基于社会比较理论的国内IPO定价与抑价研究

发布时间：2018-01-09 12:04

本文关键词：基于社会比较理论的国内IPO定价与抑价研究　出处：《哈尔滨工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：IPO是首次公开发行的意思。IPO过程中的发行定价环节是最基本的环节，同时也是最重要的环节。发行价格是否合理将直接关系到股票上市后的市场表现。无论在成熟的股票市场中还是在未成熟的股票市场中，IPO抑价都是一个普遍存在的现象。目前各国的IPO抑价程度要远高于正常的抑价水平，而过高的IPO抑价会给股市的繁荣和国家经济的发展带来重大的不利影响。针对IPO抑价现象，各国学者做了大量的理论和实证研究，这些研究多从信息经济学或行为金融学的角度进行，且都对IPO抑价现象做出了不同程度的解释。但是，目前的研究还无法对这一现象做出通透的解析，因此，将新的理论引入到对IPO抑价现象的解释中就显得很有必要。不同于以往的研究，本文从社会比较理论的角度分析了我国IPO抑价存在的原因，证明了社会比较理论在解释沪市A股市场的IPO抑价时的可行性。这不仅为国内股市IPO抑价的研究提供了一种新的研究方法，为国内股票市场其他问题的研究提供了一种新的研究思路，同时，，有助于了解新股定价的合理性，并为新股发行价格的制定提供一定的借鉴和参考。本文运用社会比较理论对IPO定价和抑价进行了分析、研究和解释，在以上理论分析的基础上建立线性回归模型，并运用逐步回归分析的方法得到有效变量和相关系数，证明了社会比较理论在解释我国IPO抑价现象时的可行性和适用性。
[Abstract]:IPO is the meaning of the initial public offering. IPO process in the issue pricing link is the most basic link. At the same time, it is also the most important link. Whether the issue price is reasonable or not will directly affect the performance of the stock market after listing. Whether in the mature stock market or in the immature stock market. IPO underpricing is a common phenomenon. At present, the degree of IPO underpricing in various countries is much higher than the normal underpricing level. Too high IPO underpricing will have a significant negative impact on the stock market boom and national economic development. According to the phenomenon of IPO underpricing, scholars from all over the world have done a lot of theoretical and empirical studies, which are mostly from the perspective of information economics or behavioral finance. IPO underpricing phenomenon has been explained to some extent. However, the current research has not been able to make a thorough analysis of this phenomenon, so. It is necessary to introduce the new theory into the explanation of IPO underpricing phenomenon. Different from previous studies, this paper analyzes the reasons for the existence of IPO underpricing in China from the perspective of social comparison theory. It proves the feasibility of social comparison theory in explaining IPO underpricing in Shanghai A-share market, which not only provides a new research method for domestic stock market IPO underpricing. At the same time, it is helpful to understand the rationality of new stock pricing, and to provide some reference and reference for the establishment of new issue price. This paper uses the social comparison theory to analyze, study and explain the pricing and underpricing of IPO. Based on the above theoretical analysis, a linear regression model is established. The method of stepwise regression analysis is used to obtain effective variables and correlation coefficients, which proves the feasibility and applicability of social comparison theory in explaining IPO underpricing phenomenon in China.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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