我国创业板企业IPO抑价影响因素的实证分析

发布时间：2018-02-23 05:22

本文关键词： 创业板上市公司 IPO抑价影响因素　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】：2009年10月30日，我国创业板正式上市，截至2013年底，上市公司数量已达355家，并涉及制造业、信息技术业、科研服务、建筑业和文化传播等行业领域。总体而言，我国创业板市场发展迅速，大量具有增长潜力的中小企业积极在创业板上市。创业板已经发展成为资本市场的重要组成部分，，为健全我国多元化的资本市场体系做出了重要贡献。创业板在运行时暴露了一些问题，其中较为突出的是IPO抑价。较高的新股发行抑价会产生一系列的负面影响，一级市场的超额收益刺激了投资者在二级市场上的投机动机，进而二级市场上的股票价格被哄抬，这将不利于资本市场的长期稳定。因此，有效控制IPO抑价的程度对于创业板的发展尤为重要，我们应对IPO抑价的影响因素进行深入分析。本文在借鉴国内外已有理论的基础上，充分考虑我国创业板的发展状况，选取了涉及新股发行阶段和流通阶段的发行规模、中签率、市盈率、换手率和流通股所占比例等八个解释变量。通过构建关于新股抑价的回归模型，采用描述性统计分析和逐步回归的方法，对影响IPO抑价的因素进行实证研究。结果表明，创业板企业IPO抑价率分别与发行市盈率、发行前每股净资产、上市首日换手率、发行与上市的时间间隔显著正相关，与发行规模、上网发行中签率显著负相关，信息不对称理论对我国创业板的IPO抑价现象具有很好的解释力。最后，依据实证分析的结果，提出了相关的改进措施，希望能为创业板的上市公司、投资者、监管部门和中介机构提供一些参考和借鉴，逐步提高资本市场的运营效率。
[Abstract]:In October 30th 2009, China's gem was officially listed. As of end of 2013, the number of listed companies has reached 355, and it is involved in manufacturing, information technology, scientific research services, construction and cultural dissemination and other industries. China's gem market is developing rapidly, and a large number of small and medium-sized enterprises with growth potential are actively listed on the gem. The gem has developed into an important part of the capital market. To improve our diversified capital market system has made an important contribution. During the operation of the gem, some problems have been exposed, among which the more prominent is the IPO underpricing. A higher underpricing of new shares will have a series of negative effects, and the excess returns in the primary market have stimulated investors' speculative motives in the secondary market. Therefore, it is very important for the development of gem to effectively control the degree of IPO underpricing, and we should deeply analyze the influencing factors of IPO underpricing. Based on the existing theories at home and abroad and considering the development of gem in China, this paper selects the issuing scale, the winning ratio, the price-earnings ratio of the new issue stage and the circulation stage. Eight explanatory variables, such as turnover rate and the proportion of tradable shares, are used to construct a regression model for underpricing of new shares. By using descriptive statistical analysis and stepwise regression, the factors affecting underpricing of IPO are studied empirically. The IPO underpricing rate of gem is significantly positively correlated with the price-earnings ratio, the net assets per share before issuance, the turnover rate on the first day of listing, the interval between issuance and listing, and is negatively correlated with the issuing scale and the net issuance rate. The information asymmetry theory has a good explanation for the IPO underpricing phenomenon of gem in China. Finally, according to the results of empirical analysis, the paper puts forward the relevant improvement measures, hoping to be listed companies and investors on the gem. Regulators and intermediaries provide some reference and reference, gradually improve the efficiency of the capital market.
【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;F275

【引证文献】