基于市场参与者行为分析创业板三高现象

发布时间：2018-03-12 15:55

本文选题：创业板　切入点：三高现象　出处：《北京邮电大学》2014年硕士论文　论文类型：学位论文

【摘要】：自中国证监会在深证证券交易所设立创业板以来,创业板为高成长企业未来的发展提供了新的融资来源,为中小企业的发展增添活力,对于进一步的促进中国资本市场的健康发展具有深远的意义。但是创业板市场的存在的问题也触目可惊,高发行价、高市盈率、高募集资金的三高现象层出不穷,造富情况严重,巨额资金募集后使用效率地下,上市后业绩迅速下滑。为了发行上市,创业版上市公司上市前的业绩造假,券商为了获取高昂的承销手续费收入包装拟上市公司,甚至参与、指导、引导拟上市公司造假,询价机构完全丧失了独立性,报价的机构不参与申购,按照券商和IP0上市公司的意愿进行报价,抬高发行价格。上市后成功后,股票价格高企,拟上市公司获得几亿元甚至几十亿元的股本投资,券商获得上亿元甚至几亿元的佣金收入,机构投资者,特别的PE迅速撤离,获得超过十倍,甚至几十倍,上百倍的投资回报率,而原始投资者持有的股份的市场价值是其公司未来几十年的收益的总和,造富效益导致原始投资者不再专注于原来的业务而急于变现。在相关利益人撤离之后,上述创业板导致的问题,将全部由无辜的个人投资者来承担,造成了巨大的社会影响。创业版已经失去了和中小板以及主板的区别,这些都严重的阻碍了创业板市场的未来发展。本文将试图从市场参与者的行为动机为出发点进行研究,对三高现象的根源进行深入研究和分析,为下一步监管部门的改革提供思路。本文的观点有助于监管部门开阔思路,更有利于维护广大创业板股民的切身利益,具有广泛和深入的社会意义。本文的目标是对中国创业板市场进行改革,以达到其设计的目的,为中小企业,特别的高成长、创新型企业提供资金来源,给投资者一种适当的投资渠道。
[Abstract]:Since the establishment of the gem by the CSRC on the Shenzhen Stock Exchange, the gem has provided a new source of financing for the future development of high-growth enterprises and added vitality to the development of small and medium-sized enterprises. It is of far-reaching significance to further promote the healthy development of China's capital market. But the existing problems of the gem market are also alarming. The three high phenomena of high issue price, high price-to-earnings ratio and high raising funds are emerging one after another. Rich situation is serious, huge amount of capital after the use of efficiency underground, after the rapid decline in performance. In order to issue and list, the entrepreneurial version of the listed company's performance before listing, securities companies in order to obtain high underwriting fees to package the proposed listed company, and even participate in, guide, guide the proposed listed company fraud, The inquiry agency has completely lost its independence. The quoting agency does not participate in the requisition. It quotes according to the wishes of the securities companies and the IP0 listed companies, raising the issue price. After the successful listing, the stock prices remain high. The proposed listed companies received several hundred million yuan or even several billion yuan of equity investment, securities companies received hundreds of millions or even hundreds of millions of yuan in commission income, institutional investors, special PE quickly evacuated, and got more than 10 times, or even tens of times. Hundreds of times the return on investment, and the market value of the shares held by the original investor is the sum of the company's earnings over the next few decades. As a result of making rich profits, the original investors are no longer focused on the original business and are eager to realize it. After the withdrawal of the relevant stakeholders, the problems caused by the above mentioned gem will all be borne by innocent individual investors. The entrepreneurial version has lost the difference with the small and medium board and the main board, which has seriously hindered the future development of the gem market. This paper will try to study the causes of the "three High" phenomena from the starting point of market participants' behavior motivation, and provide a way of thinking for the next step of regulatory reform. The aim of this paper is to reform the gem market in China in order to achieve its design purpose, and to achieve the special high growth rate for small and medium-sized enterprises, so as to protect the vital interests of the majority of gem investors, and have extensive and in-depth social significance.The goal of this paper is to reform the gem market in China, so as to achieve its design purpose. Innovative enterprises provide a source of funds to investors an appropriate investment channel.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【相似文献】