创业板IPO市盈率与超募率的影响因素研究——基于券商声誉及私募股权投资的实证分析

发布时间：2018-03-24 10:30

本文选题：发行市盈率　切入点：超募率　出处：《厦门大学学报(哲学社会科学版)》2012年03期

【摘要】：创业板市场高发行市盈率与高超募率的现象一直是学术界与实务界极为关注的问题。基于信息不对称及新股发行利益链等理论的分析表明,承销商声誉与私募股权投资是影响创业板IPO市盈率与超募率的潜在重要因素。针对创业板260家公司IPO数据进行的实证研究结果表明:(1)承销商声誉与发行市盈率及超募率均显著正相关;(2)私募股权投资与发行市盈率存在显著正相关关系,但私募股权投资并不显著提高IPO公司的超募率。因此,为解决我国创业板一级市场定价问题及提高创业板投融资效率,相关部门应重视新股发行利益链中的利益分配及行为规制,增强承销商的保荐责任,延长其保荐责任期,支持私募股权的发展,严惩IPO过程中的欺诈行为,加强对各利益群体的引导与监督。
[Abstract]:The phenomenon of high price-earnings ratio and high raising rate in gem market has always been an issue of great concern in academic and practical circles. Based on the analysis of information asymmetry and new issue profit chain, it is shown that, The reputation of underwriters and private equity investment are the potential important factors influencing the price-earnings ratio and over-raising ratio of IPO on gem. The empirical study on IPO data of 260 companies on gem shows that the reputation of underwriters and the price-earnings ratio of underwriters and the price-to-earnings ratio of underwriters and. There is a significant positive correlation between private equity investment and P / E ratio. However, private equity investment does not significantly improve the over-raising rate of IPO companies. Therefore, in order to solve the problem of pricing in the gem I market and improve the efficiency of gem investment and financing, The relevant departments should pay attention to the benefit distribution and behavior regulation in the interest chain of new stock issuance, strengthen the sponsor responsibility of underwriters, prolong the period of sponsorship responsibility, support the development of private equity, and punish the fraud in the process of IPO. We will strengthen the guidance and supervision of all interest groups.
【作者单位】：厦门大学金融系;
【分类号】：F832.51;F224

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