中国创业板市场IPO抑价现象研究

发布时间：2018-06-17 18:55

本文选题：创业板 + IPO抑价　；参考：《财政部财政科学研究所》2013年硕士论文

【摘要】：2009年10月30日,中国创业板历经十年的筹备,终于诞生。筹备之初,创业板即定位于完善我国多层次资本市场的重要角色,致力于促进我国高科技、高成长性企业和新兴行业的发展,肩负着带动国家经济结构调整和改善上市公司治理结构等历史重任,对于整个国民经济的可持续发展具有意义重大。但在短短四年问,中国创业板市场的IPO抑价现象却已屡见不鲜,引起了不少学者的关注。我国创业板市场IPO抑价幅度大且长期居高不下,为中国股票市场乃至国民经济的持续健康发展带来了极为不利影响：第一,投资者的短期套利行为客观上提高了新股发行定价的风险,并进一步导致了股票交易市场的非正常波动。第二,由于新股上市不存在发行风险,只要发行公司获得上市资格,总能够顺利筹资,就会导致一级市场的资源配置功能丧失。第三,由于资本的逐利性,大量资金从生产流通领域流入到股票一级市场,从新股申购中攫取丰厚的收益,从而加剧了投机泡沫,降低了资金配置效率。在创业板市场首次发行过程中,主要存在三方利益主体,它们分别是发行人、承销商以及投资者。本文便从这三方利益主体之间的关系入手,深入到一级市场和二级市场的IPO两个不同阶段,系统地研究和分析创业板IPO抑价现象的原因,从而为完善我国创业板市场提供合理的建议和对策。本文共分为五个章节。第一章介绍了选题背景和意义、国内外关于IPO抑价的研究现状、研究思路和主要内容；第二章简述了IPO抑价的概念,并指出我国创业板市场IPO抑价引发的问题；第三章先从我国股票市场IPO定价方式的演变指出引起IPO抑价的因素,然后从一级市场和二级市场的两个角度,系统分析了引起我国创业板市场IPO抑价的因素；第四章参照美国纳斯达克市场,从首发标准、发行审核流程、审核方式和渠道沟通四个方面指出我国创业板市场应该做哪些借鉴；第五章从创业板IPO发行方式、定价方式和优化资本市场投资者、承销商结构三方面提出了解决IPO抑价的政策建议及改进措施。
[Abstract]:October 30, 2009, China gem after ten years of preparation, finally born. At the beginning of preparation, the gem is aimed at perfecting the important role of the multi-level capital market in China, and devotes itself to promoting the development of high-tech, high-growth enterprises and new industries in our country. It is of great significance for the sustainable development of the whole national economy to shoulder the historical responsibility of driving the adjustment of national economic structure and improving the governance structure of listed companies. However, in just four years, IPO underpricing in China's gem market has become a common phenomenon, which has attracted the attention of many scholars. The IPO underpricing in China's gem market is large and remains high for a long time, which has brought great adverse effects to the sustained and healthy development of China's stock market and even the national economy: first, Investors' short-term arbitrage behavior objectively raises the risk of new issue pricing and further leads to abnormal volatility in the stock market. Second, as there is no risk of IPO, as long as the issuing company is qualified for listing, it can raise funds smoothly, which will lead to the loss of the function of resource allocation in the primary market. Third, due to the profit-driven nature of capital, a large number of funds flow into the stock market from the production and circulation field, and grab rich profits from the new stock requisition, thus exacerbating the speculative bubble and reducing the efficiency of the allocation of funds. In the initial issue process of gem, there are three main interest parties, which are issuers, underwriters and investors. Starting from the relationship between the three parties, this paper goes deep into two different stages of IPO in the primary market and the secondary market, and systematically studies and analyzes the reasons for IPO underpricing in the gem. In order to improve the gem market in China to provide reasonable suggestions and countermeasures. This paper is divided into five chapters. The first chapter introduces the background and significance of the topic, the status quo of research on IPO underpricing at home and abroad, the research ideas and main contents, the second chapter briefly describes the concept of IPO underpricing, and points out the problems caused by IPO underpricing in China's gem market. The third chapter first points out the factors that cause IPO underpricing from the evolution of IPO pricing mode in China's stock market, and then systematically analyzes the factors that cause IPO underpricing in China's gem market from the two angles of primary market and secondary market. The fourth chapter refers to the NASDAQ market and points out what the gem market should learn from the four aspects of the first issue standard, issue audit process, audit method and channel communication; the fifth chapter points out how to use for reference from the gem IPO issuance mode. This paper puts forward policy suggestions and improvement measures to solve IPO underpricing in three aspects: pricing mode, optimizing investor and underwriter structure in capital market.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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