创业板股票高市盈率发行的市场风险研究

发布时间：2018-05-17 09:25

本文选题：创业板 + 市盈率　；参考：《武汉金融》2013年12期

【摘要】：自我国创业板开板以来,"三高"(高市盈率、高发行价格与高超募比例)成为创业板公司首次公开发行过程中的独特现象,并被市场认为是创业板潜在风险的巨大诱因。本文以发行市盈率与成长性的相互关联为切入点,结合无套利均衡原理深入剖析市盈率定价逻辑,建立计量模型定性定量地研究了高市盈率发行给投资者带来市场风险的机理及程度。然后,提出国家证券监管部门应逐步放开拟申请上市公司质量的审核与市场准入的核准职能,培养市场自身的调节功能,同时应加强法制建设及交易监管,营造公正透明的市场环境。
[Abstract]:Since the gem was opened in our country, "three high" (high price-earnings ratio, high price and high ratio of offering price and excellent raising ratio) has become a unique phenomenon in the initial public offering of gem companies, and has been considered by the market as a huge inducement for the potential risks of gem. This paper analyzes the price-earnings ratio pricing logic with the price-earnings ratio and growth correlation as the starting point, combined with the principle of no-arbitrage equilibrium. The mechanism and degree of market risk caused by high price-earnings ratio issue are studied qualitatively and quantitatively. Then, it is pointed out that the national securities regulatory department should gradually liberalize the functions of examining the quality of the listed company and approving the market access, train the regulating function of the market itself, and strengthen the legal system construction and transaction supervision at the same time. Create a fair and transparent market environment.
【作者单位】：同济大学经济与管理学院;
【基金】：国家自然基金项目(项目批准号:71273190) 教育部人文社科研究规划项目(编号:10YJA790196) 国家社科基金重大项目(编号:11&ZD139)的部分研究成果
【分类号】：F832.51

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