股权结构对IPO首日超额收益的影响研究

发布时间：2018-04-11 01:34

本文选题：股权首次公开发行 + IPO首日超额收益　；参考：《辽宁大学》2012年硕士论文

【摘要】：各国家股票市场的发展程度不同，因此关于IPO超额收益现象的原因和影响因素也不尽相同。我国股票市场起步晚，目前的发展还不是很成熟，，因此IPO的各方面表现跟西方国家有很大的不同。在我国进行公开发行上市的公司大部分是在企业改革过程中产生的，由于计划经济的所遗留下来的因素和市场经济初期经济环境的不完善等特征，我国股权结构对公司绩效的影响途径以及作用机制与西方国家有很大的不同，同时，我国股票公开发行自身存在的问题也影响到了上市公司股权结构的形成和变动。本文从IPO企业的股权结构角度出发，来研究其对IPO首日超额收益的影响。首先，本文简要回顾了国内外对于选题的研究情况，分析股权结构对于公司价值和股票价格表现的影响；接着，利用统计数据对我国上市公司股权结构现状以及股票公开发行的总体表现情况进行描述性分析；然后是本文的重点，采用实证分析方法分析股权结构对首次公开发行股票超额收益的影响，从股权集中度和不同的股权性质这两个方面进行实证分析，选取了2009年7月至2010年12月之间在上海和深圳证券交易所公开上市的275只股票的企业数据，利用统计描述分析和多元回归分析的方法，较好的解释了股权结构对我国IPO首日超额收益的影响，也显示出与国外研究结果的差异性。最后得出的具体结论：（1）从股权集中度的角度，前一大股东、前十大股东持股比例与IPO首日超额收益呈负相关关系，前五大股东持股比例与IPO首日超额收益呈正相关关系；（2）从不同性质股权的角度，流通股与IPO首日超额收益呈负相关关系，国有股与IPO首日超额收益呈正相关关系，法人股对IPO首日超额收益的影响并不显著。
[Abstract]:The stock market development is different , so the reason and the influencing factors of IPO excess earnings are different . The stock market is not very mature in China ' s stock market , so many aspects of IPO are different from those in western countries .

Based on the equity structure of IPO enterprises , this paper studies its impact on IPO first day excess earnings . Firstly , this paper reviews the domestic and foreign research situation of stock selection , analyzes the influence of equity structure on the company value and stock price performance .
Secondly , the present situation of stock ownership structure of listed companies in China and the general performance of public offerings are analyzed by statistics .
Then it is the focus of this paper , and the empirical analysis method is used to analyze the influence of the equity structure on the excess earnings of the first public offering , from the two aspects of the stock concentration degree and the different equity property , the paper selects 275 stock enterprise data publicly available in Shanghai and Shenzhen Stock Exchange from July 2009 to December 2010 , and explains the influence of the equity structure on the IPO first day excess earnings of our country , and also shows the difference with the foreign research results .

The conclusions are as follows : ( 1 ) From the angle of equity concentration , the proportion of shares held by the former top shareholder and the top ten shareholders is negatively related to the IPO first day excess return , and the proportion of the former five shareholders is positively related to the excess earnings of the IPO first day ;
( 2 ) There is a negative correlation between the stock ownership and the IPO ' s excess return on the first day of the IPO , and the effect of the legal person ' s stock on the IPO ' s excess earnings is not significant .

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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