中国上市公司IPO首日破发影响因素的实证分析

发布时间：2018-04-16 17:43

本文选题：IPO + 首日破发　；参考：《华东理工大学》2014年硕士论文

【摘要】：IPO定价一向是新股发行过程中的核心问题,定价的合理性会影响股票的发行效果。自2010年起,破发潮席卷中国证券市场,至2012年三年间A股共发行885只股票,其中首日破发144只,首日破发率达到16.27%。IPO首日破发的影响因素是什么?这是本文需要研究的问题。本文首先阐述了IPO定价的基本理论,梳理了IPO定价影响因素的研究文献,回顾了中国新股上市制度的沿革；接着以2009-2012年IPO公司为研究样本,运用逻辑回归和线性回归模型,实证考察主板、中小板和创业板IPO上市首日破发的影响因素。实证研究发现：第一,新股发行市盈率越高、网上中签率越高以及网下配售超额认购倍数越低的公司,IPO首日破发可能性越大；并且市盈率越高的公司,IPO首日破发程度越大。第二,上市前资产收益率越高的公司,更有可能破发、破发程度越大。可能的原因是在中国转型经济制度背景下,上市前的高盈利能力或许是企业盈余管理的结果。此外,创业板公司的成长性越高,IPO首日破发的可能性越小；成长性与IPO首日破发的程度显著负相关。第三,市场行情对IPO首日破发显著影响：市场行情越好,IPO首日破发的可能性越小、破发的程度越低；并且新股上市首日破发现象存在聚集效应。第四,主板、中小板和创业板在IPO首日破发可能性和破发程度上不存在显著差异。本文从IPO首日破发的视角检验了IPO定价的影响因素,从而拓展了IPO定价的研究文献；通过研究IPO破发的影响因素,有助于证券监管部门制定更为有效的股票发行制度,为新股有效定价提供理论基础和经验证据。
[Abstract]:IPO pricing has always been the core issue in the process of issuing new shares, and the rationality of pricing will affect the effect of stock issuance.Since 2010, the breaking tide has swept China's securities market, and in 2012, a total of 885 A-shares were issued, of which 144 were broken on the first day. What are the factors affecting the first-day breaking rate of 16.27%.IPO?This is a problem that needs to be studied in this paper.This paper first expounds the basic theory of IPO pricing, combs the research literature on the factors influencing IPO pricing, reviews the evolution of China's IPO system, and then takes IPO Company as the research sample from 2009-2012 to use logical regression and linear regression models.Empirical study of the main board, small and medium-sized board and gem IPO on the first day of the impact of the factors.The empirical study finds that: first, the higher the price-earnings ratio of the new issue, the higher the net signing ratio and the lower the over-subscription ratio under the net, the greater the probability of breaking the IPO on the first day; the higher the price-earnings ratio, the greater the breaking degree of the IPO on the first day.Second, the higher the return on assets before listing, the more likely to break, the greater the degree of break.The possible reason is that in the context of China's transition economy system, the high profitability before listing may be the result of earnings management.In addition, the higher the growth of gem companies, the less the possibility of IPO breaking on the first day, and the negative correlation between growth and the degree of IPO breaking on the first day.Third, the market has a significant impact on the first day of IPO: the better the market, the less likely it is and the lower the extent of the break; and there is a clustering effect on the first-day break of new shares.Fourth, there is no significant difference between the main board, the small and medium-sized board and the growth enterprise board in the possibility and degree of breaking on the first day of IPO.This paper examines the influencing factors of IPO pricing from the perspective of IPO's first-day break, thus expands the research literature on IPO pricing, and by studying the influencing factors of IPO breakage, it is helpful for the securities regulatory authorities to formulate more effective stock issuance system.Provide theoretical basis and empirical evidence for effective pricing of new shares.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】