行业视角下的我国创业板市场IPO抑价影响因素比较研究

发布时间：2018-07-14 13:16

【摘要】：新股上市首日收盘价高于发行价的现象称为抑价现象。一般来讲,新兴资本市场新股抑价程度会大于成熟资本市场新股抑价程度。而在我国的创业板市场上股票抑价程度不仅远高于发达国家,也高出新兴经济体很多。随着创业板市场的扩容压力的增大,抑价程度有所减轻,甚至出现首日上市破发的情况,抑价率呈现出前高后低的态势,而且抑价率的波动幅度呈现了一定的行业特性,其中制造业的波动幅度要明显高于非制造业,且破发的新股大多集中于制造业。因此,有必要通过行业角度来分析我国创业板市场IPO抑价现象,找出影响我国创业板IPO抑价的行业性因素。新股上市首日抑价现象在各国资本市场上普遍存在,国内外学者对于IPO抑价现象有很多研究,包括理论研究和实证研究。本文在已有文献基础上,立足于行业视角,以2009年10月—2012年11月上市的355家上市公司为研究样本,分别对制造业和非制造业数据进行因子分析和多元线性回归分析。分析结果表明影响我国创业板制造业和非制造业IPO抑价的指标可以概括为申购股本因子、资金推动因子、资产增长因子、投资者情绪因子、利润因子和研发投入因子。投资者情绪和资金推动是影响制造业与非制造业IPO抑价的共同因素,而行业的差异性体现在研发投入与股本大小更加影响制造业IPO抑价程度,资产变动情况对于非制造业IPO抑价程度影响更为显著。信息不对称理论对于我国创业板IPO抑价现象解释能力不强但已有所改善,且体现出行业特性。行为会融学的相关理论能够很好解释创业板市场制造业和非制造业IPO抑价的共性因素。最后,本文结合实证结果和新股发行体制改革相关政策提出了加强监管部门的监管力度、根据行业特性强化信息披露制度和企业根据市场情况灵活选择融资方式的建议,对抑制我国创业板IPO抑价现象有一定借鉴意义。
[Abstract]:The phenomenon that the closing price of new shares on the first day of listing is higher than the issue price is called underpricing phenomenon. Generally speaking, the degree of IPO underpricing in emerging capital markets is greater than that in mature capital markets. The degree of underpricing in China's gem is not only much higher than that in developed countries, but also much higher than that in emerging economies. With the increasing pressure on the gem market, the degree of underpricing has been reduced, and even the first day of the market has broken. The underpricing rate has shown a trend of high before and low after, and the fluctuation range of underpricing has shown certain industry characteristics. The fluctuation range of manufacturing industry is obviously higher than that of non-manufacturing industry, and broken new shares are mostly concentrated in manufacturing industry. Therefore, it is necessary to analyze IPO underpricing in China's gem market from the perspective of industry, and find out the industry factors that affect IPO underpricing in gem. The phenomenon of IPO underpricing on the first day of IPO is widespread in the capital markets of various countries. Scholars at home and abroad have a lot of research on IPO underpricing, including theoretical research and empirical research. Based on the existing literature and industry perspective, this paper takes 355 listed companies listed from October 2009 to November 2012 as the research samples, carries on factor analysis and multivariate linear regression analysis to the manufacturing and non-manufacturing data, respectively. The results show that the indexes affecting IPO underpricing in gem and non-manufacturing industries can be summarized as purchase equity factor, capital promotion factor, asset growth factor, investor sentiment factor, profit factor and R & D investment factor. Investor sentiment and capital drive are the common factors that affect IPO underpricing in manufacturing and non-manufacturing industries, while industry differences are reflected in the extent of IPO underpricing in manufacturing, which is more affected by R & D investment and equity. Asset movements have a more significant impact on the underpricing of non-manufacturing IPOs. The theory of information asymmetry has not strong ability to explain IPO underpricing phenomenon in gem, but it has been improved, and it reflects the characteristics of the industry. The related theory of behavioral finance can explain the common factors of IPO underpricing in gem market and non-manufacturing market. Finally, based on the empirical results and the relevant policies of the new issue system reform, the paper puts forward the suggestions of strengthening the supervision of the regulatory authorities, strengthening the information disclosure system according to the industry characteristics and flexibly choosing the financing methods according to the market conditions. It has certain reference significance to restrain IPO underpricing phenomenon of gem in our country.
【学位授予单位】：内蒙古工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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