创业企业IPO折价的影响因素——基于行为金融理论的分析
发布时间：2019-04-22 11:20
【摘要】：企业首次公开募股(IPO)的折价问题一直是学术界研究的热点问题,然而目前针对我国创业板上市企业IPO折价的研究还较少。自从我国创业板于2009年10月建立后,创业企业的IPO存在显著的折价现象。本文基于行为金融理论的反应过度、反应不足和自我归因假说,尝试发现影响IPO折价的一些因素。通过对153家在创业板上市企业的分析,实证检验了首日换手率、申购中签率、市场热度、上市前收益率与IPO折价之间的相关关系,最后,大部分研究假设得到验证。
[Abstract]:The issue of the discount of (IPO) has been a hot issue in academia. However, the research on IPO discount of gem listed companies in our country is still few at present. Since China's gem was established in October 2009, there is a significant discount in the IPO of start-up enterprises. Based on the hypothesis of overreaction, underreaction and self-attribution of behavioral finance theory, this paper tries to find out some factors that affect IPO discount. Through the analysis of 153 listed enterprises on the gem, this paper empirically tests the relationship between the first-day turnover rate, the bid-winning rate, the market heat, the pre-listing yield and the IPO discount. Finally, most of the research assumptions are verified.
【作者单位】： 南京大学商学院;
【基金】：国家自然科学基金项目“决策者行为视角的企业风险承担影响机理研究”(70902006) 江苏高校哲学社会科学研究重点项目“江苏创业企业IPO后生存与发展的研究”(2010ZDIXM016)的部分成果
【分类号】：F832.51
[Abstract]:The issue of the discount of (IPO) has been a hot issue in academia. However, the research on IPO discount of gem listed companies in our country is still few at present. Since China's gem was established in October 2009, there is a significant discount in the IPO of start-up enterprises. Based on the hypothesis of overreaction, underreaction and self-attribution of behavioral finance theory, this paper tries to find out some factors that affect IPO discount. Through the analysis of 153 listed enterprises on the gem, this paper empirically tests the relationship between the first-day turnover rate, the bid-winning rate, the market heat, the pre-listing yield and the IPO discount. Finally, most of the research assumptions are verified.
【作者单位】： 南京大学商学院;
【基金】：国家自然科学基金项目“决策者行为视角的企业风险承担影响机理研究”(70902006) 江苏高校哲学社会科学研究重点项目“江苏创业企业IPO后生存与发展的研究”(2010ZDIXM016)的部分成果
【分类号】：F832.51
【参考文献】
相关期刊论文 前1条
1 徐志坚;叶颖;王全胜;;TMT股权与人力资本对投资者估价的影响——基于创业企业IPO市场的实证检验[J];南京社会科学;2010年02期
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