创业板新股锁定期的IPO抑价因素探究

发布时间：2018-02-14 09:32

本文关键词： IPO抑价持股锁定期投资者情绪承销商因素　出处：《浙江工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：IPO高抑价率的存在会引起国内大量资金非正常的涌入并集中在一级市场,借以赚取高额收益,进一步推涨了IPO的高抑价现象,使得整个市场将IPO高抑价视为一种巨额的无风险利益攫取方式,在整个证券市场上甚至形成了所谓的“新股申购专业户”,降低了证券市场的资源配置功能,也很大程度的破坏了整个证券市场的公平性。有别于国外,我国的IPO网下配售具有3个月的锁定期,这就使得在这3个月的锁定期内大大增加了整个市场对于新股的投机氛围,同时也意味着在IPO首日上市流通的只有部分流通股,因此从这个角度而言,我国的IPO抑价在测度及分析时与国外普遍的测度研究具有较大区别。在这样的背景下,结合我国3个月持股锁定期的基本“国情”,所进行的对于我国IPO抑价程度及因素的研究就具有重要的现实意义。由于我国创业板相对主板市场而言不存在国有股,整个市场的上市企业基本基于高科技、高风险的中小型企业,且区别于主板市场一开始为国有企业筹资的计划因素,而是切实的根据公司的发展需要而进行融资,是市场经济的产物。因此对创业板的企业进行IPO抑价的研究具有重大意义,能够更准确的通过研究找出影响我国IPO抑价的原因和影响因素,可以使我们对IPO抑价有更进一步的认识,也为下一阶段我国实行注册制后的证券市场的抑价情况提供一定借鉴及参考,具有一定的理论与实际意义。本文通过选取自2009年10月30日至2012年5月8日为止的313家创业板上市公司作为研究样本,并将网下配售股锁定期这一“国情”结合到我国的IPO抑价研究中,在借鉴国内外研究成果的基础上,从信息不对称、投资者情绪、承销商因素三个方面,运用多元回归并结合VAR及脉冲响应等方式,对我国新股IPO抑价率作了重新测度及具体影响因素的探究,发现以我国创业板的整体抑价为23.38%,与国外的资本市场整体属于同一水平,而具体影响因素中投资者的抑价预期影响十分显著。有鉴于此,本文认为应当进一步推进我国资本市场注册制进程,发挥机构者与承销商各自的专业能力,并同时投资者的投资专业能力。
[Abstract]:The existence of high underpricing rate of IPO will cause a large amount of capital to pour in and concentrate in the primary market in order to earn a high profit and further push up the phenomenon of high underpricing of IPO. It makes the whole market regard the high underpricing of IPO as a huge risk-free way of seizing profits, and even forms the so-called "professional new shares requisition" in the entire securities market, which reduces the resource allocation function of the securities market. It also undermines the fairness of the entire securities market to a large extent. Different from foreign countries, the IPO placing in our country has a three-month lock-up period, which greatly increases the speculative atmosphere of the whole market for new shares during the three-month lock-up period. At the same time, it also means that only some circulating shares are listed on the first day of IPO. Therefore, from this point of view, our country's IPO underpricing is quite different from the common measurement research abroad when it comes to measurement and analysis. Against this background, Combined with the basic "national conditions" of China's three-month shareholding locking period, the research on the degree and factors of IPO underpricing in China is of great practical significance. Since there are no state-owned shares in the gem relative to the main board market, The listed enterprises in the whole market are basically based on high-tech, high-risk small and medium-sized enterprises, and are different from the main board market in terms of the planning factors for raising funds for state-owned enterprises at the beginning, but actually financing according to the needs of the company's development. Therefore, it is of great significance to study the IPO underpricing of gem enterprises, and to find out more accurately the causes and influencing factors that affect the underpricing of IPO in China. It can make us have a better understanding of IPO underpricing, and also provide some reference and reference for the underpricing situation of China's securities market after the implementation of the registration system in the next stage, which has certain theoretical and practical significance. This paper selects 313 gem listed companies from October 30th 2009 to May 8th 2012 as the research sample, and combines the "national conditions" of off-net placement locking period into the IPO underpricing study in China. On the basis of using domestic and foreign research results for reference, from three aspects of information asymmetry, investor sentiment, underwriter factors, using multiple regression and combining with VAR and impulse response, etc. This paper re-measures the IPO underpricing rate of new shares in China and probes into the specific influencing factors. It is found that the overall underpricing of China's gem is 23.38, which is the same level as the foreign capital market as a whole. In view of this, the author thinks that we should further promote the process of capital market registration system in our country, and give full play to the professional ability of both institutions and underwriters. And at the same time the investment expertise of investors.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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