创业板上市公司破发影响因素的实证研究

发布时间：2018-01-23 10:06

本文关键词： 创业板破发实证分析　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国资本市场体系由主板、中小板、创业板、OTC市场组成,目前已经成为全球金融市场的重要组成部分。截至2013年3月8日,中国创业板上市公司达到了355家,成为全球增长最迅速的市场之一；但是由于属于新兴事物,尽管经过3年多的努力,我国创业板市场在制度建设、体制机制、秩序维护等方面仍然比较落后,其突出现象就是创业板上市公司破发的情形屡见不鲜。截止到2013年3月8日,355家创业板上市公司中(其中8家停牌),跌破发行价的有276家,占总数的77.75%,跌破发行价在75%以上的达到了24家,破发的数量和严重程度都为全球史上少见。创业板大面积的破发已成为影响经济效率和社会公平的重要问题,引起了监管者、投资者和发行人等多方的关注。我国创业板创立以来不到四年,处于初级发展阶段,其发展过程中出现的问题非常值得重视。因此本论文研究创业板上市的破发现象及其成因具有重要意义。本论文研究目的是以创业板上市公司为样本,分析创业板上市公司破发的成因。通过回归分析,发现每股收益、发行价格、流通股平均日换手率、销售毛利率、第一大股东持股比例、营业收入增长率和净资产增长率等7个因素对创业板上市公司的破发折价率有显著的影响。深入研究这些破发形成因素,对完善创业板、推动多层次资本市场建设乃至整个资本市场的健康发展有积极的理论意义和现实意义。本论文的研究思路为：首先,对国内外研究上市公司破发影响因素的成果进行回顾和梳理；其次,结合我国创业板的特点深入分析这些因素对创业板破发折价率可能的影响,然后进行实证检验；最后在研究结论的基础上提出相应的政策建议。基于以上思路,本论文将研究内容分为五个部分：绪论部分主要介绍了研究的背景和意义、国内外文献综述、研究的方法和内容以及论文的研究框架。这部分回答以下问题：为什么要研究创业板上市公司的破发?这在中国的背景下有什么重要意义?开展这些研究需要采用哪些研究方法?研究应该以怎样的内在逻辑和内容安排展开? 特征分析部分首先从创新特征、行业与地域特征和公司治理特征等角度对创业板上市公司进行了特征分析,指出创业板上市公司和一般企业在这些方面的区别；接着,从资产、收入和利润等指标对创业板上市公司进行了特征分析；理论分析部分回顾了部分国内外关于上市公司破发影响因素的研究成果,结合我国创业板的特点从理论上分析了创业板的板块因素、发行人、保荐人(承销商)、投资者监管者等方面对造成创业板上市公司破发可能的影响；实证分析部分以2009年10月30日-2013年3月8日已挂牌上市的创业板上市公司为样本,采用多元线性回归模型,对理论分析部分提到的可能影响创业板上市公司破发的因素进行实证分析,结果表明：我国创业板上市公司的破发折价率与发行价格、每股收益、流通股平均日换手率、销售毛利率、第一大股东持股比例、净资产增长率、营业收入增长率等因素明显相关；政策建议部分以上一章实证研究的结果为基础,从经营管理、公司治理、发行制度和交易制度等四个方面提出了政策建议,以期对资本市场利益相关者和以后的研究提供一些借鉴意义。
[Abstract]:China system from the capital market board, small board, the gem, OTC market, has become an important part of the global financial market. As of March 8, 2013, Chinese GEM listed companies reached 355, becoming one of the world's most rapidly growing market; but as a new thing, although after 3 years of hard work the system and mechanism of China's GEM market in order, system construction, maintenance and other aspects are still relatively backward, the prominent phenomenon is the GEM listed companies to break the situation of It is often seen.. Up to March 8, 2013, 355 GEM listed companies (including 8 suspension), below the issue price of 276, accounting for 77.75% of the total in more than 75%, below the issue price reached 24, break the number and severity are rare in the history of the world. A large area of the gem break has an impact on economic efficiency and social equity The important problem caused by the regulators, investors and issuers and other parties concerned. China's gem was founded less than four years, in the early stage of development, the problems are worthy of attention. Therefore, this paper breaks the phenomenon of gem and its origin is of great significance.
The purpose of this thesis is to GEM listed companies as a sample, analysis of the causes of the GEM listed companies break. Through regression analysis, found that the earnings per share, the issue price of shares, average daily turnover, gross margin, the proportion of the first largest shareholder, has a significant impact in operating income growth rate and the growth rate of net assets the 7 factors of the GEM listed companies break the discount rate. The further study of these break formation factors, to improve the gem, has theoretical and practical significance to actively promote the healthy development of the construction of multi-level capital market and the capital market.
The idea of this thesis is as follows: firstly, the domestic and foreign research results of the influence factors of listed companies break and review; secondly, combining the characteristics of China's gem and in-depth analysis of these factors on GEM break discount rate may affect, and empirical test; finally, based on the conclusion of the study and put forward the corresponding policy advice.
Based on the above ideas, this thesis divides the research into five parts:
The introduction part mainly introduces the research background and significance, literature review, research method and content and research framework of the thesis. This part answers the following questions: why should the companies listed on GEM break? What is the significance of this in the context of Chinese? To carry out these studies which require the use of research methods? The research should be carried out in the internal logic and content of what arrangements?
Analysis from the first part of the characteristics of innovation, industry and regional perspective characteristics and corporate governance characteristics of the companies listed on GEM characteristics analysis, pointed out that the GEM listed companies and general enterprises in these differences; then, from assets, income and profit of the companies listed on GEM characteristics analysis;
The theoretical analysis part reviews some domestic and foreign listed companies on the break influence factor research, combined with the characteristics of China's gem from the theoretical analysis of the factors of the gem plate, the issuer, sponsor (underwriter) investors, regulators and other aspects of the impact of the GEM listed companies may break the;
The part of empirical analysis in October 30, 2009 -2013 March 8th has been listed on the GEM listed companies as a sample, using multiple linear regression model, the theoretical analysis mentioned above may carry on the empirical analysis, the influence factors of GEM listed companies to break the results show that China's GEM listed companies break the discount rate and the issue price, earnings per share. Shares of average daily turnover, gross margin, the proportion of the first largest shareholder, the growth rate of net assets, operating income growth rate was related to factors such as;
Based on the results of empirical research in part of the above chapters, policy recommendations from four aspects, such as management, corporate governance, issuing system and trading system, are put forward, hoping to provide some references for stakeholders in capital market and future research.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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