医药制造业IPO抑价实证研究

发布时间：2018-02-24 11:49

本文关键词： IPO抑价抑价理论医药制造业多元回归分析　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：医药制造业现已成为引领全球发展的先导产业之一，也是世界上增长速度最快、竞争最激烈、最有潜力的高新技术产业之一。并且近几年来，我国党中央及政府将医药产业的发展视为战略发展重点，频频对其发展做出指示，为医药行业的发展提供强有力的政策支撑。然而，，目前对医药行业IPO的研究工作十分欠缺，这限制了医药行业股票市场未来的发展，同时也影响到中国股市未来的发展。首先，本文介绍了医药制造业及IPO抑价的定义，然后分析IPO抑价主要原因，本文认为有四方面的理论能够解释IPO抑价的原因，接着对我国医药制造业和其他行业的IPO情况进行分析，对比后发现，医药制造业的发行市盈率、发行价格和首日换手率都是高于其他行业的；说明了衡量IPO抑价的两个指标，而本文选取IPO初始报酬率作为衡量IPO抑价的指标，刻画了医药制造业IPO抑价情况并分析了原因。基于以上研究，本文的研究样本是医药制造业的115只新股，时间区间为1996年1月1日至2012年12月31日，同时确定了新股上市首日初始报酬率作为因变量，选取的11个IPO抑价的影响因素作为自变量，本文运用的研究方法包括描述性统计分析、多元线性回归分析等计量应用中的相关方法，本文通过构造模型并经过实证分析发现，我国医药制造业新股发行上市的抑价率是很高的，新股上市首日抑价率的平均值可以高达91.67%，同时还发现新股发行到上市时间间隔、上网发行中签率、募集资金总额取自然对数、每股发行费用、首日换手率、上市首日市场回报率等6个解释变量对医药制造业IPO抑价有显著影响。最后以实证分析结果为依据，对医药制造业新股发行方面提出相关政策建议。
[Abstract]:The pharmaceutical manufacturing industry has become one of the leading industries leading the global development. It is also one of the fastest growing, most competitive and most potential high-tech industries in the world. The CPC Central Committee and the government of our country regard the development of the pharmaceutical industry as the key point of strategic development, frequently give instructions to the development of the pharmaceutical industry, and provide strong policy support for the development of the pharmaceutical industry. However, at present, the research work on the pharmaceutical industry IPO is very lacking. This limits the future development of the pharmaceutical stock market, but also affects the future development of the Chinese stock market. First of all, this paper introduces the definition of pharmaceutical manufacturing and IPO underpricing, then analyzes the main reasons of IPO underpricing. This paper holds that there are four theories that can explain the causes of IPO underpricing. Then it analyzes the IPO situation of pharmaceutical manufacturing industry and other industries in China, and finds that the distribution price-earnings ratio, issue price and first-day turnover rate of pharmaceutical manufacturing industry are higher than those of other industries. In this paper, the initial rate of return of IPO is chosen as the index to measure the underpricing of IPO, and the underpricing of IPO in pharmaceutical manufacturing industry is described and the reasons are analyzed. Based on the above research, the sample of this paper is 115 new shares in pharmaceutical manufacturing industry, the time range is from January 1st 1996 to December 31st 2012, and the initial return rate on the first day of IPO is determined as a dependent variable. The 11 influencing factors of IPO underpricing are selected as independent variables. The research methods used in this paper include descriptive statistical analysis, multivariate linear regression analysis and other econometric methods. The underpricing rate of the new stock issue in the pharmaceutical manufacturing industry in China is very high. The average underpricing rate on the first day of the new stock listing can be as high as 91.67. At the same time, it is also found that the interval between the new share issue and the listing time, the rate of successful online issuance, and the natural logarithm of the total amount of funds raised. Six explanatory variables, such as issue fee per share, turnover rate on the first day and market return on the first day of listing, have significant effects on the underpricing of IPO in pharmaceutical manufacturing industry. To the pharmaceutical manufacturing industry new issue of the relevant policy recommendations.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F426.72

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