中国创业板IPO抑价问题的实证研究

发布时间：2018-04-25 15:33

本文选题：创业板 + IPO抑价　；参考：《西南财经大学》2013年硕士论文

【摘要】：2009年10月30日随着首批上市的28家企业,中国创业板正式上市。至今创业板已成立3年有余,已有355家企业在创业板成功上市,创业板已成为我国中小企业融资的重要平台,更是我国多层次资本市场一个重要的补充部分。创业板的推出为我国高新技术的中小企业的发展创造了良好的契机,但是这种契机是以创业板的不正常发展为代价。这种不正常发展的一个最显著的表现就是创业板企业存在严重的IPO抑价问题,根据本文数据分析,创业板上市的355家企业的平均抑价率达到34.30%,远高于发达国家成熟资本市场的平均水平,首批上市的28家企业抑价率更是达到106.23%。除此之外,创业板自成立之初就被扣上“三高”的帽子,即高发行价,高市盈率,高超募。本文运用金融学、计量经济学的相关知识,以创业板IPO抑价率影响因素与创业板IPO抑价率的关系为主线,对我国创业板IPO定价效率影响因素进行实证研究,探究造成我国创业板目前“三高”现状的主要原因,并对如何改善这一现状提出政策建议。本文在简要介绍了国内外学者关于创业板IPO抑价问题的理论研究的基础上,回顾了我国创业板“十年磨剑”的曲折历程,随后描述了我国创业板目前的发展现状,并由此引出我国创业板目前存在的主要问题：高发行价、高市盈率、高超募、创业板企业上市之后业绩下滑和大量高管减持套现问题。在实证分析部分,本文对创业板IPO抑价率影响因素进行了研究,分析得出：发行规模和发行价格与创业板IPO抑价率成负相关,而上市首日换手率、上市间隔日期和上市首日市盈率与创业板IPO抑价率成正相关。这一结论显示出二级市场对创业板IPO定价效率的影响,首日换手率反映出二级市场供不应求的现状,这也促使创业板IPO抑价率走高。最后,本文针对我国创业板目前存在的问题,结合实证分析结论提出政策建议,认为应当推进IPO市场化改革,并同步完善配套投资环境、信息披露制等,创业板处在改革的先锋位置,应当担起改革试点的重任。
[Abstract]:October 30, 2009 with the first batch of 28 listed enterprises, China gem officially listed. Up to now, the gem has been established for more than 3 years, and 355 enterprises have successfully listed on the gem. The gem has become an important platform for the financing of small and medium-sized enterprises in our country, and it is also an important supplementary part of the multi-level capital market in our country. The launch of the gem has created a good opportunity for the development of high-tech SMEs in our country, but this opportunity is at the expense of the abnormal development of the gem. One of the most significant manifestations of this abnormal development is the serious problem of IPO underpricing in gem enterprises. According to the analysis of the data in this paper, The average underpricing rate of 355 enterprises listed on the gem is 34.30, which is much higher than the average level of mature capital markets in developed countries, and the underpricing rate of the first batch of 28 listed enterprises is 106.2333. In addition, gem since its inception was added to the "three high" hat, that is, high price, high price-earnings ratio, superb fund-raising. Based on the relevant knowledge of finance and econometrics and the relationship between the influencing factors of IPO underpricing rate and IPO underpricing rate in gem, this paper makes an empirical study on the influencing factors of IPO pricing efficiency in gem. This paper probes into the main reasons for the present situation of the "three high" in the gem of our country, and puts forward some policy suggestions on how to improve the present situation. Based on the brief introduction of domestic and foreign scholars' theoretical research on IPO underpricing, this paper reviews the tortuous course of "ten years of sword grinding" in China's gem, and then describes the current development situation of gem in China. The main problems of gem in China are: high issue price, high price-earnings ratio, super fundraising, performance decline after gem listing and a large number of senior executives selling cash. In the part of empirical analysis, this paper studies the influencing factors of IPO underpricing rate in gem. The results show that the size and price of gem are negatively correlated with IPO underpricing rate, and the turnover rate is negative on the first day of listing. The price-earnings ratio of gem and the price-earnings ratio on the first day of listing are positively correlated with the underpricing rate of gem IPO. This conclusion shows the influence of the secondary market on the IPO pricing efficiency of the gem, and the first-day turnover rate reflects the current situation that the supply in the secondary market exceeds supply, which also leads to the higher underpricing rate of IPO in the gem. Finally, in view of the existing problems of gem in China, this paper puts forward some policy suggestions based on the empirical analysis conclusion, and holds that we should promote the market-oriented reform of IPO, and simultaneously improve the supporting investment environment, information disclosure system, and so on. Gem is in the vanguard position of reform, should undertake the responsibility of reform pilot.
【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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