我国股份制商业银行IPO定价问题研究

发布时间：2018-02-11 14:40

本文关键词： 商业银行 IPO 定价模型　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国金融业改革不断加快，越来越多的股份制商业银行努力提高核心竞争力和改善公司治理结构，其中的方法有很多，，而最直接的方式就是股票上市。企业发行IPO最关键的就是新股定价。本文运用理论分析与实证研究相结合的方法，客观的描述我国商业银行股首次公开发行的定价问题，为改善商业银行股IPO定价的提出政策建议，为待上市的股份制商业银行IPO定价起到一定的借鉴和参考作用。本文首先对股票IPO定价理论的简单介绍贴，其中主要有现现金流模型、资本资产定价模型、可比公司模型等，然后分析其在我国证券市场的适用性，并研究IPO定价与各种影响因素之间的关系。其次，结合商业银行的行业特点，从政策和非政策因素两个方面定性分析影响银行股IPO定价的主要因素，对影响IPO定价的因素制定了一定的指标体系。在这个指标体系的基础上，对1999年以来上市的12家商业银行IPO定价进行实证研究，从中找出对银行股IPO定价有重要影响的变量因素，建立商业银行股IPO定价的回归模型。在做实证研究的过程中，还发现：（1）上市银行的经营基本状况已经成为影响IPO定价的重要因素；（2）国民经济的增长与IPO定价成负相关关系；（3）二级市场的发展状况与IPO定价相脱节，一、二级市场缺乏应有的联系；（4）IPO发售机制运行效率低下，政府的行政干预严重，运行市场化一市场为主导的发售机制的市场条件还不完善。最后，针对前面的分析和实证研究，本文分别从商业银行自身经营发展、国家经济运行大环境、股权结构和外资入股四个方面提出了改善银行股IPO定价的政策建议。
[Abstract]:With the rapid reform of the financial sector in China, more and more joint-stock commercial banks are striving to improve their core competitiveness and corporate governance structure, among which there are many methods. The most direct way is to list stocks. The most important thing for enterprises to issue IPO is the pricing of new shares. This paper uses the method of combining theoretical analysis and empirical research to objectively describe the pricing problem of the initial public offerings of commercial banks in China. In order to improve the IPO pricing of commercial banks, this paper puts forward some policy suggestions, and plays a reference role in the IPO pricing of joint-stock commercial banks to be listed. This paper first introduces the IPO pricing theory, including cash flow model, capital asset pricing model, comparable company model and so on, then analyzes its applicability in China's securities market. And study the relationship between IPO pricing and various factors. Secondly, according to the industry characteristics of commercial banks, this paper qualitatively analyzes the main factors that affect the IPO pricing of bank shares from two aspects: policy and non-policy factors. On the basis of this index system, this paper makes an empirical study on the IPO pricing of 12 commercial banks listed since 1999. The variable factors which have important influence on the IPO pricing of bank shares are found out, and the regression model of IPO pricing in commercial banks is established. In the course of the empirical study, we also find that the basic operating condition of the listed banks has become an important factor affecting the pricing of IPO. (2) the growth of the national economy has a negative correlation with the pricing of IPO.) the development of the secondary market is out of line with the pricing of IPO. First, the secondary market is lack of due connection. The operating efficiency of IPO mechanism is low, the administrative intervention of the government is serious, and the market conditions of the market-oriented market-oriented offering mechanism are not perfect. Finally, in view of the above analysis and empirical research, this paper puts forward the policy suggestions to improve the IPO pricing of bank shares from four aspects: the development of commercial banks themselves, the environment of national economic operation, the ownership structure and the foreign investment.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.33;F224

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