中国创业板上市公司IPO定价合理性分析

发布时间：2018-01-29 03:20

本文关键词： 创业板新股发行定价合理性影响因素　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：创业板市场作为中国多层次资本市场中不可或缺的一部分,其发展关系到整个资本市场的发展,而股票首次发行关系到创业板市场的健康稳定发展,所以股票首次发行的过程至关重要。创业板的成立为中小企业提供了重要的融资渠道,适当的IPO定价能保证企业顺利融资,而对IPO定价的研究,核心是对定价合理性和定价影响因素的研究。本文基于创业板的特点,通过对IPO定价合理性的分析,提出IPO定价不合理的原因是考虑的因素不够全面,为找出对IPO定价影响显著的因素,建立了多因素回归定价模型,在此基础上提出优化创业板IPO定价的政策建议。本文首先在国内外文献综述的基础上,对我国IPO定价理论进行了梳理,同时分析了IPO发行及定价制度、创业板IPO定价现状,基于此对创业板IPO定价合理性进行了分析,并从不同阶段和不同市场两个角度进行对比分析。发现我国创业板IPO定价不合理的原因是,IPO定价过程中考虑的因素不够全面。因此将影响IPO定价的因素分为公司因素、一级市场影响因素和二级市场影响因素,以2015年1月至2016年9月在创业板上市的公司作为样本,通过建立多元回归模型,找出对IPO定价影响显著的因素,为IPO定价模型中影响因素的选择作参考。通过模型的分析,得到的结论有:首先,我国创业板一级市场IPO定价具有一定的合理性,新股发行价格能反映出公司基本财务信息,且受到企业所在地的影响;其次,新股上市20日平均收盘价也没有脱离公司内在价值,但与公司价值稍有偏离,且受到企业所在地和股票发行情况的影响;第三,IPO发行价格优于IPO市场价格,因为发行价格比市场价格拟合效果更好,且反映的公司因素更多;最后,IPO高抑价主要是由于二级市场非理性投机造成的,IPO抑价受换手率和机构投资者情绪影响显著。最后,本文在研究的基础上提出了三条优化创业板IPO定价的政策建议。首先,应该关注公司价值因素并寻找合适的IPO定价方法;其次需要扩大询价制的询价范围,并加强投资者的教育;最后,需要对信息披露制度进行完善,同时推进IPO注册制的实施。
[Abstract]:As an indispensable part of China's multi-level capital market, the growth enterprise market is related to the development of the whole capital market, and the initial issue of stocks is related to the healthy and stable development of the growth enterprise market. The establishment of the gem provides an important financing channel for small and medium-sized enterprises, appropriate IPO pricing can ensure the smooth financing of enterprises, and the study of IPO pricing. The core is the study of pricing rationality and pricing influencing factors. Based on the characteristics of gem, this paper analyzes the rationality of IPO pricing, and points out that the reason why IPO pricing is unreasonable is that the factors are not comprehensive enough. In order to find out the factors that have significant influence on IPO pricing, a multi-factor regression pricing model is established, and the policy recommendations for optimizing IPO pricing in gem are put forward. Firstly, based on the literature review at home and abroad. At the same time, it analyzes the issue and pricing system of IPO, the current situation of IPO pricing in gem, and analyzes the rationality of IPO pricing in gem based on the analysis of the pricing theory of IPO in China. And from different stages and different market point of view, we find that the reason why IPO pricing is unreasonable is. The factors that affect the pricing of IPO are not comprehensive enough. Therefore, the factors that affect the pricing of IPO are divided into corporate factors, primary market factors and secondary market factors. Taking the companies listed on gem from January 2015 to September 2016 as samples, the factors that influence the pricing of IPO are found out by establishing a multivariate regression model. Through the analysis of the model, the conclusions are as follows: firstly, the IPO pricing in the gem primary market is reasonable. The IPO price can reflect the basic financial information of the company and is influenced by the location of the enterprise. Secondly, the average closing price of IPO in 20th is not divorced from the intrinsic value of the company, but deviates slightly from the value of the company, and is affected by the location of the enterprise and the situation of the stock issue. The third price is better than the market price of IPO, because the price of IPO is better than the market price, and reflects more factors of the company; Finally, the high IPO underpricing is mainly due to the secondary market irrational speculation caused by the IPO underpricing is significantly affected by turnover rate and institutional investor sentiment. Finally. On the basis of the research, this paper puts forward three policy recommendations to optimize the IPO pricing of gem. Firstly, we should pay attention to the factors of company value and look for the appropriate pricing method of IPO. Secondly, it is necessary to expand the inquiry scope of inquiry system and strengthen the education of investors. Finally, we need to perfect the information disclosure system and promote the implementation of IPO registration system.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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