创业板上市前业绩和IPO抑价关系研究

发布时间：2018-01-13 07:50

本文关键词：创业板上市前业绩和IPO抑价关系研究　出处：《延边大学》2013年硕士论文　论文类型：学位论文

更多相关文章： 创业板 IPO IPO抑价 询价制

【摘要】：IPO(Initial Public Offering)指首次公开发行,IPO抑价(IPO Underpricing),指的是首次公开发行的股票的发行价格低于该公司上市首日的收盘价格的现象。我国的资本市场经过了十年漫长的发展,现如今的相关的法律法规也正在逐渐的完善和改进当中,在2009年的10月,我国也终于有了属于自己的创业板。目前在世界各国约有创业板70个,比较有代表性的如美国的NASDAQ、英国的AIM、新加坡的SESDAQ、日本的JASDAQ、韩国的KOSDAQ、我国香港的GEM等等,其中以美国的NASDAQ最为成功,像是我们熟知的微软、因特尔、苹果都在NASDAQ上挂牌上市,在我国,创业板上市的公司主要集中于新型能源产业、传统制造业、服务业以及新经济类的产业,而我国的创业板营运状况如何,一直也是自其开板以来备受关注的。本文采用了规范性研究方法和实证性研究方法相结合的方式,在我国现行询价制下研究创业板中上市公司上市前财务业绩和IPO抑价率关系。在理论研究部分,首先,回顾了国内外的文献,从国外现行的理论为基础,将影响IPO抑价的相关理论分别做了详细介绍,并回顾了国外文献；之后回顾国内相关学者对我国创业板的研究；其次,对于询价机制的制度背景做了深刻的剖析,从我国的IPO抑价发展历程归纳总结开始,介绍了目前国内通用的对创业板的股票定价发售方式；最后,以现行的IPO抑价理论为基础,对我国创业板一级市场中的发行价格和二级市场中的收盘价格与上市公司之前的业绩做了相关的理论分析。在实证研究部分,本文选取了我国创业板从2009年10月开板以来一直到2012年10月上市的355家公司的数据,将在主板主要影响IPO抑价的决定因素：首发日市盈率、首发日募集资金规模、首发日中签率和首发日公司规模做了第一次回归分析,并得出结论,而后将模型一中这四个变量作为控制变量并将上市公司上市前的财务业绩指标引入模型中,建立模型二,分别从企业的盈利能力、资产质量、债务风险及经营增长性这四个维度引入四个主要指标,分别为净资产收益率、总资产周转率、资产负债率、营业利润增长率,做回归分析并得出结论,上市公司的上市前业绩对IPO抑价有一定的影响。
[Abstract]:IPO(Initial Public offering refers to the underpricing of initial public offerings (IPO underpricing). It refers to the phenomenon that the initial public offering price is lower than the closing price on the first day of the company's listing. China's capital market has been developing for a long period of ten years. At present, the relevant laws and regulations are gradually improving and improving. On 2009, October, China finally has its own gem. At present, there are about 70 gem in the world, such as NASDAQ of the United States, AIMB of the United Kingdom, SESDAQ of Singapore and JASDAQ of Japan. Korea's KOSDAQ, China's Hong Kong GEM, and so on, with the United States NASDAQ is the most successful, such as we know Microsoft, Intel, Apple are listed on the NASDAQ. In China, gem listed companies mainly focus on the new energy industry, traditional manufacturing, service industry and new economic industries. Has been since its board since the attention. This article adopts the normative research method and the positive research method unifies the way. Under the current inquiry system in China, the relationship between financial performance and IPO underpricing of listed companies in gem is studied. In the theoretical research part, firstly, the literature at home and abroad is reviewed, based on the current theories abroad. The related theories that affect IPO underpricing are introduced in detail, and the foreign literature is reviewed. Then review the domestic scholars on the gem research; Secondly, it makes a profound analysis of the institutional background of the inquiry mechanism, starting with the summary of the history of IPO underpricing in our country, and introduces the current domestic general pricing and selling mode of gem. Finally, based on the current IPO underpricing theory. This paper makes a theoretical analysis of the issue price in the gem primary market and the closing price in the secondary market and the previous performance of listed companies. This paper selects the data of 355 companies listed in gem from October 2009 to October 2012. The main determinants of IPO underpricing on the main board are listed as follows: the first-day price-earnings ratio, the scale of the funds raised on the first day, the ratio of the first day of receipt and the size of the company on the first day of the first regression analysis, and the conclusion is drawn. Then the four variables in model one are taken as control variables and the financial performance index of listed companies before listing is introduced into the model, and model two is established, respectively from the profitability of enterprises, asset quality. Debt risk and operating growth of these four dimensions introduce four main indicators, respectively, for the return on net assets, total asset turnover, asset-liability ratio, operating profit growth rate, do regression analysis and draw conclusions. The pre-listed performance of listed companies has a certain impact on IPO underpricing.
【学位授予单位】：延边大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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