我国创业板IPO抑价原因研究

发布时间：2018-05-07 14:43

本文选题：创业板 + IPO抑价　；参考：《长沙理工大学》2012年硕士论文

【摘要】：新股发行抑价是各国资本市场上普遍存在的现象，而根据有效市场假说，这种现象是不存在的。因此Ibbotson将其称为“IPO之谜”。国内外许多学者针对本国市场对IPO抑价的原因展开研究，形成了一个较为完整的理论体系。但由于各国资本市场IPO抑价存在显著的差异，因此没有一个可以解释所有市场的理论。我国创业板于2009年10月23日正式开板，创业板的推出不仅为中小企业的融资提供了渠道和便利，也丰富和完善了我国的资本市场。但是由于我国创业板发展时间过短，其具有不同于主板市场的特点，且相关制度也是处于不断完善的过程当中，故其IPO抑价程度与主板相比就更加严峻。因此运用相关成熟的理论以数据来分析影响IPO抑价的原因，从而提出相应的对策和建议，具有重要的理论和现实意义。本文在阅读大量文献的基础上，对国内外IPO抑价的解释理论进行了总结回顾；并据此根据信号显示理论、行为经济学理论和制度因素理论，结合创业板的特征，，总结影响IPO抑价的相关因素，为建立实证研究的模型做准备；最后建立模型，设立假设，选择2009年10月30日到2011年11月30日在中国创业板上市的公司作为研究样本，分别从信号显示角度、行为经济学角度和制度因素角度对影响中国创业板IPO抑价的各因素进行实证分析。实证分析结论如下：用信号显示理论，行为经济学理论和制度因素理论来检验IPO抑价程度是基本有效的，但不完全有效。信号显示理论的科技含量和资产负债率指标可以较好地解释创业板IPO抑价。而资产报酬率、总杠杆系数和公司成立距离上市的时间指标对IPO抑价解释力较弱。行为经济学理论中发行规模、上市距离发行的时间间距和流通股比例指标得到验证，与IPO存在较大的相关关系。而市盈率与IPO抑价率的相关系数不大。制度因素中第二次新股改革意见的实施对IPO抑价产生了显著影响。最后，根据研究结论，分别从企业信息披露角度，投资者理性投资角度，监管机构监管角度提出使中国创业板IPO趋于合理的建议和对策。
[Abstract]:IPO underpricing is a common phenomenon in the capital markets of various countries, but according to the efficient market hypothesis, this phenomenon does not exist. So Ibbotson calls it the IPO puzzle. Many scholars at home and abroad have studied the causes of IPO underpricing in their own markets and formed a relatively complete theoretical system. However, there are significant differences in IPO underpricing in capital markets, so there is no theory that can explain all markets. The gem of our country officially opened on October 23, 2009. The launch of gem not only provides the channel and convenience for the financing of small and medium-sized enterprises, but also enriches and perfects the capital market of our country. However, because of the short development time of gem in our country, which is different from the main board market, and the related system is in the process of continuous improvement, the degree of IPO underpricing is more severe than the main board. Therefore, it is of great theoretical and practical significance to use relevant mature theories to analyze the causes of IPO underpricing and put forward corresponding countermeasures and suggestions. On the basis of reading a lot of literature, this paper summarizes and reviews the explanation theory of IPO underpricing at home and abroad, and according to the signal display theory, behavioral economics theory and institutional factor theory, combined with the characteristics of gem. This paper summarizes the relevant factors that affect IPO underpricing, and prepares for the establishment of empirical research model. Finally, it establishes the model, establishes the hypothesis, and selects the companies listed on the China gem from October 30, 2009 to November 30, 2011 as the research samples. From the perspective of signal display, behavioral economics and institutional factors, this paper makes an empirical analysis of the factors that affect the IPO underpricing in China's gem. The conclusions of the empirical analysis are as follows: using signal display theory, behavioral economics theory and institutional factor theory to test the degree of IPO underpricing is basically effective, but not completely effective. The scientific and technological content of signal display theory and the index of asset-liability ratio can explain the IPO underpricing of gem. However, the return on assets, the total leverage coefficient and the time between the establishment of the company and the listed company have a weak explanation for the underpricing of IPO. In the behavioral economics theory, the size of the issue, the time interval between listing and issuance and the ratio of outstanding shares are verified, and there is a great correlation between the size of the issue and IPO. The correlation coefficient between price-earnings ratio and IPO underpricing rate is not significant. The implementation of the second new stock reform in institutional factors has a significant impact on IPO underpricing. Finally, according to the conclusion of the research, from the angle of enterprise information disclosure, investors' rational investment, and the supervision of regulators, this paper puts forward some suggestions and countermeasures to make IPO of China's gem tend to be reasonable.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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