北京市创业板上市企业超募现象的影响因素分析

发布时间：2018-12-23 20:26

【摘要】：2009年10月30日,首批28家创业板上市企业在深圳正式挂牌上市,发展至今,创业板北京公司在数量和融资额上都位居第一。而创业板普遍出现的超募现象,也在创业板北京公司身上体现得更加充分,并且由于地域的特殊性,更加容易引起整个地区经济的不稳定。因此找出北京地区创业板上市企业超募现象的原因并针对原因防范其产生的不利影响,从而保证创业板公司持续稳定发展是非常有意义的。本文以北京市创业板上市的企业作为研究对象,从公司内部和外部因素两个方面,采用因子分析、比较分析以及案例分析等方法,对形成超募的原因进行了阐述,并针对原因提出了相应的建议。研究结果表明：公司内部方面的因素包括公司主营业务所在的行业因素和公司自身经营情况的因素。公司行业因素主要从对投资的吸引来分析,分析得出新兴产业、国企垄断的资源型产业以及政府扶持的公共事业三个投资吸引点；公司经营因素主要包括四个主要影响因子,通过对单个因子和整体的研究表明这四个主要因子与超募存在着一定的关系。公司外部因素包括制度的因素和各个利益相关方的行为因素,制度因素包括新股定价制度以及退市制度等有关制度的不完善；行为因素分析主要针对各个市场参与主体的利己行为,包括保荐机构和承销商、投资者以及公司本身等,定性地描述了其对超募产生的影响。
[Abstract]:On October 30, 2009, the first batch of 28 gem listed enterprises were officially listed in Shenzhen. However, the phenomenon of over-raising in gem is also reflected more fully in the gem Beijing Company, and because of the particularity of the region, it is more likely to cause the instability of the whole regional economy. Therefore, it is very meaningful to find out the reasons for the phenomenon of over-raising of listed enterprises in the gem in Beijing and to guard against its adverse effects in order to ensure the sustainable and stable development of gem companies. This paper takes the enterprises listed on the gem of Beijing as the research object, from two aspects of the internal and external factors of the company, using the methods of factor analysis, comparative analysis and case analysis, this paper expounds the reasons for the formation of over-raising. The corresponding suggestions are put forward for the reasons. The results show that the internal factors of the company include the industry in which the main business is located and the factors of the company's own operation. The factors of the company industry are analyzed from the attraction of investment, and three investment attraction points are obtained: the emerging industry, the resource-based industry monopolized by state-owned enterprises and the public utilities supported by the government. The factors of company management mainly include four main influencing factors. The study of single factor and whole factor shows that these four main factors have a certain relationship with over-raising. The external factors of the company include the institutional factors and the behavioral factors of various stakeholders, the institutional factors including the pricing system of new shares and the system of delisting. The behavior factor analysis mainly aims at the egoism behavior of each market participant, including sponsor organization and underwriter, investor and company itself, and describes qualitatively its influence on over-raising.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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