我国创业板IPO抑价影响因素研究

发布时间：2018-03-18 02:26

本文选题：创业板　切入点：IPO抑价　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：中国的创业板自2009年成立到现在已7年有余。截至到2016年底,总计共有587家企业在创业板上市,募资总金额超3000亿元,创业板企业总市值已接近60000亿元。创业板的设立在推动一批高成长的创新型企业发展、为投资者分享国民经济发展的新成果提供关键渠道的同时,也在支持国民经济建设、深化改革及经济转型升级等国政方针的实施方面发挥了重要作用。创业板市场的健康运行已然成为我国资本市场稳定向好发展、国民经济持续健康增长的重要组成部分。与国外发达国家的成熟资本市场不同,我国的创业板市场自开市以来就伴随着独有的“三高”现象,即高发行价格、高发行市盈率和高超募金额。与“三高”现象并存的还有一个困惑理论及实务界已久的现象——“高IPO抑价率”。IPO抑价现象在中国的创业板市场尤为严重,近几年,随着市场的不断发展及一系列改革的深入,IPO抑价率虽有放缓的趋势,但仍处于世界较高水平。国内外学者对此问题曾从信息不对称、行为金融学等角度进行了研究,但鉴于研究时间段的不同、样本数据的可得性及制度背景的差异等原因,目前尚未得出统一的结论。在我国IPO审核加速、注册制呼之欲出及证券法进一步修改等背景下,进一步探究IPO抑价问题有利于明确我国资本市场的改革方向、保障市场的平稳健康发展。在创业板企业IPO及上市的过程中,主要的参与方有承销商、投资者及私募股权投资机构。国内外诸多研究也表明,以上各方是影响创业板企业IPO抑价率的关键因素。鉴于此,本文以上述各方为切入点,选取了2009-2016年的创业板市场的数据,采用多元回归分析的方法,利用Stata 13.1软件详细分析了承销商声誉、投资者情绪及私募股权投资机构持股行为对企业IPO抑价率的影响,并得出了以下结论,第一,承销商声誉能显著降低IPO抑价率;第二,投资者情绪能显著影响IPO抑价率,其中:新股上市首日换手率与IPO抑价率显著正相关,新股网上发行中签率与IPO抑价率显著负相关;第三,私募股权投资机构的介入能显著提高IPO抑价率,且私募股权投资机构的持股时间越长,IPO抑价率越高。
[Abstract]:More than seven years have passed since the establishment of the gem in 2009. As of end of 2016, a total of 587 enterprises have listed on the gem, raising a total of more than 300 billion yuan. The establishment of the gem has reached nearly 6 trillion yuan. The establishment of the gem not only promotes the development of a number of high-growth innovative enterprises and provides a key channel for investors to share the new achievements of national economic development, but also supports national economic construction. Deepening reform and economic transformation and upgrading have played an important role in the implementation of national policies. The healthy operation of the gem market has become a stable and good development of our capital market. Unlike the mature capital markets of developed countries, the gem market in China has been accompanied by a unique "three high" phenomenon since the opening of the market, that is, high issuing prices. The phenomenon of "high IPO underpricing". The phenomenon of IPO underpricing is especially serious in China's gem market in recent years. With the continuous development of the market and a series of reforms, the IPO underpricing rate is slowing down, but it is still at a high level in the world. Scholars at home and abroad have studied this problem from the angles of information asymmetry and behavioral finance. However, in view of the differences in the time period of study, the availability of sample data and the differences in institutional background, there is no unified conclusion. Under the background of accelerating the IPO audit in our country, the registration system is eager to emerge, and the securities law is further amended, and so on, Further exploring the issue of IPO underpricing will help to clarify the reform direction of China's capital market and ensure the smooth and healthy development of the market. In the process of IPO and listing of gem enterprises, the main participants are underwriters. Investors and private equity investment institutions. Many domestic and foreign studies also show that the above parties are the key factors affecting the IPO underpricing rate of gem enterprises. In view of this, this paper selects the data of gem 2009-2016 as the starting point. Using the method of multiple regression analysis and using Stata 13.1 software, this paper analyzes the influence of underwriter reputation, investor sentiment and the behavior of private equity investment institution on the underpricing rate of IPO in detail, and draws the following conclusions: first, The underwriter reputation can significantly reduce the IPO underpricing rate. Secondly, investor sentiment can significantly affect the IPO underpricing rate. Among them, the first-day turnover rate of new shares and the IPO underpricing rate are significantly positive correlation, and the online issuance rate of new shares is negatively correlated with IPO underpricing rate. Thirdly, the intervention of private equity firms can significantly improve the underpricing rate of IPO, and the longer the holding time of private equity institutions, the higher the underpricing rate.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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