中小板市场IPO抑价影响因素研究

发布时间：2018-05-19 08:30

本文选题：中小板 + 首次公开发行　；参考：《辽宁大学》2012年硕士论文

【摘要】：IPO抑价(IPO underpricing)现象，是指首次公开发行的股票上市后(一般指第一天)的市场交易价格远高于发行价格，发行市场与交易市场出现了巨额的价差，导致首次公开发行存在较高的超额收益率。 IPO高抑价问题广泛存在于我国的证券市场，对于这一问题，许多国内外学者都进行了广泛的研究。本文在文献综述部分对相关研究理论进行了总结，主要从国外国内两部分进行综述。经过综述评价，认为国外的理论在我国运用存在一定局限性，而国内的相关研究有存在一些不足。本文以中小板市场的IPO抑价现状作为研究样本，经研究发现，我国的中小板市场IPO抑价现象十分严重，其中以2007年最为严重，，抑价率最高达到538.12%，平均抑价率达到208%，远远超出正常水平。本文在实证部分以中小板自上市以来到2011年12月31日上市的644只股票作为研究样本，以公司治理结构中的各因素作为解释变量，通过回归分析检验了各个变量与IPO抑价之间的关系。通过回归分析得出，管理层持股比例、第一大股东持股比例、国有股持股比例和法人股持股比例与IPO抑价水平存在相关关系。而在案例分析部分，选取了2007年较为著名的IPO案例——金风科技，通过金风科技的IPO抑价现象，验证了未纳入归回模型的影响因素及其影响途径。 IPO抑价现象为股市带来的影响是有两面性的，由于高抑价现象的存在，保证了新股的顺利发行，同时弥补了投资者信息不对称的损失。但是其消极影响所带来的危害更值得我们关注，尤其是高抑价率所导致的长期弱势和市场的投机氛围。希望通过本文的研究，能够为中小板市场的IPO抑价现象带来启示，为中小板市场IPO抑价率回归正常水平作出贡献。
[Abstract]:The phenomenon of IPO underpricing refers to the fact that after the initial public offering of stocks (usually the first day) the market price is much higher than the issue price, and there is a huge price difference between the issuing market and the trading market. As a result of IPOs, there is a higher excess yield. The problem of IPO high underpricing exists widely in China's securities market. Many scholars at home and abroad have carried out extensive research on this issue. In the part of literature review, this paper summarizes the relevant research theories, mainly from the two parts of foreign and domestic. Through the review and evaluation, it is concluded that there are some limitations in the application of foreign theories in China, but there are some deficiencies in the domestic research. This paper takes the IPO underpricing status of the small and medium-sized board market as the research sample, and finds that the phenomenon of IPO underpricing in the small and medium-sized board market is very serious in our country, especially in 2007. The highest underpricing rate was 538.12, and the average underpricing rate reached 208 percent, far above the normal level. In the empirical part, 644 stocks listed from small and medium board to December 31, 2011 are taken as research samples, and the factors in corporate governance structure are taken as explanatory variables. The relationship between each variable and IPO underpricing is tested by regression analysis. By regression analysis, it is concluded that the proportion of managerial shareholding, the first largest shareholder, the state-owned share and the legal person share are correlated with the IPO underpricing level. In the part of case analysis, this paper selects Jinfeng Technology, a famous IPO case in 2007, and verifies the influence factors and the influencing ways of the unincorporated return model through the IPO underpricing phenomenon of Jinfeng Technology. The phenomenon of IPO underpricing has two sides to the stock market. The existence of high underpricing ensures the smooth issuance of new shares and makes up for the loss of asymmetric information of investors. However, the negative effects are more worthy of our attention, especially the long-term weakness caused by the high underpricing rate and the speculative atmosphere in the market. It is hoped that through the study of this paper, it can bring enlightenment to the phenomenon of IPO underpricing in the small and medium-sized board market and contribute to the return of the IPO underpricing rate to the normal level in the small and medium-sized board market.
【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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