庞大集团新股破发案例分析

发布时间：2018-04-21 10:25

本文选题：IPO + 新股破发　；参考：《辽宁大学》2014年硕士论文

【摘要】：随着新一轮IPO的重启，新股破发现象越来越引起投资者的关注，新股破发现象在最近两年中已经越来越明显，在目前新股破发的大环境下研究新股破发的原因以及新股破发对证券市场的影响已经成为了一个热门话题。IPO合理定价可以保证融资筹集到所需资金，而且可以保证投资者获得红利，促进资本市场的合理配置，促进证券市场的健康发展。不过，在各国的资本市场之中，各国证券的发行都存在显著地新股定价太高迹象。导致IPO定价过高的原因有三方面（高发行价，，高市盈率，超额募股）这三高使得公司的股价远远超过了实际价值，这也就导致了新股破发的可能性。我国尚处于资本证券市场发展阶段，各种IPO定价方式还不是很完善，IPO的抑价程度较之其他发达国家更甚，由于，一级市场往往被认为是无风险市场，通过申购新股是很多投资者乐此不疲的投资方式，然而，随着近几年资本证券市场的完善与发展，新股破发现象也不断涌现，本文认为近两年新股破发的原因是估值过程中股票发行人和承销商所选择的的定价方式是不恰当的。本文将以庞大集团这只史上破发率最高的股票为例对新股破发产生的原因以及对证券市场的影响进行分析。同时，本文还提出了一些建议，希望通过加强资金的管理，提高新的询价系统，提高对新股发行制度的不断完善三个方面的内容，解决新股破发这一现象。
[Abstract]:With the restart of the new round of IPO, the phenomenon of new issue breaking has attracted more and more attention of investors. The phenomenon of new issue breaking has become more and more obvious in the last two years. In the current environment of new shares breaking, the study of the causes of new share breakups and their impact on the securities market has become a hot topic. The reasonable pricing of IPOs can ensure that the necessary funds can be raised through financing. Moreover, it can ensure that investors obtain dividends, promote the rational allocation of capital market and promote the healthy development of securities market. However, there are significant signs of overpricing of new shares in national capital markets. There are three reasons why IPO is overpriced (high offering price, high price-earnings ratio, and over-offering), which makes the company's share price far more than the real value, which leads to the possibility of new shares breaking. China is still in the development stage of the capital securities market, and the underpricing of various IPO pricing methods is not very perfect compared with other developed countries, because the primary market is often regarded as a risk-free market. Through the purchase of new shares, many investors are always happy to invest. However, with the improvement and development of the capital securities market in recent years, the phenomenon of new stock breaking has been emerging. This paper argues that the reason for the new issue break in the last two years is that the pricing method chosen by the issuers and underwriters in the valuation process is inappropriate. This paper will analyze the causes of new share break and its influence on the stock market with the example of Big Group, which has the highest breaking rate in history. At the same time, this paper also puts forward some suggestions, hoping to solve this problem by strengthening the management of funds, improving the new inquiry system, and improving the new issue system in three aspects.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F426.471

【参考文献】