我国股票市场IPO抑价现象的分析与研究

发布时间：2018-01-03 19:33

本文关键词：我国股票市场IPO抑价现象的分析与研究　出处：《安徽农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：IPO即股票首次公开发行(英文名称为Initial Public Offering),是指一个公司首次向市场上大量的非特定投资者发售企业股份的行为。在第一次公开对外发行后,公司可以申请把本公司的股份拿到股票交易市场进行交易,上市公司便因此而产生。其中,新股定价问题一直是我国新股发行制度理论研究的重点也是改革我国股票市场的难点,同时更是长久存在于我国一级股票市场和二级股票市场上的非均衡矛盾点。而所谓的IPO抑价是指股票发行价低于上市首日交易价格的情况,国内外学者对此进行了大量的实证研究,结果都说明成熟市场国家和新兴市场国家都明显存在IPO抑价的现象。我国证券市场自成立起至今一直具有较高的新股发行抑价率。而构成证券市场的重要部分之一便是股票市场,如果抑价率过高会使我国一、二级股票市场产生不平衡,随之股票市场的系统性风险会大大增加。在我国,IPO定价短期低估程度远高于西方市场水平。因此,为探究我国股票市场IPO抑价的影响因素,本文选取上海、深圳两地1997-2014年2月以来的我国沪市和深市首次公开发行并上市的A股数据,通过统计性分析和多元线性回归分析,证实影响我国股票市场IPO抑价的因素。进而,针对我国出现的股票市场IPO高抑价率问题提出相应的政策建议。全文共分为六章。第一章是绪论部分,主要介绍选题的背景、目的和意义,国内外相关研究综述,研究的内容、思路、方法以及本文的不足与创新。第二章是我国股票市场IPO抑价理论,该部分介绍了IPO抑价的相关概念以及我国股票市场IPO抑价的相关理论。第三章是我国股票市场IPO抑价的基本情况具体包括我国IPO抑价的整体状况、成因以及IPO抑价的不利影响。第四章是我国股票市场IPO抑价的影响因素分析,该部分在充分了解研究对象的前提下,在总结其他学者的研究成果及其不足的基础上,对本文所要研究的影响因素进行分析,具体归类为三大类即反映上市公司内在价值的影响因素、反映一级市场新股发行的影响因素和反映二级市场新股交易的影响因素。第五章是我国股票市场IPO抑价影响因素的实证分析,主要介绍了样本的选取及来源,变量的选取及定义,研究方法的选择,回归模型的建立以及回归模型结果的分析,得出了不同影响因素对IPO抑价的影响是怎样的。第六章是结论部分,在该部分中,对文章最开始存在的疑问即IPO抑价现象存在的原因,哪些因素导致了IPO高抑价现象,并在此基础上提出有关降低我国股票市场IPO抑价率过高的对策建议。
[Abstract]:IPO is an initial public offering of shares (the English name is Initial Public offering). It refers to the first time that a company sells a large number of shares to a large number of non-specific investors in the market. After the first public offering, the company may apply for the shares of the company to be traded in the stock market. Among them, the pricing of new shares has always been the focus of the theoretical research on the new issue system and the difficulty of reforming the stock market in our country. At the same time, it is also a long time in China's primary stock market and secondary stock market non-equilibrium contradictions. And the so-called IPO underpricing refers to the issue price of stocks is lower than the first day of trading price of the situation. Scholars at home and abroad have carried out a large number of empirical research on this. The results show that the phenomenon of IPO underpricing exists obviously in both mature and emerging market countries. Since its establishment, China's securities market has always had a high underpricing rate of new share issuance, which constitutes an important part of the securities market. One percent is the stock market. If the underpricing rate is too high, the first and secondary stock markets in China will be unbalanced, and the systemic risk of the stock market will increase greatly. The degree of short-term underpricing of IPO is much higher than that of western markets. Therefore, in order to explore the influencing factors of IPO underpricing in China's stock market, this paper selects Shanghai. The data of initial public offering and listing of Shanghai and Shenzhen stock markets in Shenzhen and Shenzhen from 1997 to 2014 since February were analyzed by statistical analysis and multivariate linear regression analysis. Confirm the factors that affect the IPO underpricing in the stock market of our country. Then, in view of the high underpricing rate of IPO in the stock market of our country, put forward the corresponding policy recommendations. The full text is divided into six chapters. The first chapter is the introduction part. Mainly introduces the background, purpose and significance of the topic, domestic and foreign related research review, research content, ideas, methods, as well as the shortcomings and innovations of this paper. Chapter two is the IPO underpricing theory of Chinese stock market. This part introduces the related concepts of IPO underpricing and the related theory of IPO underpricing in Chinese stock market. Chapter 3 is the basic situation of IPO underpricing in Chinese stock market, including the whole state of IPO underpricing in China. Situation. Chapter 4th is the analysis of the influencing factors of IPO underpricing in China's stock market, which is based on the full understanding of the research object. On the basis of summing up the research results of other scholars and their shortcomings, this paper analyzes the influencing factors to be studied, specifically classified into three categories, that is, reflecting the internal value of listed companies. Chapter 5th is the empirical analysis of the influencing factors of IPO underpricing in China's stock market. It mainly introduces the selection and source of samples, the selection and definition of variables, the selection of research methods, the establishment of regression models and the analysis of the results of regression models. Chapter 6th is the conclusion part. In this part, the question that exists at the beginning of the article is the reason why IPO underpricing phenomenon exists. What factors lead to the high underpricing of IPO, and on the basis of this, some countermeasures and suggestions are put forward to reduce the excessive underpricing rate of IPO in China's stock market.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224

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