我国证券发行市场热销现象探析与实证研究

发布时间：2018-04-26 17:43

本文选题：首次公开发行 + 热销市场　；参考：《山东大学》2013年硕士论文

【摘要】：股票发行市场是整体股票市场的基础和重要组成部分,众多市场主体(包括政府监管部门、上市公司、各类中介机构和投资者等)参与其中。发行市场的高效规范运行关系到企业融资渠道的通畅,关系到资本市场优化资源配置功能的有效发挥,更关系到股票市场长期健康发展。而作为股票发行市场IPO1研究领域三大谜团之一的“热销市场”现象,是近年来西方学术界研究的热点问题。当前国内对IPO“热销市场”现象的研究还是比较少的,对于我国IPO市场是否存在热销市场现象仍有争论。结合我国国情和市场实际,研究股票发行问题,分析我国股市IPO超高首日收益率的成因,探讨是否存在“热销市场”现象,对完善发行制度,搞好股市改革具有重要意义。首先,本文综合介绍了对IPO热销现象的研究现状和理论观点,回顾了研究IPO热销现象的各种理论解释,并综合分析了抑价率和新股发行数量这两个影响IPO热销现象的关健因素。其次,通过对可能导致我国证券市场中产生IPO热销现象的原因进行探讨,分析并发现能引起我国证券市场出现IPO热销现象的可能因素是我国新股发行制度。再次,本文利用我国数据对IPO热销现象进行了实证检验,根据我国股市发行市场快速发展的实际以及发行制度在其中的重要作用,本文选取1994年1月至2012年10月发行的2492只股票数据,2分别采用相关性分析法和单因素方差分析法两种实证方法,对初始收益率与IPO发行量进行分析检验。两种实证研究结果一致,检验样本的初始收益率和IPO数量以及IPO发行量的相关性与显著性均无法通过检验,实证结果表明我国股市“热销市场”现象并不显著。本文最后分析了导致我国股市该结果的特有原因,并提出相关政策性建议。
[Abstract]:The stock issuing market is the foundation and important part of the whole stock market. Many market entities (including the government supervision department, the listed company, all kinds of intermediary organizations and investors etc.) participate in it. The efficient and standardized operation of the issuing market is related to the smooth financing channels of the enterprises, the effective exertion of the function of optimizing the allocation of resources in the capital market, and the long-term and healthy development of the stock market. As one of the three puzzles in the field of IPO1 research, the phenomenon of "hot selling market" has been a hot issue in western academic circles in recent years. At present, there are few researches on the phenomenon of "hot market" of IPO in our country, and there is still controversy about whether there is a phenomenon of hot market in IPO market of our country. Combining with the situation of our country and market reality, this paper studies the issue of stock, analyzes the causes of the high first-day return rate of IPO in stock market of our country, and probes into whether there exists the phenomenon of "hot selling market", which is of great significance for perfecting the issuing system and improving the reform of stock market. First of all, this paper introduces the research status and theoretical viewpoints of IPO hot selling phenomenon, reviews the various theoretical explanations of IPO hot selling phenomenon, and comprehensively analyzes the two key factors that affect the IPO hot selling phenomenon: underpricing rate and the number of new shares issued. Secondly, through the discussion of the causes of the phenomenon of IPO hot selling in the securities market of our country, it is found that the possible factor that can cause the phenomenon of IPO hot sale in the securities market of our country is the issuing system of new shares in our country. Thirdly, this paper uses the data of our country to test the phenomenon of IPO hot selling, according to the rapid development of the stock market in our country and the important role of the issuing system in it. In this paper, the data of 2492 stocks issued from January 1994 to October 2012 are analyzed and tested by correlation analysis and single factor variance analysis. The results of the two empirical studies are consistent. The correlation and significance of the initial rate of return and the number of IPO and IPO circulation of the test samples can not pass the test. The empirical results show that the phenomenon of "hot selling market" in Chinese stock market is not significant. At the end of this paper, the author analyzes the special reasons that lead to the result of the stock market in China, and puts forward some relevant policy suggestions.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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