财务信息与创业板企业IPO抑价的相关性研究

发布时间：2018-01-19 09:57

本文关键词： 创业板 IPO抑价财务信息　出处：《贵州财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国资本市场从1981年至今已经历了三十多年的发展，2009年10月30日我国创业板市场正式启动，使得我国初步建立了由主板、中小板、创业板和OTC（场外柜台交易）等多层次的资本市场体系。截至2011年年底，先后有281家公司在创业板上市，成功募集了七千四百多亿资金，为企业提供了充足的长期资本，强有力的支持了实体经济的发展。然而新股发行IPO抑价居高不下严重影响了创业板的健康发展，也影响了资本市场资源的有效配置。在我国研究IPO抑价的文献较多，但是由于创业板刚刚开始，专门研究财务信息对IPO抑价影响因素的文献较少，这就为本文提供了研究空间。理论上来讲财务信息应该是新股定价的重要因素，因为股票的价格是企业未来价值的体现。财务信息可以透露出企业的财务状况、经营成果、发展前景等等，是衡量一个企业价值的重要信息。作为一个以盈利为目的的企业，财务信息一定与IPO抑价有着重要的关系。本文首先回顾了国内外不同学者对企业IPO抑价和财务信息对股价影响的文献研究，逐步梳理已有的研究成果，对已有的研究成果进行归纳与总结，并提出现有的理论研究的不足之处。在借鉴前人研究的基础上，将视野放宽至了刚刚起步的创业板上市公司IPO，将企业IPO抑价分为一级市场抑制价格（即一级市场的抑价）和二级市场的溢出价格即（二级市场的抑价）问题。借助盈利能力、营运能力、偿债能力和成长能力四个方面的财务指标分一级市场和二级市场进行实证分析，衡量财务信息对企业IPO抑价的影响。以研究创业板中财务信息对公司IPO抑价的相关性影响。通过理论分析和实证研究得出以下结论：1、首日开盘价更接近股票的真实价格。2、财务信息对IPO抑价影响显著。3、在区分市场情况下的实证分析结果中，财务信息对IPO抑价的影响是不同的。在一级市场中，财务信息中的每股收益对IPO抑价的影响是显著的，而且两者成反比。在二级市场中，财务信息中的销售收入增长率对IPO抑价的影响是显著的，两者成正比。在总体市场中，财务信息中的每股收益对IPO抑价的影响显著，两者成反比。从结论中可以发现，财务信息对一级市场IPO抑价率的影响较大，因为公司的财务信息好坏在发行阶段已经大部分被机构投资者识别并体现发行价上，所以两者成反比。在不同级市场中财务信息对IPO抑价的影响是不同的，而且影响的财务指标也是不同的。这说明一级市场的投资者更看重公司的盈利能力，，二级市场的投资者更看重公司的成长性。最后根据研究结论提出政策性建议：1、加强财务信息披露和监管。2、进一步完善创业板询价体制。3、积极培养投资者理性。
[Abstract]:Since 1981, China's capital market has undergone more than 30 years of development. In October 30th 2009, China's gem market officially started, making our country initially established by the main board, small and medium-sized boards. Growth Enterprise Market (gem) and OTC (OTC) and other multi-level capital market system. By the end of 2011, there were 281 companies listed on the gem, which successfully raised more than 740 billion funds. For the enterprise to provide sufficient long-term capital, strong support for the development of the real economy. However, the high underpricing of IPO has seriously affected the healthy development of the gem. It also affects the effective allocation of capital market resources. In our country, there are more literatures on IPO underpricing, but because the gem has just begun, there is less literature on the influence of financial information on IPO underpricing. This provides the research space for this paper. In theory, financial information should be an important factor in the pricing of new shares, because the price of stocks is the embodiment of the future value of enterprises. Financial information can reveal the financial situation, business results, development prospects and so on. Is an important information to measure the value of an enterprise. As a profit-oriented enterprise. Financial information must have an important relationship with IPO underpricing. Firstly, this paper reviews the literature on the influence of corporate IPO underpricing and financial information on stock price by different scholars at home and abroad, and gradually combs the existing research results. The existing research results are summarized and summarized, and put forward the deficiencies of the existing theoretical research. On the basis of the previous studies, the field of vision has been broadened to the newly started gem listed company IPO. The IPO underpricing of enterprises is divided into primary market suppression price (that is, primary market underpricing) and secondary market spillover price (secondary market underpricing). The financial indicators of solvency and growth ability are divided into primary market and secondary market for empirical analysis. To measure the influence of financial information on corporate IPO underpricing. In order to study the correlation of financial information to corporate IPO underpricing in gem. Through theoretical analysis and empirical research, we can draw the following conclusions: 1. The opening price of the first day is closer to the real price of the stock. 2. The financial information has a significant impact on the IPO underpricing. The effect of financial information on IPO underpricing is different. In the primary market, the EPS in financial information has a significant effect on IPO underpricing, and the two are inversely proportional to each other in the secondary market. The growth rate of sales income in financial information has a significant effect on the underpricing of IPO, which is in direct proportion. In the overall market, the earnings per share in financial information have a significant impact on the underpricing of IPO. From the conclusion, we can find that the financial information has a great influence on the IPO underpricing rate in the primary market. Because the financial information of the company has been recognized by institutional investors and reflected on the issue price in the issuing stage, the two are inversely proportional. In the different market, the influence of financial information on IPO underpricing is different. This means that investors in the primary market value the profitability of the company more, and investors in the secondary market value the growth of the company more. Finally, according to the conclusion of the study, the author puts forward the policy suggestion: 1, strengthens the financial information disclosure and the supervision. 2, further consummates the gem inquiry system. 3, actively trains the investor rationality.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.42;F832.51

【引证文献】