收益质量与IPO抑价的相关性研究

发布时间：2018-03-29 10:26

本文选题：IPO　切入点：IPO抑价　出处：《中南大学》2012年硕士论文

【摘要】：IPO抑价是世界各国普遍存在的现象,在中国这个新兴的资本市场表现尤为突出。以往国内对IPO抑价的研究几乎没有从财务会计信息中收益质量的角度来进行研究,本文试图从收益质量与IPO抑价的相关性进行探索性的研究。本文结合中国A股市场2006年IPO重启之后的全流通背景进行分析,考察了新股发行公司收益质量与IPO抑价的关系,关注广大投资者能否运用公司披露的财务信息,正确对IPO公司进行合理定价。本文首先从理论上分析收益质量对IPO抑价的影响,并从收益的成长性、持续性、稳定性、现金保障性和安全性五个方面分析收益质量各个组成部分对IPO抑价的影响；其次,建立多元回归模型,通过对中国A股市场2006年7月1日至2010年12月31日395个IPO公司样本进行实证检验,全面地考察收益质量及其各组成部分与IPO抑价的关系,试图为财务会计信息在IPO定价中的使用情况和效果提供更加稳健的经验证据。本文研究结果表明在其他条件不变的情况下,发行公司收益质量与IPO抑价呈负相关关系。这一结果证明企业在IPO时,广大投资者能够在平均意义上运用财务会计信息评价IPO企业的收益质量,对IPO企业进行定价,使得高收益质量的公司出现较低的抑价程度,而低收益质量的公司出现了较高的抑价程度。因此为了降低IPO抑价程度,就必须提高公司的收益质量。本文在考察收益质量的各组成部分与IPO抑价的相关性时,与之前的研究成果呈现出一个显著的矛盾,即收益的稳定性与IPO抑价显著正相关。这一结果表明投资者非常关注其投资后股本的收益保障性,投资者并不是以投资公司的立场来进行衡量公司价值,并不注重收益的成长性和持续性,投资者关心的是自己的利益,短期投机利益。衡量收益的稳定性的净资产收益率越高,可投机性越强,则投资者对新股的需求量就会加大,从而加深IPO抑价程度。
[Abstract]:IPO underpricing is a common phenomenon all over the world, especially in the emerging capital market of China. In the past, domestic research on IPO underpricing has hardly been studied from the perspective of earnings quality in financial accounting information. This paper attempts to explore the correlation between earnings quality and IPO underpricing, and analyzes the relationship between earnings quality and IPO underpricing in China's A-share market after IPO restarts in 2006. Focus on whether investors can use the financial information disclosed by the company to correctly price IPO Company. This paper first analyzes the effect of income quality on IPO underpricing theoretically, and analyzes the effects of earnings quality components on IPO underpricing from five aspects: growth, sustainability, stability, cash security and security. A multivariate regression model was established to test 395 samples of IPO companies from July 1, 2006 to December 31, 2010 in China's A-share market, and to investigate the relationship between earnings quality and IPO underpricing. This paper attempts to provide more robust empirical evidence for the use and effect of financial accounting information in IPO pricing. The results of this paper show that the quality of the issuing company is negatively related to the underpricing of IPO under the condition that other conditions are not changed. The majority of investors can use financial and accounting information to evaluate the income quality of IPO enterprises and price the IPO enterprises in the average sense, which makes the companies with high yield quality appear lower underpricing degree. Therefore, in order to reduce the IPO underpricing, it is necessary to improve the profit quality of the company. This paper examines the correlation between the components of earnings quality and IPO underpricing, and presents a significant contradiction with the previous research results. That is, the stability of returns is significantly positively correlated with the underpricing of IPO. This result shows that investors are very concerned about the return security of their post-investment equity, and investors do not measure the value of the company in terms of the position of the investment company. Rather than pay attention to the growth and sustainability of returns, investors are concerned about their own interests, short-term speculative interests. The higher the return on net assets, which measures the stability of returns, the stronger the speculative nature, the greater the demand for new shares by investors. Thus deepening the degree of IPO underpricing.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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