新兴信息产业上市公司上市首日溢价影响因素的实证研究

发布时间：2018-02-25 23:09

本文关键词： 上市首日溢价影响因素新兴信息产业　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：股票首次公开发行通常会产生上市首日溢价现象,表现为新股发行价远低于新股上市首日收盘价,从而在上市首日就能获得超额收益。股票上市首日溢价己成为新股发行的典型特征,这种现象不能通过传统的金融学理论分析。研究者一般基于非对称信息理论、对称信息理论和行为金融学理论去解释股票IPO溢价现象,形成了IPO溢价理论的三个流派。研究表明股票IPO溢价现象会影响经济和股票市场的健康发展,因为IPO溢价反映了股票市场资源配置的效率及成本。然而为了应对国际金融危机和新一轮的全球信息技术革命,2010年9月8日,新兴信息产业被国务院列为七大“战略性新兴产业”之一,并被纳入“十二五”规划。在中国经济转型时期,作为产业优化代表的战略性产业,新兴信息产业肩负着“调结构”的使命,它的健康、可持续性发展已成为国家与学者共同关注的重点,维护新兴信息产业的成长需要各界的共同努力。因此研究影响我国新兴信息产业股票IPO的溢价主要因素和原因,对降低股票IPO溢价、完善我国股票市场制度提出相应对策,并对新兴信息产业的发展提出建议,是非常有现实必要性的。本文介绍了国外股票IPO溢价理论的三大流派,整理了国内IPO溢价的实证研究。在文献综述和相关理论的基础上,通过对新兴信息产业自身特点以及我国股票市场现状的分析,把影响新兴信息产业股票IPO溢价因素的变量分为三类,分别为：行为金融学变量、基于对称信息与非对称信息理论的变量以及政策信息虚拟变量。分别研究投资者心理与行为、非对称信息与制度、政策信息对新兴信息产业上市首日溢价的影响。在描述性统计之后,文章分别对该行业2010年及2009年股票IPO溢价的影响因素进行回归与解释。在将2009年的影响因素与2010年相对比后,发现我国新兴信息产业上市首日溢价的影响因素与解释变量的类型相关,即：政策信息虚拟变量及行为金融学变量类型的解释变量对溢价具有显著影响；而基于对称或非对称信息理论的解释变量对上市首日溢价影响不确定。实证结果说明新兴信息产业的上市首日溢价率受到了2010年4月14日战略性新兴产业政策发布的影响,并且政策信息影响了投资者的心理和行为,造成了一定程度上的非理性行为。同时基于对称与非对称信息理论的解释变量对上市首日溢价率影响不确定,在一定程度上说明我国的市场机制、股市及法律风险制度不够完善,不存在假设的有效市场、制度完善的前提。最后,文章基于国家层面、证券市场层面、投资者层面对我国股票市场的建设、降低上市首日溢价率的方法提出了相应的政策建议,也基于新兴信息产业和企业层面对该行业的发展提出了相应的建议,以期我国的股票市场及新兴信息产业能够健康、可持续的发展。
[Abstract]:Initial public offerings usually result in a first-day premium, which is manifested in the fact that the IPO price is well below the closing price on the first day of the IPO. The premium on the first day of stock listing has become a typical feature of new stock issuance, which can not be analyzed by traditional financial theory. Researchers generally base on asymmetric information theory. Symmetric information theory and behavioral finance theory explain the phenomenon of stock IPO premium, forming three schools of IPO premium theory. The research shows that the phenomenon of stock IPO premium will affect the healthy development of economy and stock market. Because the IPO premium reflects the efficiency and cost of resource allocation in the stock market, but in response to the international financial crisis and the new global information technology revolution, in September 8th 2010, The emerging information industry has been listed by the State Council as one of the seven "strategic emerging industries" and has been included in the 12th Five-Year Plan. In the period of China's economic transformation, it is a strategic industry represented by industrial optimization. The new information industry shoulders the mission of "adjusting the structure". Its healthy and sustainable development has become the focus of our country and scholars. To maintain the growth of emerging information industry requires the joint efforts of all walks of life. Therefore, this paper studies the main factors and reasons that affect the stock IPO premium in China's emerging information industry, and puts forward corresponding countermeasures to reduce the stock IPO premium and perfect the stock market system in China. And it is very necessary to put forward suggestions for the development of new information industry. This paper introduces the three major schools of foreign stock IPO premium theory, and collates the empirical research of domestic IPO premium. Based on the literature review and related theories, this paper analyzes the characteristics of the emerging information industry and the present situation of the stock market in China. The variables that affect the IPO premium factors in the emerging information industry are divided into three categories: behavioral finance variables, variables based on symmetric information and asymmetric information theory, and policy information virtual variables. The influence of asymmetric Information and system, Policy Information on the first Day Premium of emerging Information Industry. After descriptive statistics, the factors influencing the IPO premium of the industry in 2010 and 2009 were analyzed. It is found that the influencing factors of the first-day premium of China's emerging information industry are related to the types of explanatory variables, that is, the types of policy information virtual variables and behavioral finance variables have a significant impact on the premium; The influence of the explanatory variables based on symmetric or asymmetric information theory on the first-day premium is uncertain. The empirical results show that the first-day premium rate of emerging information industry is influenced by the release of strategic emerging industry policy in April 14th 2010, and the policy information affects the psychology and behavior of investors. At the same time, the explanatory variables based on the theory of symmetric and asymmetric information have uncertain influence on the first-day premium rate, which to some extent explains the market mechanism of our country. The stock market and legal risk system are not perfect, there is no hypothetical effective market, and the premise of system perfection. Finally, based on the national level, the securities market level, the investor level, the paper puts forward the corresponding policy recommendations on the construction of China's stock market and the method of reducing the first-day premium rate. Based on the new information industry and enterprise level, the paper also puts forward the corresponding suggestions for the development of this industry, in the hope that the stock market and the emerging information industry of our country can develop healthily and sustainably.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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