股东构成与创业板IPO抑价研究

发布时间：2018-01-17 22:03

本文关键词：股东构成与创业板IPO抑价研究　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：IPO抑价现象的研究自提出以来一直是金融领域的热点，至今也尚未有定论，关于抑价成因的解释也是只有解释力强弱之分，而且因市场的成熟程度和研究样本的特征而异。我国资本市场自设立以来就有着发达国家甚至其他新兴市场难以企及的高IPO抑价率，显然IPO抑价率过高不利于资本市场的健康发展。从实用主义的立场出发，我们希望找到畸高IPO抑价的成因，使其回归理性水平以利于我国资本市场的健康持续发展。本文着眼于创业板，试图通过研究创业板上市公司的股东构成，，探讨上市前股东的背景特征与创业板上市公司IPO抑价的相关性并运用多元回归的方法进行了实证设计。结果表明：我国创业板上市公司的管理层持股比例与其IPO抑价水平显著负相关，管理层持股比例越高，IPO抑价水平越低，管理层持股人数越多，IPO抑价水平越低。笔者认为管理层持股比例以及持股人数反映管理层与上市公司长期利益的相关程度，其他股东如风投等会更看重短期利益，管理层持股比例能够反映出公司长期利益方的博弈能力，管理层持股比例越高在管理层与其他股东之间的博弈越占优势，这种优势最终转化为二级市场上对价格的影响力，降低IPO抑价。
[Abstract]:The research of IPO underpricing phenomenon has been a hot spot in the financial field since it was put forward. So far, there has been no conclusion about the cause of underpricing, and the explanation about the cause of underpricing is only divided into the strength and weakness of explanation. And because of the maturity of the market and the characteristics of the research sample, China's capital market since its establishment has a high IPO underpricing rate that developed countries or even other emerging markets can not match. Obviously, too high IPO underpricing rate is not conducive to the healthy development of capital market. From the standpoint of pragmatism, we hope to find the cause of abnormal high IPO underpricing. It is beneficial to the healthy and sustainable development of China's capital market to return to rational level. This paper focuses on the gem and tries to study the shareholders composition of the gem listed companies. This paper probes into the correlation between the background characteristics of shareholders before listing and the IPO underpricing of listed companies on the gem, and makes an empirical design by using the method of multiple regression. The results show that:. There is a significant negative correlation between the proportion of managerial shareholding and the level of IPO underpricing of gem listed companies in China. The higher the proportion of management shares, the lower the IPO underpricing level, the more the number of managers holding shares. The lower the level of IPO underpricing, the author thinks that the proportion of management shares and the number of shares reflect the degree of correlation between management and the long-term interests of listed companies, other shareholders such as venture capital will pay more attention to short-term interests. The proportion of management holding shares can reflect the long-term interests of the company's game ability, the higher the proportion of management holding shares in the management and other shareholders between the game is more dominant. This advantage is finally transformed into the influence of price on the secondary market, reducing the IPO underpricing.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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