我国创业板IPO定价问题研究

发布时间：2018-02-21 18:51

本文关键词： 创业板 IPO定价 IPO抑价多元线性回归模型　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：创业板在我国的发展时间比较短,2009年10月23日,我国创业板举行了启动仪式。同年10月31日,首批的28家企业在创业板完成上市。我国发展创业板目的是给中小企业的发展提便捷的融资渠道,这是对主板市场融资功能不足的一个有力补充。同时创业板也为风险资本的发展提供保障,通过健全退出机制来完善保障体系。这同样也是我国大力调整产业布局、着重推进经济体制改革的重要举措。 IP0也即我们通常所说的首次公开发行股票,它是指公司在发展过程中由于融资的需要而通过证券交易所向社会公众首次出售自己公司发行的股票。在IPO过程中,发行定价是核心环节。创业板IPO定价涉及了众多的利益相关者。这些利益相关者之间存在着博弈。分别是发行公司与承销商之间的博弈、承销商与投资者之间的博弈、发行人与监管者之间的博弈等。由此可见,定价的合理与否直接决定了发行人、承销商、投资者等利益相关者的自身利益,同时,定价如果合理,将会促进资本市场资源配置效率的提高。我国股市本身发展的时间就比较短,创业板又是在2009年才创立,因此,我国的股市距成熟市场还很遥远。在我国的创业板市场IPO过程中,存在的一个明显的问题就是IPO抑价。IPO抑价是指首次公开发行的股票在其上市后(一般指第一天),市场的交易价格远远高于其发行价格。可以说IPO定价的不合理性是导致抑价的主要原因,两者之间为因果关系。因此,本文将IPO定价和抑价同时进行了研究。本文先是介绍了国内外学者关于IPO定价和抑价的理论研究,然后又介绍了我国创业板的发展情况。在此之后,我分析了影响我国创业板市场IPO定价和抑价的因素,同时介绍了一些学者的关于IPO定价和抑价的研究方法。利用得到的创业板市场的最新数据和多元线性回归模型我进行了本文的实证研究。通过实证研究得出影响我国创业板市场IPO定价和抑价的因素。最后进行了原因分析并提出了相关的政策建议。
[Abstract]:The gem short development period in China in October 23, 2009, China's gem held a ceremony. In October 31st of the same year, the first batch of 28 enterprises listed on the gem. The complete development of the gem in China is to give the development of small and medium-sized enterprises provided convenient financing channels, which is a powerful supplement financing function on the motherboard market. At the same time, the gem also provide protection for the development of venture capital, through the perfect exit mechanism to improve the security system. It is also our country to adjust the industrial layout, an important measure to focus on promoting the reform of the economic system.
IP0 also known as IPO, it refers to the company in the development process due to the financing needs through the stock exchange to sell their stocks to the public for the first time. In the process of IPO, the issue of pricing is the core link. The gem IPO pricing involves many stakeholders. A game between stakeholders. These are the game between the issuer and underwriter, game between underwriters and investors, the issue of game between people and regulators. Thus, the pricing is reasonable or not directly determine the issuers, underwriters, investors and other stakeholders in their own interests, at the same time, pricing if reasonable, will promote the efficiency of resource allocation of capital market.
China's stock market development time is relatively short, the gem is established only in 2009, therefore, China's stock market from the mature market is still very far away. In the gem IPO process in China, an obvious problem is the existence of IPO underpricing.IPO underpricing refers to IPO the stock in its listing (generally refers to the first day), market price is far higher than the issue price. It can be said that the IPO pricing irrationality is the main cause of underpricing, causal relationship between the two. Therefore, the IPO pricing and underpricing also were studied.
This paper first introduces the domestic and foreign scholars on the theoretical study of IPO pricing and underpricing, then introduces the development situation of China's gem. After this, I analyzed the influence of IPO pricing in GEM market in China and the factors of underpricing, and introduces some scholars about the research methods of IPO and underpricing the price of the GEM market. By using the latest data and multiple linear regression model I conducted the empirical research. Through empirical research of IPO pricing in GEM market in China and the factors of underpricing. Finally analyzes the reasons and puts forward relevant policy suggestions.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】