中国创业板与美国NASDAQ首发市盈率的影响因素对比研究

发布时间：2018-09-13 08:44

【摘要】：我国创业板自2009年成立以来受到了社会各界的广泛关注,其服务于“两高六新”企业的定位为我国中小规模高新科技型企业提供了又一个良好的融资渠道。创业板在我国资本市场的地位与美国NASDAQ市场具有一定相似性和可比性,两个市场均以高新科技型企业为主要服务对象,因而都具备特殊的市场属性和企业估值水平。但我国创业板从面世起就面临着“高发行价、高发行市盈率、高募集资金”的“三高”问题,其中超百倍的发行市盈率屡见不鲜,市场平均IPO市盈率显著高于同时期NASDAQ以及我国主板市场的水平。过高的IPO估值伴随着“垃圾股”、“圈钱市”等质疑声让创业板始终处于学界和投资界的重点关注之下,新股发行体制改革也势在必行。而NASDAQ作为成熟创业板的典型,其成功经验必然值得我们借鉴,因此对中美两国创业板的IPO定价决定因素和机理进行对比研究,并以此提出创业板新股发行体制改革的政策建议就显得尤为重要。本文以2009-2012年间在我国创业板和NASDAQ上市的企业的IPO市盈率作为研究对象,选取ROE、EPS、承销商声誉等16项指标作为影响因素,基于IPO市盈率多因素模型对两个市场进行实证分析得出结论：中美两国创业板IPO市盈率均受到发行企业财务状况、IPO相关外部因素等多项指标的影响,但各自却有不同的重点影响因子。基于表现出的差异,本文认为我国创业板应重点在信息披露制度、承销商市场影响力培养、减少市场投机氛围等方面进行改善。
[Abstract]:Since the establishment of the gem in 2009, it has received extensive attention from all walks of life in the society. Its orientation of serving the "two high and six new" enterprises provides another good financing channel for the small and medium-sized high-tech enterprises in our country. The position of gem in China's capital market is similar and comparable to that of American NASDAQ market. The two markets both take high-tech enterprises as the main service objects, so they both have special market attributes and enterprise valuation level. However, China's gem has been faced with the "three high" problems of "high issue price, high price-earnings ratio and high fund-raising" since its launch, in which more than 100 times the issue price / earnings ratio is common. The average price-earnings ratio of IPO is significantly higher than that of NASDAQ and China's main board market. Too high IPO valuation accompanied by "junk stocks", "ring money market" and other doubts make gem always in the academic and investment circles under the focus of attention, the new issue system reform is also imperative. As a typical example of the mature gem, the successful experience of NASDAQ is worth drawing lessons from. Therefore, the determinants and mechanism of IPO pricing in the gem of China and the United States are comparatively studied. It is especially important to put forward the policy suggestion of the new issue system reform of gem. In this paper, the IPO price-earnings ratio of the enterprises listed on the gem and NASDAQ between 2009 and 2012 is taken as the research object, and 16 indexes, such as the reputation of the ROE,EPS, underwriter, are selected as the influencing factors. Based on the multivariate model of IPO price-earnings ratio, the empirical analysis of the two markets shows that the IPO price-earnings ratio of the gem of China and the United States is affected by external factors, such as the financial situation of the issuing enterprises and the external factors related to IPOs, and so on. However, each has different key factors. Based on the differences, this paper holds that the gem should focus on the improvement of information disclosure system, the cultivation of underwriters' market influence and the reduction of market speculative atmosphere.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F837.12

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