“破发”背景下创业板IPO定价合理性分析

发布时间：2018-05-03 01:23

本文选题：首次公开发行 + 破发　；参考：《南京理工大学》2014年硕士论文

【摘要】：2009年10月我国正式推出了创业板市场,该板块的推出为解决创业型、中小型及高科技产业企业的融资问题提供了一个新的平台。截至2013年年底,已有355家公司在创业板成功上市,融资规模达2310亿。在企业上市过程中,IPO定价是极为重要的环节,合理的IPO价格能够确保发行公司上市过程中新股发行成功,募集到所需资金；同时也能保证投资者理性投资,促进资本在一、二级市场的优化配置,推动证券市场整体健康发展。然而,就在创业板开办不久,星辉车模就出现上市首日破发的现象。在已上市的355家公司中,共有52家出现了上市首日破发现象,破发比例高达14.64%,平均破发深度6.58%。股票市场价格总是围绕上市公司的内在价值上下波动,内在价值的变动决定了股票市场价值的长期走势。创业板IPO发行定价应能够反映其内在价值,但多家创业板公司IPO后即出现破发现象,是否是由于定价过高导致?这种定价过高的现象是否在创业板普遍存在?与此同时,在新股大面积破发的背景下,多数公司还存在着首日高额抑价的矛盾现象。高抑价的发行公司相对破发公司而言,是否其定价更为合理?新股发行过程中定价效率更高? 本文正是在这种背景下,对创业板IPO破发现象作深入分析,探讨创业板首发上市过程中定价的合理性。本文首先系统归纳了现有的IPO定价理论和方法,总结国内外首次公开发行收益的相关文献。然后,进一步从破发和抑价两方面分析我国创业板市场IPO定价现状,总结影响创业板IPO定价的内外因素。接下来,以剩余收益模型为基础计算发行公司股票的内在价值,构建随机边界模型和多元线性回归模型分析我国创业板上市公司的发行价是否与内在价值存在较大偏差,分析导致IPO抑价或破发现象的因素。最后,结合具体的创业板IPO破发案例,探究其一级市场定价合理性以及导致二级市场破发的具体原因。研究结果表明,定价效率低并不是导致新股破发的原因,一级市场没有故意抑价,反而存在着高市盈率、高发行价的现象,二级市场出现的高抑价及破发现象,是投资者的非理性行为所造成的。通过理论、实证和案例三方面的研究结果,文章最后从制度构建、发行公司及承销商责任加强、二级市场建设提出了创业板新股发行定价的相关建议,这也为完善新股发行定价的监管提供了一定的参考依据。
[Abstract]:In October 2009, China officially launched the gem market, which provides a new platform for solving the financing problems of entrepreneurial, small and medium-sized and high-tech industrial enterprises. By the end of 2013, 355 companies had successfully listed on the gem, raising 231 billion. In the process of enterprise listing, IPO pricing is an extremely important link. A reasonable IPO price can ensure the successful issuance of new shares and raise the necessary funds during the listing process of the issuing company. At the same time, it can also ensure that investors can invest rationally and promote the capital in the first place. The optimal allocation of the secondary market promotes the overall healthy development of the securities market. However, in the gem not long after the launch, star car models appear on the first day of the market breaking phenomenon. Of the 355 companies listed, 52 had a break-up on the first day of the market, with an average breaking depth of 6.58. The stock market price always fluctuates around the internal value of the listed company, and the change of the intrinsic value determines the long-term trend of the stock market value. Gem IPO issue pricing should be able to reflect its intrinsic value, but a number of gem companies after the emergence of breakage phenomenon, is it due to excessive pricing? Is this phenomenon of overpricing prevalent in the gem? At the same time, under the background of large area breaking of new shares, most companies still have the contradiction of high underpricing on the first day. Is the high underpricing issuer more reasonable than the breakout company? Higher pricing efficiency in the process of issuing new shares? Under this background, this paper makes an in-depth analysis of the IPO breakage in the gem and discusses the rationality of pricing in the IPO process of the gem. This paper first summarizes the existing IPO pricing theory and methods, and summarizes the domestic and foreign literature on IPOs. Then, the paper analyzes the current situation of IPO pricing in gem market from two aspects of breakage and underpricing, and summarizes the internal and external factors that affect the pricing of gem IPO. Then, based on the residual income model, the intrinsic value of the issuing company stock is calculated, and the stochastic boundary model and the multiple linear regression model are constructed to analyze whether there is a big deviation between the IPO price and the intrinsic value of the gem listed companies. The factors leading to IPO underpricing or breakage were analyzed. Finally, combining with the specific gem IPO breaking case, the paper probes into the rationality of its primary market pricing and the specific reasons leading to the secondary market breaking. The research results show that the low pricing efficiency is not the cause of the IPO break. Instead of deliberately underpricing, the primary market has the phenomenon of high price-earnings ratio, high issue price, high underpricing and breaking in the secondary market. Is caused by the irrational behavior of investors. Through the theoretical, empirical and case studies, the article finally from the system construction, issuing companies and underwriters to strengthen the responsibility, secondary market construction of the gem IPO pricing recommendations. This also provides a certain reference basis for improving the regulation of new issue pricing.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【参考文献】