制度环境、企业所有权与IPO抑价
发布时间：2018-09-09 10:55
【摘要】：IPO抑价现象是指,股票在首次公开发行时的发行定价显著低于上市第一日的市场交易价格,从而导致超高收益率的现象。本文将宏观环境和企业微观特征结合起来,研究了制度环境、企业所有权与IPO抑价之间的关系。具体来说,本文对IPO抑价领域的三个未被研究过或尚未达成一致结论的问题进行了研究。第一个问题是,制度环境是否能够对IPO抑价产生显著影响。本文采用中国市场化指数(NERI)度量各个省(自治区、直辖市)的制度环境,并将制度环境分为三个维度即信贷市场的发展情况、法律环境和政府干预程度,将它们分别作为因变量建立回归模型,利用我国各个省(自治区、直辖市)的相关数据进行实证研究,研究结果表明,制度环境较好的省(自治区、直辖市)的企业其IPO抑价较小,且信贷市场的发展情况、法律环境和政府干预程度均分别与IPO抑价呈现显著负相关关系。第二个问题是,企业的所有权性质是否能够对IPO抑价产生显著影响。本文先将IPO企业分类为国企和民企进行研究,研究发现国企的IPO抑价程度显著高于民企,之后,又将国企分类为央企和地方国企进行研究,研究发现央企的IPO抑价程度显著高于地方国企。第三个问题是,制度环境对央企、地方国企和民企的IPO抑价的影响是否存在显著不同。研究结果表明,制度环境对民企IPO抑价的影响程度最高,其次是地方国企,影响程度最低的是央企。由于过高的IPO抑价将导致一系列问题,如资本市场和整个社会的资源配置效率下降、加剧股市非正常波动、增加系统性风险等,因此,结合研究结论,本文提出了政策建议:第一,加强地方的制度环境建设,为企业融资做好保障;第二,尊重市场的力量,减少政治目的对国企IPO的绑架;第三,推进注册制改革,促进证券市场健康发展;第四,加强信息披露机制建设,完善监管体系。
[Abstract]:The phenomenon of IPO underpricing refers to the phenomenon that the issuing price of stocks in the initial public offering is significantly lower than the market price on the first day of the market, which leads to the phenomenon of high yield. This paper combines the macro environment with the micro characteristics of the firm, and studies the relationship between the institutional environment, the ownership of the firm and the underpricing of IPO. Specifically, this paper studies three problems in the field of IPO underpricing that have not been studied or have not reached a consensus conclusion. The first question is whether the institutional environment can have a significant impact on IPO underpricing. This paper measures the institutional environment of various provinces (autonomous regions and municipalities directly under the Central Government) by using China's market-oriented index (NERI), and divides the institutional environment into three dimensions: the development of the credit market, the legal environment and the degree of government intervention. The regression models are established as dependent variables, and the empirical research is carried out by using the relevant data of each province (autonomous region, municipality directly under the Central Government) in China. The results show that the province (autonomous region) with better institutional environment is the province (autonomous region) with better institutional environment. The IPO underpricing of enterprises is small, and the development of credit market, the legal environment and the degree of government intervention are negatively correlated with the underpricing of IPO. The second question is whether the ownership nature of the firm can have a significant impact on IPO underpricing. This paper classifies IPO enterprises into state-owned enterprises and private enterprises, and finds that the degree of IPO underpricing of state-owned enterprises is significantly higher than that of private enterprises, and then the state-owned enterprises are classified as state-owned enterprises and local state-owned enterprises. The study found that the IPO underpricing degree of central enterprises is significantly higher than that of local state-owned enterprises. The third question is whether the influence of institutional environment on IPO underpricing of central enterprises, local state-owned enterprises and private enterprises is significantly different. The results show that the institutional environment has the highest influence on the IPO underpricing of private enterprises, followed by local state-owned enterprises, and the lowest degree of influence is the central enterprises. Too high IPO underpricing will lead to a series of problems, such as the decline of resource allocation efficiency in the capital market and the society as a whole, aggravate the abnormal volatility of the stock market, increase the systemic risk, and so on. This paper puts forward some policy suggestions: first, to strengthen the construction of the local institutional environment to ensure the financing of enterprises; second, to respect the market forces and reduce the political kidnapping of state-owned enterprises (IPO); third, to promote the reform of the registration system. Promote the healthy development of the securities market; fourth, strengthen the construction of information disclosure mechanism, improve the regulatory system.
【学位授予单位】：武汉大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
本文编号：2232178
[Abstract]:The phenomenon of IPO underpricing refers to the phenomenon that the issuing price of stocks in the initial public offering is significantly lower than the market price on the first day of the market, which leads to the phenomenon of high yield. This paper combines the macro environment with the micro characteristics of the firm, and studies the relationship between the institutional environment, the ownership of the firm and the underpricing of IPO. Specifically, this paper studies three problems in the field of IPO underpricing that have not been studied or have not reached a consensus conclusion. The first question is whether the institutional environment can have a significant impact on IPO underpricing. This paper measures the institutional environment of various provinces (autonomous regions and municipalities directly under the Central Government) by using China's market-oriented index (NERI), and divides the institutional environment into three dimensions: the development of the credit market, the legal environment and the degree of government intervention. The regression models are established as dependent variables, and the empirical research is carried out by using the relevant data of each province (autonomous region, municipality directly under the Central Government) in China. The results show that the province (autonomous region) with better institutional environment is the province (autonomous region) with better institutional environment. The IPO underpricing of enterprises is small, and the development of credit market, the legal environment and the degree of government intervention are negatively correlated with the underpricing of IPO. The second question is whether the ownership nature of the firm can have a significant impact on IPO underpricing. This paper classifies IPO enterprises into state-owned enterprises and private enterprises, and finds that the degree of IPO underpricing of state-owned enterprises is significantly higher than that of private enterprises, and then the state-owned enterprises are classified as state-owned enterprises and local state-owned enterprises. The study found that the IPO underpricing degree of central enterprises is significantly higher than that of local state-owned enterprises. The third question is whether the influence of institutional environment on IPO underpricing of central enterprises, local state-owned enterprises and private enterprises is significantly different. The results show that the institutional environment has the highest influence on the IPO underpricing of private enterprises, followed by local state-owned enterprises, and the lowest degree of influence is the central enterprises. Too high IPO underpricing will lead to a series of problems, such as the decline of resource allocation efficiency in the capital market and the society as a whole, aggravate the abnormal volatility of the stock market, increase the systemic risk, and so on. This paper puts forward some policy suggestions: first, to strengthen the construction of the local institutional environment to ensure the financing of enterprises; second, to respect the market forces and reduce the political kidnapping of state-owned enterprises (IPO); third, to promote the reform of the registration system. Promote the healthy development of the securities market; fourth, strengthen the construction of information disclosure mechanism, improve the regulatory system.
【学位授予单位】：武汉大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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