论我国新股发行机制对IPO抑价的影响及改进建议

发布时间：2017-12-31 04:35

本文关键词：论我国新股发行机制对IPO抑价的影响及改进建议　出处：《华东理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：就全球资本市场而言,我国A市场中的IP0抑价率大大高于西方较为成熟的资本市场,过高的抑价率直接导致了一级市场聚积巨额认购资金,导致资本市场固有的资源配置优化功能大大降低,滋生了大量的投机行为,不利于中国资本市场的健康发展。对于我国A股市场IP0的高抑价率现象,虽然国际上已经有很多学者进行了大量的探讨,这些探讨或多或少地指出了我国资本市场存在的一些问题。而在实务中,近些年来中国证券监督管理委员会相继出台多项政策旨在控制过高的IPO抑价水平,完善新股发行机制,虽然从结果上看也取得了一定的效果,但新股发行的市场化改革的方向也存在一定的争议。基于上述原因,本文以1996-2012年9月30日沪深A股中的2150只A股为样本,全面研究我国A股市场的新股发行体制及IP0抑价现象,并试图寻找我国新股抑价高企的原因并提出相应的建议。本文全文共五章,主要内容如下：第1章导论,介绍了本文的研究背景及意义,并简要阐述了全文的框架及创新与不足。第2章文献综述,首先介绍了IPO市场的三大异常现象,随后梳理了国内外关于新股抑价的研究脉络,为后文建立模型提供相应的理论支持,最后对现有的文献进行适当的评述。第3章主要研究了我国资本市场新股发行制度的发展历程,为了给下一章进行一定的辅垫,本章还初步分析了我国IP0抑价的总体特征。第4章与上一章相呼应,从实证角度对我国IP0高抑价现象进行了较为深入的研究,首先从审核机制和定价机制两方面对历年我国IPO抑价率进行单过程ANOVA分析,然后以抑价公式为始点,逐步回归分析定价机制下各个阶段的IP0抑价影响因素。通过上述分析结果显示二级市场相关因素对IPO抑价的影响比一级市场相关因素的影响更为明显。第5章通过上述章节的阐述及分析,本部分给出了本文的结论,同时对我国现行的新股发行制度提出了一些政策性的改革建议。
[Abstract]:As far as the global capital market is concerned , the price of IP0 in China ' s A - market is much higher than that in the mature capital market in the west , which directly leads to the accumulation of large amount of subscription funds at the first - level market , which leads to a great deal of speculation and is not conducive to the healthy development of China ' s capital market . Chapter 1 introduces the research background and significance of this paper , and gives a brief description of the framework and innovation and deficiency of the whole text . Chapter 2 , firstly introduces the three anomalies of IPO market , then sorts out the research vein about new stock pricing at home and abroad , and provides the corresponding theoretical support for the later - text establishment model , and finally makes an appropriate comment on the existing literature . Chapter 3 mainly studies the development course of the issuance system of capital market in China . In order to give the next chapter a certain sub - pad , this chapter also analyzes the overall characteristics of China ' s IP0 pricing . In chapter 4 , with the previous chapter , we deeply studied the high rate of IPO underpricing in China from the empirical point of view . First , from the two aspects of audit mechanism and pricing mechanism , we analyzed the single - process ANOVA of IPO underpricing rate in China . Then , based on the analysis of the above analysis , the influence factors of IP0 in different stages of pricing mechanism were analyzed by stepwise regression analysis . In chapter 5 , through the elaboration and analysis of the above chapters , this part gives the conclusion of this paper , and puts forward some policy reform proposals for our current new issue system .

【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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