董事会异质性对新政策下中国创业板市场IPO折价的影响

发布时间：2018-02-15 04:13

  本文关键词： 创业企业 董事会 异质性 新政策 IPO折价　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：IPO折价是一种普遍存在于世界各国金融市场上的金融异象,这种现象在中国尤为显著。IPO折价现象引起了学术界的广泛关注,学术数据库中已经有很多关于IPO折价现象的论文和书籍。这些学术成果从各个维度对IPO折价现象的内容和成因进行探讨,但到目前还没有一种理论能够清楚的解释这种现象。并且各个国家的政策制度以及资本环境也不尽相同,所以,也不太可能会有一个普适理论对这种现象进行统一诠释。2013年底,上交所发布新规,对创业板上市公司的首日申报价格进行限制,此时,新股首日最高涨44%。在新规下,中国创业板市场上依然存在IPO折价现象,对这一现象的研究具有深远意义。董事会是公司的决策机构,对于公司未来发展方向有着战略性的把握。创业板上市的创业公司大多处于公司发展的高成长阶段,在这一阶段,董事会在公司重大战略制定以及发展决策上起着不可替代的作用。投资者在衡量一家上市公司内在价值的时候,往往较多的关注公司的董事会,研究公司披露的董事会成员详细资料。董事会异质性能够向投资者传递公司质量相关的某些信号。研究董事会异质性对于创业公司IPO折价水平的影响符合时代背景。本文选取中国创业板市场215家上市公司作为数据样本,在新政策下,实证研究董事会异质性对中国创业板市场IPO折价的影响。本文从董事会职能异质性、董事会教育异质性、董事会年龄异质性以及董事会任期异质性4个方面提出假设,利用SPSS19和stata14统计软件对搜集的样本数据进行了描述性统计分析、相关性分析和多元线性回归分析。实验最后,还对本文的实证研究进行了稳健性检验。实验结果表明,董事会职能异质性同新规下中国创业板市场IPO折价率(之后简称IPO折价率)成负向相关关系,董事会年龄异质性同IPO折价率成正向相关关系,董事会任期异质性同IPO折价率成正向相关关系。文章结构如下:第一部分,提出本文研究的问题并阐述理论及研究意义。第二部分,阐述相关概念并对相关研究文献进行综述。第三部分,依据相关理论知识,提出本文进行实证分析的研究假设。第四部分,叙述本文实证分析的因变量、自变量以及控制变量的测量方法。第五部分,对本文研究假设进行假设检验与实证分析讨论。第六部分,叙述本文的实证研究的主要贡献以及不足之处,并提出几点未来的研究方向。
[Abstract]:The discount of IPO is a kind of financial anomaly that exists in the financial markets of various countries all over the world. This phenomenon is especially obvious in China. There are many papers and books on IPO discount phenomenon in academic database. These academic achievements discuss the content and cause of IPO discount phenomenon from various dimensions. But until now, there is no theory that can clearly explain this phenomenon. And the policy system and capital environment of different countries are different, so it is unlikely that there will be a universal theory to interpret this phenomenon uniformly by the end of 2013. The Shanghai Stock Exchange has issued new rules to limit the first day declaration prices of listed companies on the gem. At this time, new shares will rise by up to 44% on the first day. Under the new rules, there is still a IPO discount on the gem market in China. The research on this phenomenon is of far-reaching significance. The board of directors is the decision-making body of the company and has a strategic grasp of the future development direction of the company. Most of the entrepreneurial companies listed on the gem are in the high growth stage of the development of the company. The board of directors plays an irreplaceable role in the major strategic and development decisions of the company. When investors measure the intrinsic value of a listed company, they tend to pay more attention to the board of directors of the company. Study the details of the board members disclosed by the company. Board heterogeneity can send certain signals about the quality of the company to investors. The study of the influence of board heterogeneity on the discount level of IPO of startups is in keeping with the times. In this paper, 215 listed companies in China's gem market are selected as data samples. Under the new policy, the paper empirically studies the influence of board heterogeneity on the discount of IPO in China's gem market. The age heterogeneity of the board of directors and the heterogeneity of the tenure of the board of directors are proposed. The descriptive statistical analysis, correlation analysis and multivariate linear regression analysis of the collected sample data are carried out by using SPSS19 and stata14 statistical software. The experimental results show that the functional heterogeneity of the board of directors is negatively correlated with the discount rate of IPO (hereinafter referred to as the discount rate of IPO) in China's gem market under the new regulations. The age heterogeneity of the board is positively correlated with the discount rate of IPO, and the heterogeneity of the tenure of the board is positively correlated with the discount rate of IPO. The second part, expatiates the related concepts and summarizes the relevant research literature. The third part, according to the relevant theoretical knowledge, This paper puts forward the research hypotheses of empirical analysis in this paper. Part 4th describes the dependent variables, independent variables and measuring methods of control variables in this paper. Part 5th, Part 6th describes the main contributions and shortcomings of the empirical research in this paper, and puts forward some future research directions.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271
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本文编号：1512397