我国创业板IPO定价机制研究

发布时间：2018-02-06 02:41

本文关键词： 创业板 IPO抑价 IPO定价机制询价制　出处：《天津科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场历经十年的准备,于2009年10月23日在深圳证券交易所正式开板,标志着创业板已成为我国资本市场不可或缺的一部分。随着对IPO抑价研究的深入,研究者们开始关注发行机制对IPO抑价的影响,新股发行定价机制逐渐成为研究者们感兴趣的一个研究方向。各国家或地区的IPO定价机制向累计投标询价机制融合已经成为一个世界性的趋势,我国的新股发行也开始全面采用询价机制,要实现与全球市场的接轨,必须接受和适应累计投标询价机制,为此对询价发行机制的深入研究意义重大。由于我国创业板建立的时间较晚,股票数据的年份和数量比较少,而目前学术界针对创业板的研究多数仅从海外创业板和我国主板及中小企业板进行研究,鲜有文献对我国创业板及其IPO定价机制进行理论探讨和实证研究。关于创业板市场IPO询价制的实行是否适应我国目前的市场条件与制度背景,是否能真正提高定价效率,降低新股发行抑价率,均成为需要研究探讨的问题。本文以2009年10月30日我国创业板开板以来至2011年11月30日上市的所有276支新股为研究样本进行研究,创新性地从IPO的询价区间和新股在询价区间内定价调整以及参与询价的机构数目的视角入手,结合我国的询价制的制度安排和特点,以我国创业板上市公司为样本,对我国询价制下IPO发行的高抑价现象进行了解释。研究发现新股询价的区间和新股定价时的定价信息,能够很好地解释新股上市首日收益率,体现了新股定价的市场化：但较多的机构参与询价并没有提高新股定价的准确性,询价机制还有待不断改进完善。本文的研究结果具有理论和实践两方面的重要意义,既检验了定价机制对IPO抑价的影响,肯定了我国引入询价机制所带来的积极作用,又指出了目前我国询价发行中尚需改进的地方,对现实中深化改进我国询价发行效率和促进创业板的健康发展提供了参考。
[Abstract]:After ten years of preparation, the gem of our country officially opened in the Shenzhen Stock Exchange on October 23rd 2009. The gem has become an indispensable part of China's capital market. With the in-depth study of IPO underpricing, researchers begin to pay attention to the impact of issuance mechanism on IPO underpricing. The pricing mechanism of IPO has gradually become an interesting research direction for researchers. It has become a worldwide trend that the pricing mechanism of IPO from various countries or regions converges to the cumulative bidding inquiry mechanism. In order to realize the integration with the global market, we must accept and adapt to the accumulative bidding inquiry mechanism, which is of great significance to the in-depth study of the inquiry issuance mechanism. Because of the late establishment of the gem in our country, the number and year of stock data are relatively small, but most of the research on gem in academic circles is only conducted from overseas gem and the main board and SME board of our country. There is little literature on the gem and its IPO pricing mechanism of theoretical and empirical research. On the gem market IPO inquiry system to adapt to the current market conditions and institutional background. Whether we can really improve the pricing efficiency and reduce the underpricing rate of the new issue have become the problems that need to be studied. This paper takes all 276 new shares listed from October 30th 2009 to November 30th 2011 as the research sample. From the perspective of IPO's inquiry range and new stock pricing adjustment within the inquiry range as well as the number of institutions participating in the inquiry, this paper combines the institutional arrangements and characteristics of the inquiry system in China. Taking the gem listed companies as the sample, this paper explains the high underpricing phenomenon of IPO issuance under the inquiry system in China, and finds out the interval of new stock inquiry and the pricing information of new stock pricing. It can explain the yield on the first day of IPO, which reflects the marketization of new stock pricing. However, the accuracy of IPO pricing has not been improved by more institutions participating in inquiry, and the inquiry mechanism still needs to be improved and perfected. The research results of this paper have both theoretical and practical significance. It not only tests the influence of pricing mechanism on IPO underpricing, but also affirms the positive effect brought by the introduction of inquiry mechanism in China. The paper also points out the areas that need to be improved in China's inquiry issuance at present, and provides a reference for further improving the efficiency of inquiry issuance and promoting the healthy development of gem in reality.
【学位授予单位】：天津科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】