我国上市商业银行IPO抑价现象研究

发布时间：2018-08-12 10:38

【摘要】：全球股票市场存在一个普遍的经济现象,也是金融界和管理界公认的难题——新股上市首日交易价格远高于新股发行价格,即新股发行存在抑价现象。这一现象不仅普遍存在于西方发达国家的成熟资本市场,在发展中国家的新兴资本市场上尤为明显,我国也不例外。新股上市首日股价往往大幅上涨,较高的收益率使得投资者热情高涨,新股申购热潮不曾衰减。本文基于对IPO抑价问题的研究,考虑到当前经济环境和行业背景,选择金融市场核心组成部分的商业银行作为研究对象,探讨股权分置改革以来我国上市商业银行的IPO抑价现象。本文的研究思路来源于已有的研究成果,在充分翻阅国内外相关文献、掌握国际主流观点和了解我国研究现状的基础上,回顾我国IPO基本情况、发行机制的演变历程等,清楚认识我国IPO抑价现状以及抑价过高的正负面影响,并着重关注商业银行IPO抑价问题。从理论角度定性分析我国银行IPO抑价的诸多影响因素,包括内部因素和外部因素,并以此为据选取变量和样本,通过描述性统计、相关性分析、主成分分析和因子分析、回归分析等一系列计量方法,建立并检验多元线性回归模型,从而再从实证角度定量分析我国银行IPO抑价的主要影响因素。最后,针对我国上市商业银行首次公开发行中表现出的抑价问题,结合前文理论和实证分析得出的影响因素结论,对证券市场监管者、新股发行参与者和商业银行管理者都提出了相关政策建议。这也是本文研究的最终目的和现实意义所在。
[Abstract]:There is a universal economic phenomenon in the global stock market, and it is also recognized by the financial and management circles that the first trading price of the new shares is much higher than the price of the new issue, that is, there is underpricing in the new stock market. This phenomenon exists not only in the mature capital markets of the western developed countries, but also in the emerging capital markets of the developing countries, and China is no exception. New share prices tend to rise sharply on their first day of trading, with higher yields fuelling investor enthusiasm and unwaning new share requisitions. Based on the research of IPO underpricing, considering the current economic environment and industry background, this paper chooses the commercial banks as the research object, which is the core component of the financial market. This paper discusses the phenomenon of IPO underpricing of listed commercial banks in China since the reform of split share structure. The research ideas of this paper are derived from the existing research results. On the basis of fully reading the relevant literature at home and abroad, mastering the international mainstream views and understanding the current research situation in China, this paper reviews the basic situation of IPO in China and the evolution course of the issuing mechanism, etc. This paper makes a clear understanding of the current situation of IPO underpricing in China and the positive and negative effects of high underpricing, and focuses on the issue of IPO underpricing of commercial banks. This paper qualitatively analyzes many influencing factors of IPO underpricing in Chinese banks, including internal and external factors, and selects variables and samples according to which, through descriptive statistics, correlation analysis, principal component analysis and factor analysis. A series of measurement methods, such as regression analysis, are used to establish and test the multivariate linear regression model, so as to quantitatively analyze the main influencing factors of IPO underpricing in Chinese banks from the perspective of empirical analysis. Finally, aiming at the underpricing problem in the initial public offering of listed commercial banks in China, combining the conclusions of the previous theory and empirical analysis, the paper gives a conclusion to the securities market regulators. New issue participants and commercial bank managers have put forward relevant policy recommendations. This is the ultimate purpose and practical significance of this study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.33;F830.42

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