承销商声誉、IPO抑价与创业板市场风险研究

发布时间：2018-01-01 03:16

本文关键词：承销商声誉、IPO抑价与创业板市场风险研究　出处：《吉林财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2009年创立至今，我国创业板市场已成为科技型中小企业和自主创新企业的重要融资渠道。我国创业板市场具有上市门槛相对低、IPO公司成长性高等特征。因此相较于其他板块，创业板市场的二级市场风险更为复杂。此外，由于多数创业板IPO公司上市交易时间尚短，信息披露和风险监控尚不完善等客观原因，多数投资者对投资于创业板市场IPO公司的股票持徘徊和观望的态度。这就可能导致证券交易所成交量的萎靡和市场的不景气。在众多的创业板IPO公司中，投资者如何能够通过有限的信息和资料在短时期内对IPO公司的二级市场风险进行分析和判断，并最终做出投资决策，这是本文所要研究的问题。本文通过对一级市场交易数据和发行公司的IPO特征与二级市场短暂交易历史数据进行多元回归分析并建立回归模型，探究这些变量如何影响二级市场风险因素。在回归结果中我们发现：IPO抑价和二级市场风险显著正相关；承销商声誉与二级市场风险显著负相关,即雇佣高声誉承销商进行IPO股票承销工作的公司，其二级市场风险相对较低；风险投资水平与二级市场风险的相关性不明显，但在回归模型中却增强了模型的解释能力。我们得出在IPO后一定段时期内存在风险投资支持公司的二级市场风险较低的结论。但随着时间的流逝，存在风险投资对于IPO公司二级市场风险影响不再明显；公司的二级市场风险与公司自身特征和IPO时发行状况存在广泛的相关性。通过对一级发行市场的各项指标和IPO公司特征和IPO特征等因素的回归分析，可以探究我国创业板市场上市公司在IPO后一段时间内二级市场风险的影响因素，为投资者在二级市场进行风险判断和识别提供重要参考。
[Abstract]:Since its establishment in 2009, China's gem market has become an important financing channel for technology-based SMEs and independent innovation enterprises. The gem market has a relatively low threshold for listing. IPO company has high growth characteristics. Therefore, compared with other sectors, the secondary market risk of gem market is more complex. In addition, because most gem IPO companies listed and traded time is still short. Information disclosure and risk monitoring are not perfect and other objective reasons. Most investors have a lingering and wait-and-see attitude towards IPO shares in the gem market. This may lead to a slump in trading volume on stock exchanges and a slump in the market. Among the many gem IPO companies, . How can investors analyze and judge the secondary market risk of IPO Company in a short period of time through limited information and data, and finally make investment decision? this is the problem to be studied in this paper. This paper carries on the multivariate regression analysis and establishes the regression model through the multivariate regression analysis of the transaction data of the primary market and the IPO characteristics of the issuing company and the transient trading history data of the secondary market. This paper explores how these variables affect the risk factors in the secondary market. In the regression results, we find that there is a significant positive correlation between the IPO underpricing and the secondary market risk. There is a significant negative correlation between underwriter reputation and secondary market risk, that is, companies employing high-reputation underwriters to underwrite IPO shares have a relatively low secondary market risk. The correlation between the level of venture capital and the risk of secondary market is not obvious. However, in the regression model, the explanatory ability of the model is enhanced. We draw the conclusion that there is a lower risk in the secondary market of the venture capital support company in a certain period after IPO. But with the passage of time. The influence of venture capital on the secondary market risk of IPO company is no longer obvious. The secondary market risk of the company has extensive correlation with the company's own characteristics and the issuing condition of IPO. Through the regression analysis of the indexes of the first-order market and the characteristics of IPO company and IPO, etc. We can explore the influencing factors of the secondary market risk of the listed companies in the gem market in China for a period of time after IPO, and provide an important reference for investors to judge and identify the risk in the secondary market.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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