我国创业板IPO信息效率研究

发布时间：2018-03-14 03:36

本文选题：创业板　切入点：IPO　出处：《暨南大学》2012年硕士论文　论文类型：学位论文

【摘要】：创业板的推出，为众多高成长性中小企业提供了重要的融资机会。创业板发行制度的不完善，以及创业板市场现阶段的特点，导致IPO定价不合理，最突出的就是“三高发行”问题。IPO定价是股票发行的核心环节，定价效率将直接影响到市场的资源配置效率。IPO定价效率问题也一直是理论研究的焦点。本文首先对国内外IPO定价效率的相关理论进行了梳理，在综合前人研究成果的基础上，对IPO效率进行了重新界定。按可验证的时间顺序，将IPO定价效率分为信息效率，上市首日收益率及长期表现三个层次。其次介绍了创业板IPO中存在的“三高问题”，及其产生的现实原因。一方面，创业板公司自身的特点使得创业板IPO定价难度大大增加。另一方面，通过分析创业板IPO过程中各参与方最优行为策略，发现IPO定价存在偏离内在价值的激励。再次，是本文的实证部分。通过检验IPO定价对各种影响因素的反映程度，来测定创业板IPO的信息效率。回归分析结果表明，发行价对所有内外部信息的拟合程度不够理想，定价效率仍有待提高。最后，结合本文的实证分析结论，对我国创业板IPO中存在的问题提出了具体的政策建议，以完善创业板发行制度，，促进我国创业板市场长期健康发展。
[Abstract]:The launch of the gem provides many high growth SMEs with important financing opportunities. The imperfection of the gem issuing system and the characteristics of the gem market at the present stage lead to unreasonable pricing of IPO. The most prominent issue is the "three high issue". IPO pricing is the core link of stock issuance. Pricing efficiency will directly affect the market resource allocation efficiency. IPO pricing efficiency has also been the focus of theoretical research. This paper firstly combs the relevant theories of IPO pricing efficiency at home and abroad, and redefines the efficiency of IPO on the basis of synthesizing the previous research results. According to the verifiable time order, the pricing efficiency of IPO is divided into information efficiency. Secondly, it introduces the "three high problems" in gem IPO, and the practical reasons. On the other hand, by analyzing the optimal behavior strategies of the participants in the gem IPO process, it is found that there is an incentive for the IPO pricing to deviate from the intrinsic value. It is the empirical part of this paper. The information efficiency of gem IPO is measured by testing the degree of reflection of IPO pricing to various influencing factors. The result of regression analysis shows that the distribution price is not good enough to fit all internal and external information. Pricing efficiency still needs to be improved. Finally, combined with the empirical analysis of this paper, the paper puts forward specific policy recommendations on the problems existing in the gem IPO in order to perfect the gem issue system and promote the healthy development of the gem market for a long time.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】