中国创业板IPO抑价问题研究

发布时间：2018-11-23 15:54

【摘要】：IPO(Initial Public Offerings,首次公开募股)指发行人在承销商的帮助下首次公开发行股票的行为。IPO抑价主要是指股票一级市场的发行价格低于二级市场的交易价格,具体表现在上市首日的收盘价高于发行价格,为参与一级市场的投资者带来超额收益,形成抑价。根据有效市场理论,如果IPO抑价存在,即会导致资金从二级市场不断的流向一级市场；一般均衡理论认为,这种抑价现象不可能长期存在。事实上研究表明,抑价现象广泛存在于各国的证券市场,且成熟证券市场的抑价程度要小于新兴市场。中国创业板于2009年10月30日设立以来,截止2012年2月,共有290只股票在创业板上市,“三高现象(高发行价、高发行市盈率、高超募资金)”极为严重,而令人费解的是IPO在屡创“三高”的同时,依然保持着较高抑价,极大降低了创业板资源配置效率以及加大市场投资风险等不利于创业板健康发展的因素。本文结合我国创业板市场的特点,认真研究国内外文献的逻辑,对各种抑价理论进行梳理总结,从IPO利益链条上的发行人、投资银行及投资者(机构投资者与散户投资者)的分析中找出可能影响中国创业板IPO抑价的影响因素。使用逐步回归法,提取确实影响IPO抑价的因素,并提出政策建议。研究结果表明：中国创业板抑价主要是因为“炒新热”依然严重,主要表现在一级市场大幅超额申购带来的供需矛盾,二级市场跟风炒作,另外“从众效应“也十分明显；而新兴战略产业概念、投资银行声誉等对抑价影响并不显著,主要是因为创业板绝大部分都是与新兴战略产业相关,而当前,投行同质化较明显；另外,招股说明书的信息对投资者有比较明显的指引作用,体现在所揭示的风险和抑价显著负相关。
[Abstract]:The IPO (Initial Public Offerings, IPO refers to the act of an issuer issuing an initial public offering of shares with the help of an underwriter. IPO underpricing mainly refers to the issuance price of a primary stock market that is lower than the trading price in the secondary market. The concrete performance is that the closing price on the first day of listing is higher than the issuing price, which brings excess returns to investors participating in the primary market and forms underpricing. According to the efficient market theory, if IPO underpricing exists, it will lead to the continuous flow of funds from the secondary market to the primary market, and the general equilibrium theory holds that this underpricing phenomenon can not exist for a long time. In fact, the phenomenon of underpricing exists widely in the securities markets of various countries, and the degree of underpricing in mature securities markets is smaller than that in emerging markets. Since the establishment of the gem on October 30, 2009, as of February 2012, 290 stocks have been listed on the gem. What is puzzling is that IPO still keeps high underpricing while creating "three high", which greatly reduces the efficiency of gem resource allocation and increases the risk of market investment, which is not conducive to the healthy development of gem. Based on the characteristics of China's gem market, this paper studies the logic of domestic and foreign literature, and summarizes the theories of underpricing, from the issuer of IPO benefit chain. The analysis of investment banks and investors (institutional investors and retail investors) identified the factors that may affect the IPO underpricing of China's gem. By using stepwise regression method, the factors affecting IPO underpricing were extracted, and some policy suggestions were put forward. The results show that the underpricing of China's gem is mainly due to the fact that the "new hot speculation" is still serious, which is mainly reflected in the contradiction between supply and demand brought by the large oversubscription in the primary market, the speculation in the secondary market following the trend, and the obvious "herd effect". However, the concept of emerging strategic industry and the reputation of investment banks have no significant effect on underpricing, mainly because most of the gem is related to emerging strategic industries, but at present, the investment banks are homogenized; In addition, the information of prospectus has a more obvious guiding role for investors, reflected in the risk and underpricing revealed a significant negative correlation.
【学位授予单位】：湖北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】