本文選題：創(chuàng)業(yè)板　切入點(diǎn)：超募資金　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在第一輪新股發(fā)行改革引入詢價制度之后,伴隨著我國經(jīng)濟(jì)在金融危機(jī)后的復(fù)蘇,在這樣的經(jīng)濟(jì)條件和制度背景下,2009年10月30日,創(chuàng)業(yè)板正式開閘。創(chuàng)業(yè)板公司背負(fù)了人們高成長性、高收益性的期待,但自成立以來就凸顯“三高”現(xiàn)象,之后又有上市公司業(yè)績變臉,經(jīng)歷著成長的煩惱。本文主要針對創(chuàng)業(yè)板IPO的超募現(xiàn)象展開研究,分析了承銷商聲譽(yù)、投資者情緒、公司治理、承銷商利益以及企業(yè)成長性對超募現(xiàn)象的影響,其中各研究變量均對超募有不同程度的正相關(guān)性。本文亦結(jié)合2012年4月第三輪新股發(fā)行改革實(shí)證分析了新股發(fā)行改革帶來了資本市場效率的提升。最后本文提出了針對我國創(chuàng)業(yè)板市場未來的改進(jìn)建議：加強(qiáng)監(jiān)管；完善超募資金信息披露,發(fā)揮中介機(jī)構(gòu)的監(jiān)督作用；打通退市轉(zhuǎn)版渠道；鼓勵承銷商參與新股申購,擁有自主配售權(quán),強(qiáng)調(diào)保薦人終身制；長期新股發(fā)行制度將逐漸向注冊制過渡,需弱化行政審批,適時引入做市商制度。
[Abstract]:After the introduction of inquiry system into the first round of new issue reform, with the recovery of our economy after the financial crisis, under such economic conditions and institutional background, in October 30th 2009, The gem officially opens the gate. Gem companies are burdened with people's expectations of high growth and high profitability, but since its inception, the "three high" phenomenon has been highlighted, and then there has been a change in the performance of listed companies. This paper mainly focuses on the phenomenon of over-raising in gem IPO, and analyzes the influence of underwriter reputation, investor sentiment, corporate governance, underwriter interests and enterprise growth on the phenomenon of over-raising. Each of the research variables has positive correlation to the over-raising in varying degrees. This paper also analyzes the efficiency of the capital market with the third round of IPO reform in April 2012. Finally, the paper puts forward that the reform has brought about the improvement of the efficiency of the capital market. The suggestions for the future improvement of China's gem market are as follows: strengthening supervision; To improve the information disclosure of over-raised funds, to play the supervisory role of intermediary organizations; to open up the channels of delisting and reprinting; to encourage underwriters to participate in the application for new shares, to have the right of independent placing, and to emphasize the lifelong system of sponsors; The long-term new issue system will gradually transition to the registration system, which needs to weaken the administrative examination and approval, and introduce the market maker system in good time.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1589994