IPO抑价与财务指标关系研究

发布时间：2018-04-01 07:19

本文选题：IPO抑价　切入点：抑价率　出处：《西南财经大学》2012年硕士论文

【摘要】：新股发行抑价是一个在各个国家股市都普遍存在的现象。多年来,大量研究都集中于对这种现象产生的机理以及影响其抑价程度大小的因素等,并且取得了一定的成果。但在现有的研究成果中,并没有过多的涉及企业在上市之前所披露的财务数据与新股定价之间的关系。因此,本文主要着力于研究中国股票市场中新股发行抑价率与招股说明书中所披露的财务数据之间的关系。在本文中,以新股发行抑价率为因变量,选取的财务指标为自变量,多元线性回归模型为研究工具,对它们之间的内在联系进行验证,主要研究思路如下：第一章是导论,主要介绍本次研究的研究背景,方法,内容以及本次研究中的体现出来的创新和不足。第二章是IPO抑价与财务特征理论综述,所涉及的主要是国内外学者经过研究所得出来造成IPO抑价的机理,主要涉及信息不对称理论,制度成因理论以及行为金融学理论。并且对前人在对企业的财务特征与其在资本市场上的表现之间的研究做出了总结。第三章是我国IPO抑价因素分析,主要是结合国内学者对我国新股发行市场的研究,得出影响我国IPO抑价的主要因素,包括我国的发行制度,市盈率,发行价格,发行与上市时间间隔,发行规模,流通股比例以及大盘指数。同时提出了保留其内部因素的同时加入其它财务特征因素对我国新股发行市场进行研究的思路。第四章是实证设计,首先阐明本次实验的基本前提以及假设,再根据现有的理论设计多元线性回归模型,选取本次实验所具体需要的变量以及解释变量的具体计算方法。第五章是实验过程以及结果分析,先对变量进行一个总体性描述分析,再对其进行多元线性回归,同时根据实际需要调整变量进行再检验,同时对各个自变量的回归结果进行分析,若变量通过显著性检验,则解释其与抑价率有线性关系的内在联系,同时也解释造成一些变量未通过显著性检验的原因,对其与抑价率的关系做出探求性的解释。第六章是实证结果总论,不足以及政策建议,先是从总体上分析了本次研究所得出的结果,以及存在的不足之处,然后再依据这个结果对新股发行市场中的发行方,投资方以及监管方给出了具体的政策建议。
[Abstract]:IPO underpricing is a common phenomenon in the stock markets of various countries. For many years, a large number of studies have focused on the mechanism of this phenomenon and the factors that affect the degree of underpricing. But in the existing research results, there is not too much concern about the relationship between the financial data disclosed by enterprises before listing and the pricing of new shares. This paper focuses on the relationship between IPO underpricing rate and financial data disclosed in the prospectus of Chinese stock market. In this paper, the IPO underpricing rate is taken as dependent variable and the financial index selected as independent variable. The multivariate linear regression model is used as a research tool to verify the internal relationship between them. The main research ideas are as follows:. The first chapter is an introduction, mainly introduces the research background, method, content and the innovation and insufficiency of this research. The second chapter is a summary of the theory of IPO underpricing and financial characteristics, which is mainly concerned with the mechanism of IPO underpricing, which is obtained by domestic and foreign scholars, and mainly involves the theory of asymmetric information. The institutional cause theory and behavioral finance theory, and the previous studies on the financial characteristics of enterprises and their performance in the capital market are summarized. The third chapter is the analysis of IPO underpricing factors in our country, which is mainly based on the domestic scholars' research on the IPO market in China, and draws the main factors that affect the underpricing of IPO in China, including China's issuing system, price-earnings ratio, issue price. At the same time, the author puts forward the idea to study the new stock market in our country while retaining its internal factors and adding other financial characteristics to the market of the new stock issue in our country, such as the interval between the issuing and listing time, the issuing scale, the proportion of circulating shares and the index of the large market. The fourth chapter is the empirical design. Firstly, the basic premise and hypothesis of this experiment are expounded. Then, according to the existing theory, the multivariate linear regression model is designed to select the specific variables needed in this experiment and the specific calculation method of the explanatory variables. The fifth chapter is the experimental process and analysis of the results. First, the variables are analyzed by a general description, then by multivariate linear regression. At the same time, the variables are adjusted according to the actual needs for re-examination. At the same time, the regression results of each independent variable are analyzed. If the variables pass the significance test, then it explains the inherent relationship between the variables and the underpricing rate, and also explains the reasons why some variables do not pass the significance test. To its relation with underpricing rate to make the exploratory explanation. The sixth chapter is an overview of empirical results, deficiencies and policy recommendations, first from the overall analysis of the results of this study, as well as the shortcomings, and then based on this result to the issuers in the new issue market, Investors and regulators made specific policy recommendations.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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