我国航运上市公司IPO价格行为研究

发布时间：2018-04-26 21:38

本文选题：航运上市公司 + 首次公开发行　；参考：《大连海事大学》2013年硕士论文

【摘要】：作为航运企业,公司经营的业务受宏观经济波动、腹地经济波动、外贸形势波动影响较大。航运业作为基础行业,易受国家宏观经济政策的影响,一旦进入经济调整期,国家采取紧缩的经济政策,市场放缓,导致对运输的需求下降,公司所经营业务可能由此减少。近几年来,航运企业的核心业务战略逐渐从单纯的利润最大化到公司市场价值的提高。为了适应不断变化的环境,航运企业需要利用财务方法与工具以增加筹资,满足主要投资预算。航运企业融资方式可分为两个大的方向,即自我维持(内部)融资和外部融资。采用第二种方法,公司需要向国际资本市场筹集投资所需资金。资本市场对航运业务增长与价值创造的促进方面扮演了关键的角色,它们向航运企业提供新投资项目融资和保持业务增长所需的资金。航运企业通过发行证券筹集到所需的新资金,其中股权融资也越来越为人所关注。毫无疑问,大量船公司考虑资本市场作为其战略的重要组成部分优化财务管理,通过传统的银行贷款相结合,私募和公开筹集的债务和股权。随之,越来越多的公司选择通过公开发行股票来获得融资。我国航运企业IPO市场长期存在着较高的发行抑价率,这意味着我国航运企业IPO市场效率相对较低,由此造成了非常严重的后果：阻碍了我国正常融资功能的发挥,大大降低了市场资源配置的效率,加剧了整个股票市场的投机氛围,从而严重影响了航运企业长远健康发展。所以对航运企业IPO价格研究具有重要意义。价格行为研究,主要是研究股票从发行到上市及其后期的价格表现。通过对航运业首日超额收益与长期表现的研究,来说明首日超额收益对航运企业资本市场的影响,通过研究影响抑价的因素,以及长期收益的表现,从而分析航运业定价是否高估,以及有针对性的相关对策分析。
[Abstract]:As a shipping enterprise, the business of the company is affected by the macroeconomic fluctuation, the hinterland economic fluctuation and the foreign trade situation fluctuation. As a basic industry, shipping industry is vulnerable to the influence of national macroeconomic policies. Once the country enters the period of economic adjustment, the state adopts tight economic policies, and the market slows down, which leads to a drop in the demand for transportation, which may lead to a decrease in the business operation of the company. In recent years, the core business strategy of shipping enterprises has gradually changed from pure profit maximization to the improvement of company market value. In order to adapt to the changing environment, shipping companies need to use financial methods and tools to increase financing and meet the main investment budget. The financing methods of shipping enterprises can be divided into two major directions: self-sustaining (internal) financing and external financing. In the second approach, companies need to raise the capital needed to invest in international capital markets. Capital markets play a key role in promoting growth and value creation in shipping, providing shipping companies with the money they need to finance new investment projects and sustain business growth. Shipping companies raise new funds by issuing securities, among which equity financing is becoming more and more concerned. There is no doubt that a large number of shipping companies consider the capital market as an important part of their strategy to optimize financial management through the combination of traditional bank loans private placement and publicly raised debt and equity. As a result, more and more companies choose to issue public shares to obtain financing. There is a high underpricing rate in the IPO market of shipping enterprises in China for a long time, which means that the efficiency of the IPO market of our shipping enterprises is relatively low, which results in very serious consequences: it hinders the normal financing function of our country. It greatly reduces the efficiency of the allocation of market resources, intensifies the speculative atmosphere of the whole stock market, and seriously affects the long-term healthy development of shipping enterprises. So it is of great significance to study the IPO price of shipping enterprises. The research of price behavior is mainly to study the price performance of stocks from issue to listing. Through the study of the first day excess return and long-term performance of shipping industry, this paper explains the influence of the first day excess income on the capital market of shipping enterprises, the factors influencing underpricing, and the performance of long-term income. This paper analyzes whether the shipping industry pricing is overvalued, as well as relevant countermeasures.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F552.6

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