中国IPO市场与证券交易市场影响关系研究

发布时间：2018-05-24 06:31

本文选题：IPO周期 + 股市扩容　；参考：《华东理工大学》2014年硕士论文

【摘要】：IPO市场主要实现证券市场的融资功能,企业IPO上市后进入证券交易市场流通。IPO市场与证券交易市场相辅相成,之间存在较强的互相影响关系。在针对IPO市场对证券市场影响的研究方面,基于供求理论,认为股市扩容是一种利空消息,巨额融资将导致市场的单边下跌。同时,证券交易市场对IPO市场的影响方面,基于IPO周期理论,认为大额融资往往出现在牛市阶段,而二级市场走势较好的时候融资节奏也会加快。本文通过建立VAR模型和使用脉冲响应函数分析等方法,对中国IPO市场与证券交易市场间互相影响关系进行分析,并以美国市场作为比较。中美由于发行制度,市场特点等不同,在一二级市场互相影响方面也存在较大差异,我们通过进行牛熊市分段研究发现,在一级市场对二级市场影响方面,在熊市阶段中国股票市场存在“扩容魔咒”,而在牛市阶段不显著,美国市场牛熊市融资额都未对指数造成影响；在二级市场对一级市场影响方面,牛市阶段,中国二级市场走势显著影响一级市场,而在熊市阶段,影响却不显著,而美国市场情况恰好相反。
[Abstract]:The IPO market mainly realizes the financing function of the securities market, the enterprise IPO enters the stock exchange market and enters the stock exchange market after the listing of the.IPO market and the securities trading market, which has a strong mutual influence. The amount of financing will lead to a unilateral decline in the market. At the same time, the impact of the stock market on the IPO market, based on the IPO cycle theory, believes that large financing tends to appear in the bull market, and the financing rhythm will be accelerated when the two level market is better.
In this paper, the relationship between the Chinese IPO market and the stock exchange market is analyzed by means of the VAR model and the use of impulse response function analysis. Niu Xiong market segmentation study found that in the first level market impact on the two level market, in the bear market, the Chinese stock market has "expansion magic", but in the bull market stage is not significant, the financial amount of the bull and bear market in the US market has not affected the index; in the two level market to the first level market, the bull market, China's two level market trend. Significant impact on the primary market, while in bear market, the impact is not significant, while the US market is just the opposite.
【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

【参考文献】