我国IPO抑价分析及其控制研究

发布时间：2018-04-02 16:10

本文选题：IPO抑价　切入点：新股发行制度变迁　出处：《中国海洋大学》2013年硕士论文

【摘要】：我国经济的良好运行需要证券市场的健康发展，而IPO高抑价的长期存在严重影响了我国证券市场的平稳运行与健康发展。随着我国对证券市场的改革，虽然一定程度上降低了IPO抑价程度，但总体上仍在高位徘徊，因此对IPO抑价的分析与控制研究对解决IPO高抑价现象，对证券资本市场的健康运营与发展仍然具有非常重要的意义。我国的IPO高抑价现象一直存在，但是在不同的证券制度下成因也不相同，例如随着我国证券市场的发行定价制度的改革，每次IPO高抑价的原因都会发生变化，因此研究我国IPO高抑价现象便有两个思路，一个是在不同的发行定价制度情况下研究，另一个是在同一个发行定价制度的情况下的研究。本文便是后面的思路，在我国目前的累计询价制度下，，对我国IPO抑价现象的原因进行了实证分析，将影响我国IPO抑价的因素从一级市场和二级市场两个方面来看，首先是一级市场的有效性的研究，之后是关于二级市场上投资者情绪对IPO抑价影响的研究。通过研究获得以下研究成果和结论：（1）对我国新股发行制度的演变以及其对IPO抑价影响进行了系统的分析。本文全面论述了从我国证券市场成立以来，实行的几次新股发行制度和定价制度，并在不同的制度下对我国IPO抑价的影响进行了分析与论述，得出了目前施行的累计询价制度虽然对IPO抑价起到了一定的抑制作用的，但是并不是最优的发行制度，还有很大的改进空间。（2）对我国新股发行的一级市场的有效性进行了实证研究，得出我国的一级市场并不是充分有效的。通过引入随机前沿的分析方法，通过剔除发行制度不同对IPO抑价造成的影响，选择了相应的数据样本以及变量对我国的新股发行一级市场的有效性进行了实证研究，得出了新股发行的一级市场存在显著地上边界特征，即一级市场的一些因素对我国的IPO抑价有影响。（3）通过多元线性回归的方法对二级市场上投资者情绪对IPO抑价的影响进行了实证研究。选取了影响投资情绪的几个指标与变量，通过实证研究得出二级市场上投资者情绪对我国的IPO抑价有显著地影响，是我国IPO抑价的主要成因。（4）通过对一二级市场的研究，提出了相应的对策。如在制度上，在证券市场不断市场化的前提下，可以考虑注册制的引进与实施。另外在二级市场上应该加强信息披露机制的监管以及对投资者的教育等。
[Abstract]:The sound operation of China's economy needs the healthy development of the securities market, and the long-term existence of high underpricing of IPO has seriously affected the smooth operation and healthy development of China's securities market.With the reform of China's securities market, although the degree of IPO underpricing has been reduced to a certain extent, it is still hovering at a high level on the whole. Therefore, the analysis and control of IPO underpricing can solve the problem of high underpricing in IPO.It is still of great significance to the healthy operation and development of the securities capital market.The phenomenon of high IPO underpricing has always existed in China, but the causes are different under different securities systems. For example, with the reform of the issuing pricing system of China's securities market, the reasons for the high underpricing of IPO will change every time.Therefore, there are two ways to study the phenomenon of high underpricing of IPO in China, one is to study under different pricing systems and the other is to study under the same issue pricing system.This article is the latter train of thought, under the present accumulative inquiry system of our country, has carried on the empirical analysis to our country IPO underpricing phenomenon reason, will influence our country IPO underpricing factor from the primary market and the secondary market two aspects,The first is the study of the effectiveness of the primary market, and the second is the influence of investor sentiment on the IPO underpricing in the secondary market.The following results and conclusions were obtained from the study:1) the evolution of China's IPO system and its influence on IPO underpricing are systematically analyzed.This paper comprehensively discusses several new stock issuing systems and pricing systems implemented since the establishment of China's securities market, and analyzes and discusses the influence of different systems on the underpricing of IPO in China.It is concluded that the current cumulative inquiry system has a certain inhibitory effect on IPO underpricing, but it is not the best issue system, and there is still a lot of room for improvement.2) this paper makes an empirical study on the effectiveness of the primary market of new stock issuance in China, and concludes that the primary market in our country is not sufficiently effective.By introducing the analysis method of stochastic frontier and excluding the influence of different issuing system on IPO underpricing, the paper selects the corresponding data samples and variables to carry on the empirical research on the validity of the first-level market of the new issue in our country.It is concluded that the first-level market of new share issuance has obvious characteristics of aboveground boundary that is some factors of primary market have influence on the underpricing of IPO in China.3) the influence of investor sentiment on IPO underpricing in the secondary market is studied by multivariate linear regression.This paper selects several indexes and variables that affect the investment sentiment and draws a conclusion that investor sentiment in the secondary market has a significant influence on the IPO underpricing in our country through empirical research which is the main cause of the underpricing of IPO in China.4) through the research of the first and secondary market, the corresponding countermeasures are put forward.For example, the introduction and implementation of the registration system can be considered under the premise of the continuous marketization of the securities market.In addition, we should strengthen the supervision of information disclosure mechanism and the education of investors in the secondary market.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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