董事会异质性对中国创业板市场IPO折价影响的实证研究

发布时间：2018-01-22 15:33

本文关键词： 董事会异质性 IPO折价创业板　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国创业板市场从2009年10月开板以来已经经历了3年多的时间,在这段时间里面创业板完成了355家企业的上市,创业板为我国创业企业的进一步发展提供了非常重要的平台。进行IPO公开上市的创业企业经历着对于公司来说非常重要的转型阶段,对这个阶段的公司进行研究有助于帮助即将上市的企业更好的利用IPO创造的机会发展自己,具有重要的现实意义和理论意义。IPO折价这一金融异象普遍存在于各个国家的金融市场,由于我国特有的上市审批制度IPO折价现象在国内更为显著。关于IPO折价现象的研究在十九世纪六十年代的西方就已经兴起了,金融学者和管理学家都对这一现象表现出了浓厚的兴趣,在这以后涌现出了很多有关IPO折价现象的文献和理论。这些理论和实证研究的成果从各个角度对IPO折价的形成原因和表象进行了研究,但是目前还没有一种完善理论能够完全清晰的诠释IPO折价现象。此外,由于每个国家的上市制度、资本市场环境以及投资者特征都存在差别,也不可能由一种普适的理论统一进行解释。所以迄今为止学者们都还在努力的探寻IPO折价背后的奥秘,关于IPO折价的研究也依然火热。在有关IPO折价的理论中信息不对称理论对其解释是较为完善的,这一理论是基于IPO主要的参与方——发行人、承销商和投资人三者之间的信息不对称,认为IPO过程中的价格确定都是通过相关各方进行博弈得到的均衡。而在博弈的过程中携带有关发行人质量的信号在信息不对称者之间的传递促成了最后的均衡状态。而这种均衡在IPO首日是一种非完全市场的均衡,投资者依然存在着不完全信息,所以由发行人和承销商确定的发行价和投资者们在发行首日根据不完全信息确定的收盘价之间存在的差价就形成了IPO折价。根据证券监督机构的规定,发行人在进行IPO时需要向市场披露包括公司财务、运营、管理和高管及董事的详细信息。这些信息作为一种包含公司真实价值的信号被传送到投资者那里。投资者以自身的认知能力为基础,依据获得发行人传递的信息对发行人的股票进行估价,最终决定在何价位购入股票。对于企业来说董事会在公司的发展中占据了非常重要的地位,尤其是创业企业。公司重大战略的制定都依赖于董事会成员相互协调沟通后的决策,这些重大战略又决定了公司未来的发展。所以投资者对于董事会的构成给予了非常重要的关注,并对披露资料进行仔细的研究。董事会异质性作为能够影响董事会决策职能的重要因素势必会获得格外的关注。我们根据董事会主要责任和异质性的构成对IPO折价的影响提出了四个假设。其中的三个假设在实证模型中得到了验证。综上所述,本文是基于信息不对称理论和信号传递理论对在我国创业板上市的公司进行实证研究,以期发现董事会异质性对IPO折价的影响,以及就这种影响的过程进行深入的剖析。本文的第一部分,主要是提出研究的问题并阐述文章研究的理论和实践意义。第二部分是文献回顾,先对本文所研究的两个主要概念定义进行阐述,然后对回顾了相关的理论和实证研究,并进行综述。第三部分为研究假设,本部分首先对支撑本文研究的理论基础进行了介绍,然后推出了四个研究假设。第四部分为研究设计和研究方法,本部分主要介绍了研究的自变量、因变量和控制变量,并对它们的测量和研究方法进行了详述。第五部分为实证检验,本部分首先通过SPSS软件对各变量进行深入的描述性统计分析；然后再具体的进行数据分析和假设的检验；最后再对实证检验的结果进行分析和讨论。第六部分为建议及未来研究方向,首先叙述了本文研究所做出的贡献；然后表述了本文在研究中的不足之处；最后,展望了未来的研究方向。
[Abstract]:Chinese from October 2009 since the opening of the GEM market has experienced more than 3 years, completed the 355 companies listed in this period of time inside the gem, provides an important platform for the further development of China's gem enterprise. IPO publicly listed enterprises experiencing the transformation stage is very important for the company speaking, on the stage of the company by using the IPO study should help the upcoming enterprises to create better opportunities to develop themselves, has important practical significance and theoretical significance of this.IPO discount financial anomalies exist in every state of the financial market, the listing approval system of IPO underpricing in China's unique in China is more significant. The study on the IPO underpricing phenomenon in 1860s has been the rise of the west, financial economists and management experts of this phenomenon Showed a keen interest in this after the emergence of a lot of relevant literature and IPO underpricing theory. These theories and empirical results from the different angles of IPO Underpricing and the reasons for the formation of image is studied, but there is not a perfect theory can completely clear interpretation of the phenomenon of IPO underpricing. In addition because, listing system of each country, the capital market environment and the characteristics of investors are different, can not be explained by a universal theory of unity. So far scholars are still trying to explore the mysteries of IPO discount back after the research on IPO underpricing is still hot. In the IPO underpricing theory in the asymmetric information theory of its interpretation is relatively perfect, this theory is the main part of IPO based on information asymmetry between issuers, underwriters and investors of the three, I PO in the process of price determination are obtained through the game equilibrium of related parties. While carrying on distribution of signal quality in the course of the game in the transmission of information asymmetry between the equilibrium state contributed to the final. This is the first day of IPO equilibrium in an incomplete market equilibrium, investors still exist incomplete information, so the issue price determined by the issuers and underwriters and investors in the first day of issue based on incomplete information to determine the closing price on the difference between the formation of IPO. According to the provisions of the securities regulatory agency discount, the issuer to disclose to the market include corporate finance, at the time of the IPO operation, detailed information management and executives and directors. These contain information as a real value, the signal is transmitted to investors. Investors on the basis of their own cognitive capacity, on the basis of a The stock issuer information of the issuer's valuation, finally decided to buy the stock at any price. For the enterprise the board plays a very important role in the development of the company, especially for major strategic venture enterprises. The company relies on the board of directors of mutual coordination and communication after the decision, these a major strategic decision and the future development of the company. So investors for the structure of the board of directors has given very important attention and careful study on the information disclosure. The board of directors as the heterogeneity can influence the board decision-making factors as to can get extra attention. According to the structure of the board of directors and the heterogeneity of the main responsibility the impact on the underpricing of IPO put forward four hypotheses. Hypothesis three which has been verified in the empirical model. To sum up, this paper is based on asymmetric information theory On the signal transmission theory and empirical study in China GEM listed companies, in order to find the effect of heterogeneity on the board of directors of IPO underpricing, and in-depth analysis on the process of this influence. The first part of this paper, mainly puts forward the research question and explains the research significance in theory and practice. The second part is the literature review, the definition of the two main concepts of this paper elaborates the theoretical and empirical research on related reviews and then were reviewed. The third part is the research hypothesis, introduced the first part of the support of the theoretical basis of this study, then introduced the four hypotheses fourth. Part is the research design and research methods, this part mainly introduces the research variables, because the variables and control variables, and their measurement and research methods are discussed in detail. The fifth part is empirical This part of the first test, descriptive statistical analysis by SPSS software of each variable; then the specific data analysis and hypothesis test; finally the empirical test results were analyzed and discussed. The sixth part is the suggestion and direction for future research, first described this paper makes research limitations and contributions; described in this research; finally, the 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】：2013
【分类号】：F832.51

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