier class model and asset class model . Based on the summary and analysis of IP0 pricing theory and IPO stock valuation model at home and abroad , this paper briefly introduces the development course and present situation of IPO market in China , and concludes three aspects of current GEM IPO system , namely , issuer qualification , issuance scale , stock value , market speculation and shareholder concentration . On the basis of combining the empirical conclusion , aiming at the existing problems of IPO pricing mechanism of the current GEM , the paper concludes with the policy suggestion applicable to different market participants : for the regulator , the market supply and demand balance should be reduced and the price inhibition rate is gradually decreased ; for the issuer , the information transparency should be increased , the recommendation quality is reduced , and the self - brand should be established ; for small and medium investors , rational investment and value investment should be learned , the necessary professional knowledge can be learned , investment risk is controlled , and the new stock market in the IPO market should be avoided blindly .

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【引证文献】