我国创业板IPO效应的实证研究

发布时间：2018-03-25 23:37

本文选题：创业板　切入点：IPO效应　出处：《江西师范大学》2014年硕士论文

【摘要】：创业板作为创业型、高新技术企业专属融资平台，自2009年开市以来，就引起了社会各界广泛的关注。创业板经过四年多的发展，上市公司数量已达383家，在市场规模不断扩张的同时，也引发了一系列比如高发行价、高市盈率、高超募以及业绩变脸等问题，对于如何解决IPO效应问题，国内外学者从不同市场、不同角度进行了相关研究。本文从财务角度出发，对我国创业板市场IPO效应进行实证研究，分析IPO效应的影响因素，，并根据实证分析结果为我国创业板市场及资本市场的建设提出相关政策建议。本文首先对国内外有关“IPO效应”以及创业板的研究进行了论述，为下文的研究打好理论基础。之后，对我国创业板市场发展现状进行了梳理和分析，发现我国创业板市场存在诸如“三高”现象、高管频繁辞职、业绩变脸等问题。其次，选取281家创业板企业为研究样本，选择具备代表性的财务指标包括上市企业的盈利能力、偿债能力、成长能力、营运能力四个方面进行描述性统计和显著性检验。在此基础上，从外部和内部两方面来探讨其影响IPO业绩变动的因素，选取七个因素构建多元线性回归模型，对IPO效应进行实证分析，研究各因素对IPO效应的影响程度。经过实证分析得出结论：我国创业板市场存在明显的“IPO效应”，企业规模、第一大股东比例、速动比率与IPO效应成负相关关系，股权融资成本、偿债能力、成长能力、盈利能力与IPO效应成正相关关系。最后，本文结合外部影响因素从信息披露、保荐及中介机构尽职调查、退市制度、股权结构、高管管理等方面，对发展及完善我国创业板市场给出相关政策建议。
[Abstract]:As an entrepreneurial and high-tech enterprise financing platform, the gem has attracted wide attention from all walks of life since the opening of the market in 2009. After more than four years of development, the number of listed companies has reached 383. While the market scale is expanding, it also leads to a series of problems, such as high issue price, high price-earnings ratio, superb raising and performance change. As for how to solve the problem of IPO effect, scholars at home and abroad come from different markets. From the financial point of view, this paper makes an empirical study on the IPO effect of China's gem market, and analyzes the influencing factors of the IPO effect. According to the results of empirical analysis, some policy suggestions are put forward for the construction of gem and capital market in China. This paper firstly discusses the research of "IPO effect" and gem at home and abroad, which lays a theoretical foundation for the following research. Then, it analyzes the current situation of gem market in China. It is found that there are some problems in the gem market, such as the "three high" phenomenon, the frequent resignation of senior executives and the change of performance. Secondly, 281 gem enterprises are selected as the research sample, and the representative financial indicators include the profitability of listed enterprises. On the basis of this, the paper discusses the factors that influence the change of IPO performance from external and internal aspects. This paper selects seven factors to construct the multiple linear regression model, makes an empirical analysis on the IPO effect, and studies the influence degree of each factor on the IPO effect. Through the empirical analysis, the conclusion is drawn: there is obvious "IPO effect" in the gem market of our country, and the scale of the enterprise. The ratio of the first largest shareholder, the quick ratio and the IPO effect have negative correlation, the equity financing cost, the solvency, the growth ability, the profit ability and the IPO effect are positively correlated. Finally, this article combines the external influence factor from the information disclosure, Recommendation and intermediary organizations due diligence, delisting system, equity structure, senior management, and other aspects, to develop and improve the gem market in China to give relevant policy recommendations.
【学位授予单位】：江西师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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