我国创业板IPO定价合理性研究
发布时间：2018-08-12 12:23
【摘要】：创业板是我国资本市场的重要组成部分，是高新企业融资的重要渠道，在创业板上市的公司主要是科技含量高，，成长性好，但成立时间较短，经营具有不确定性的企业。创业板进入的门槛相对主板和中小板较低，相应的风险也更大。 IPO定价即首次公开发行定价，是创业板股票上市面临的首要问题，关系到股票发行企业、投资者和承销商的利益，关系到创业板资源配置功能的正常发挥。我国的创业板从2009年10月正式在深圳证券交易所推出，在这三年的运行过程中暴露出了一系列问题，尤其是在IPO定价方面。目前我国对于创业板IPO定价方法的选择尚无定论，所以IPO定价相关研究很有意义。 本文首先阐述论文选题的背景，选题的意义、文献综述、研究内容、研究方法及本文的创新与不足之处。 然后对IPO、IPO价格、IPO抑价率等相关概念进行界定，并对IPO定价常用的四种方法及解释IPO抑价的投资银行垄断假说、“赢者诅咒理论”等理论进行介绍。 随后，介绍我国创业板市场IPO相关情况，主要包括我国股票市场的开端及IPO定价方式的演变、我国现在IPO定价情况以及创业板相对于主板及中小板市场的特性研究。 第四是本文的主要部分，介绍了数据选取的原因，建立回归模型和因子模型，分析各个因素对IPO抑价率和IPO定价的影响，并根据数据对IPO抑价及定价的情况给予分析。 最后，根据前面的分析，给出结论，并针对问题给出建议。
[Abstract]:The gem is an important part of the capital market of our country and an important channel for the financing of high-tech enterprises. The companies listed on the gem are mainly enterprises with high science and technology content and good growth, but the establishment time is short and the operation is uncertain. The entry threshold of the gem is lower than that of the main board and the small and medium-sized board, and the corresponding risks are higher. IPO pricing, that is, the pricing of initial public offering, is the primary issue facing the gem stock listing, and is related to the issuing enterprises. The interests of investors and underwriters are related to the normal function of gem resource allocation. The gem of our country was formally launched in Shenzhen Stock Exchange in October 2009, which exposed a series of problems in the course of operation in the past three years, especially in the aspect of IPO pricing. At present, there is no final conclusion on the choice of IPO pricing method in gem in China, so the research on IPO pricing is of great significance. This paper first describes the background, significance, literature review, research content, research methods, innovation and deficiency of this paper. Then it defines the related concepts such as IPO price and IPO underpricing rate, and introduces four common methods of IPO pricing and the theories of investment bank monopoly hypothesis and winner-curse theory which explain IPO underpricing. Then, the paper introduces the related situation of IPO in China's gem market, including the beginning of China's stock market and the evolution of IPO pricing mode, the current IPO pricing situation in China and the characteristics of gem relative to the main board and the small and medium-sized market. The fourth part is the main part of this paper, which introduces the reasons of data selection, establishes regression model and factor model, analyzes the influence of each factor on IPO underpricing and IPO pricing, and analyzes the underpricing and pricing of IPO according to the data. Finally, according to the above analysis, the conclusion is given, and some suggestions are given.
【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
本文编号：2179044
[Abstract]:The gem is an important part of the capital market of our country and an important channel for the financing of high-tech enterprises. The companies listed on the gem are mainly enterprises with high science and technology content and good growth, but the establishment time is short and the operation is uncertain. The entry threshold of the gem is lower than that of the main board and the small and medium-sized board, and the corresponding risks are higher. IPO pricing, that is, the pricing of initial public offering, is the primary issue facing the gem stock listing, and is related to the issuing enterprises. The interests of investors and underwriters are related to the normal function of gem resource allocation. The gem of our country was formally launched in Shenzhen Stock Exchange in October 2009, which exposed a series of problems in the course of operation in the past three years, especially in the aspect of IPO pricing. At present, there is no final conclusion on the choice of IPO pricing method in gem in China, so the research on IPO pricing is of great significance. This paper first describes the background, significance, literature review, research content, research methods, innovation and deficiency of this paper. Then it defines the related concepts such as IPO price and IPO underpricing rate, and introduces four common methods of IPO pricing and the theories of investment bank monopoly hypothesis and winner-curse theory which explain IPO underpricing. Then, the paper introduces the related situation of IPO in China's gem market, including the beginning of China's stock market and the evolution of IPO pricing mode, the current IPO pricing situation in China and the characteristics of gem relative to the main board and the small and medium-sized market. The fourth part is the main part of this paper, which introduces the reasons of data selection, establishes regression model and factor model, analyzes the influence of each factor on IPO underpricing and IPO pricing, and analyzes the underpricing and pricing of IPO according to the data. Finally, according to the above analysis, the conclusion is given, and some suggestions are given.
【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
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