创业板上市公司首发“超募”动因分析与实证检验

发布时间：2018-06-07 23:19

本文选题：新股首次发行(IPO) + 超募　；参考：《深圳大学学报(人文社会科学版)》2012年02期

【摘要】：上市公司首发"超募"属中国证券市场特殊问题。"超募"可能导致公司财务行为异化,影响监管部门形势判断与市场监管。要合理解决首发"超募",探索其成因是解决问题的前提。作为一类特殊企业,创业板上市公司"超募"又有其特殊性。我们以2009年度创业板上市公司为研究样本,通过理论分析并经实证检验,得出"超募"主要是受成长能力等公司内部因素及配售对象数量等外部市场因素的影响。为规范"超募",建议采取改进新股发行制度,抑制机构投资者投机"询价";加大查处力度,防止上市公司对重要财务指标"粉饰";加强投资者教育,引导投资者树立正确价值评估取向;加强"超募"后续监管,适时建立预先评估制度等政策措施。
[Abstract]:The listed company's initial "overstock" is a special problem in China's securities market. " Over-raising may lead to the alienation of the financial behavior of the company and affect the judgment of the situation of the regulatory department and the supervision of the market. To solve the problem reasonably, to explore the causes is the premise of solving the problem. As a kind of special enterprise, gem listed company has its particularity. Taking gem listed companies in 2009 as the research sample, through theoretical analysis and empirical test, we draw a conclusion that "over-raising" is mainly affected by internal factors such as growth ability and the number of placing objects and other external market factors. In order to standardize "over-offering", it is proposed to improve the new issue system, curb institutional investors' speculative "inquiry", step up investigation and punishment, prevent listed companies from "whitewashing" important financial indicators, and strengthen investor education. To guide investors to set up a correct orientation of value evaluation, to strengthen the follow-up supervision of "over-raising", and to set up a system of pre-evaluation in good time, and other policy measures.
【作者单位】：深圳大学财会学院;
【基金】：教育部人文社会科学研究基金项目《创业板上市公司“超募”、后继财务行为与经营绩效》(10YJC630351)
【分类号】：F832.51;F24

【二级参考文献】