我国银行类上市公司IPO定价影响因素研究

发布时间：2018-04-15 22:33

本文选题：IPO定价 + 多因素定价模型　；参考：《哈尔滨商业大学》2013年硕士论文

【摘要】：最近几年以来,中国各家商业银行接连进行上市,集体涌入资本市场中。中国农业银行在2010年夏季分别在沪、港两地挂牌上市。而中国光大银行随后也进军A股市场,同时还打破了中国IPO上市最短时间记录,在上市首日18%的涨幅超出许多人预期。自2010年9月份开始,城商行上市的号角就吹得越来越响,多家银行传出IPO排队的消息,上海银行、杭州银行、重庆银行、乌鲁木齐银行、大连银行在内的十多家城商行公开提出IPO计划。在这种大的经济环境下,银行类公司IPO定价就成为了人们讨论最热的话题。因此,本论文对我国上市银行数据进行分析,从而找出影响IPO定价的因素,对未来即将上市银行IPO定价提供一定的数理支持。所谓IPO即指企业通过证券交易所首次公开向投资者发行股票,以期募集用于企业发展资金的过程。首先,在回顾了国内外IPO定价研究现状的基础上,对银行类上市公司进行概念界定,具体阐释了IPO定价的相关概念理论,具体包括价值理论、因素模型以及有效市场假说等,在总结了许多应用模型后,着重介绍了本文研究所需要的多因素定价模型,其中介绍了本文选取多因素定价模型的原因。其次考虑了诸多影响IPO定价的因素,将影响我国银行类上市公司IPO定价因素分为内在因素与外在因素,最终选定规模因素、安全性、流动性、效益性、成长能力、经济周期、货币政策、资本市场状况等因素,在这里对我国IPO发售机制进行了简单的阐述,从固定价格法到拍卖法再到累计投标询价法,由于询价制完美运行所需求的基础市场环境尚未完全完善,一些细致的问题存在于整个的流程中：诸如初步询价阶段信息不对称导致的信息不完全,累计投标询价过程中定价的相关资料不能得到有效利用,IPO发行过程中市场市盈率趋于一致。故询价制的推广在我国有待进一步提高效率再次通过对影响银行类上市公司IPO定价因素的研究,样本选定了13个解释变量并利用多因素定价模型对目前上市的银行进行数据分析,利用SPSS软件对数据进行因子分析,找出影响银行类上市公司IPO定价的主要因素,对数据进行回归分析,建立有效的线性方程,通过对其经济意义检验、多重共线性检验、回归系数显著性检验等分析得出最终的结果。最后对方程变量的合理性进行分析,在此基础上提出对我国银行类上市公司IPO定价的相关政策建议。
[Abstract]:In recent years, China's commercial banks have been listed in succession, the collective influx of capital markets.Agricultural Bank of China was listed in Shanghai and Hong Kong respectively in the summer of 2010.Everbright Bank of China then moved into the A-share market, breaking the record for the shortest possible listing of China's IPO, which rose 18 percent on its first day of trading, beating many expectations.Since September 2010, the city commercial bank's horn for listing has been blowing louder and louder. Many banks have reported IPO queuing news, including Shanghai Bank, Hangzhou Bank, Chongqing Bank, Urumqi Bank,Dalian Bank, including more than a dozen city commercial banks publicly put forward the IPO plan.In such a large economic environment, bank IPO pricing has become the hottest topic of discussion.Therefore, this paper analyzes the data of listed banks in China, finds out the factors that affect the pricing of IPO, and provides some mathematical support for the pricing of IPO in the future.The so-called IPO refers to the process of enterprises issuing stocks to investors for the first time through the stock exchange in order to raise funds for the development of enterprises.First of all, on the basis of reviewing the present situation of IPO pricing research at home and abroad, this paper defines the concept of bank listed companies, and explains the related concept theory of IPO pricing, including value theory, factor model and efficient market hypothesis.After summing up many applied models, this paper mainly introduces the multi-factor pricing model which is needed in this paper, among which, the reasons for selecting the multi-factor pricing model in this paper are introduced.Secondly, many factors affecting IPO pricing are considered, and the IPO pricing factors of Chinese banks listed companies are divided into internal and external factors, and finally selected scale factors, security, liquidity, efficiency, growth ability, economic cycle.Monetary policy, capital market conditions and other factors are briefly described in this paper, from fixed price method to auction method to cumulative bid inquiry method.Since the basic market environment required for the perfect operation of the inquiry system is not yet completely complete, some detailed problems exist in the whole process: for example, the information asymmetry in the initial inquiry stage leads to incomplete information,The information of pricing in the process of accumulative bidding inquiry can not be used effectively. The market price-earnings ratio tends to be consistent in the process of IPO issuance.Therefore, the popularization of inquiry system needs to be further improved in our country.Thirdly, through the research of influencing factors of IPO pricing of bank listed companies, the sample selected 13 explanatory variables and used multi-factor pricing model to analyze the data of listed banks, and used SPSS software to factor analysis of the data.Find out the main factors that affect the IPO pricing of bank listed companies, make regression analysis of the data, establish effective linear equations, through the test of its economic significance, multi-multiple collinear test,Regression coefficient significance test and other analysis obtained the final results.Finally, this paper analyzes the rationality of the equation variables, and puts forward some policy suggestions on the IPO pricing of the listed companies in China.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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