我国借壳上市IPO股价影响因素研究

发布时间：2018-04-05 19:33

本文选题：借壳上市　切入点：IPO定价　出处：《暨南大学》2013年硕士论文

【摘要】：国内外大量学者都对股票IPO定价影响因素做出了研究。近年来，随着我国证券市场的发展，借壳上市这种并购重组方式伴随着市场的发展也开始层出不穷。关于借壳上市的研究之前都集中在借壳前后的绩效变化、借壳上市的动因以及借壳上市存在的法律财务风险上。但是专门针对借壳上市借壳成功后的首次公开发行上市的股价影响因素的研究却比较少，，本文正是针对这个特定的研究对象进行的研究。本文结合内在价值等理论基础，归纳出借壳上市IPO股价影响的财务性和非财务性因素，将非财务性因素进行定性分析，对财务性因素则运用因子分析法与回归分析法相结合的定量分析方法进行研究。在上述研究的基础上分析出借壳上市IPO股票定价的影响因素与普通上市的区别，并在此基础上提出能够更加合理地考虑借壳上市IPO股票定价格影响因素的政策建议。其研究结论主要是：借壳上市IPO股价与普通IPO股价的影响因素都主要是体现公司内在价值的一系列财务指标，但是二者又存在差别。本文的研究发现借壳上市IPO的影响因素中行业这个因素（特别是房地产业）的影响效果被放大；借壳前后企业的经营范围等可能会发生变化，因此借壳公司自身的盈利和经营状况的影响作用相应降低。在研究结论的基础上，本文提出包括加强对于中介机构和上市公司财务信息的审批监管、规范并指导过热行业的发展等政策建议,包括用政策手段抓对借壳重组的监管、加强信息披露与改革发行体制、加强参与者教育与加大投入、结合多项因素完善借壳上市IPO定价制度。以此为借壳上市IPO股价的制定提供更准确合理的信息进而促进其股价的合理制定。
[Abstract]:A large number of scholars at home and abroad have made research on the influencing factors of stock IPO pricing.In recent years, with the development of China's securities market, the merger and reorganization of backdoor listing with the development of the market began to emerge in endlessly.Before the research on backdoor listing, it focuses on the change of performance before and after backdoor listing, the motivation of backdoor listing and the legal and financial risks of backdoor listing.However, there are few researches on the influencing factors of the initial public offering (IPO) after the successful backdoor listing. This paper is just the research on this particular research object.Based on the theoretical basis of intrinsic value, this paper sums up the financial and non-financial factors that affect the stock price of IPO listed in Lending Shell, and analyzes the non-financial factors qualitatively.The financial factors are studied by the method of factor analysis and regression analysis.On the basis of the above research, this paper analyzes the difference between the factors influencing the pricing of IPO shares listed in the backdoor and the common listing, and puts forward some policy suggestions which can more reasonably consider the factors affecting the fixed price of the IPO shares listed through the backdoor listing.The main conclusions are as follows: the influencing factors of IPO share price and ordinary IPO share price are mainly a series of financial indexes which reflect the intrinsic value of the company, but there are differences between them.In this paper, we find that the effect of industry (especially real estate industry) is magnified among the influencing factors of IPO, and the scope of business before and after the backdoor may change.Therefore, the impact of the profit and operating conditions of the backdoor company is reduced accordingly.On the basis of the conclusion of the study, this paper puts forward some policy suggestions, including strengthening the examination and approval of financial information of intermediary institutions and listed companies, standardizing and guiding the development of overheated industries, and so on, including using policy means to grasp the supervision of backdoor restructuring.We should strengthen information disclosure and reform the issuing system, strengthen participants' education and investment, and improve the pricing system of IPO through backdoor listing combined with many factors.It provides more accurate and reasonable information for the establishment of IPO share price through backdoor listing and promotes the rational formulation of its stock price.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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