本文選題：創(chuàng)業(yè)板 + IPO抑價(jià)��； 參考：《山東大學(xué)》2013年碩士論文

【摘要】：中國(guó)創(chuàng)業(yè)板市場(chǎng)歷經(jīng)十年醞釀,終于在2009年10月30日在深圳證券交易所正式啟動(dòng)。創(chuàng)業(yè)板的推出,不僅有利于中小企業(yè)尤其是高新技術(shù)企業(yè)融資,消除影響其發(fā)展的資金短缺瓶頸,還利于我國(guó)多層次資本市場(chǎng)的建立,完善我國(guó)的資本市場(chǎng)體系,對(duì)于整個(gè)國(guó)民經(jīng)濟(jì)的可持續(xù)發(fā)展有著重大意義。 然而,我國(guó)創(chuàng)業(yè)板在上市的同時(shí)也帶來(lái)了一些關(guān)于IPO抑價(jià)的問(wèn)題,因此研究創(chuàng)業(yè)板市場(chǎng)的IPO抑價(jià)現(xiàn)象具有一定的理論和現(xiàn)實(shí)價(jià)值。 上市公司的IPO抑價(jià)現(xiàn)象,長(zhǎng)久以來(lái)都被稱(chēng)作是一個(gè)“謎”,并且一直是金融界研究的焦點(diǎn)問(wèn)題。本文在總結(jié)和吸收前人理論和研究成果的基礎(chǔ)上,運(yùn)用經(jīng)濟(jì)、金融學(xué)理論并同時(shí)結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)的特征,對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)的180家上市公司進(jìn)行分析。本文的研究,從我國(guó)創(chuàng)業(yè)板的特征出發(fā),分別對(duì)一級(jí)市場(chǎng)和二級(jí)市場(chǎng)兩個(gè)方面進(jìn)行分析,得出影響我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)的因素。這對(duì)于提高中國(guó)資本市場(chǎng)的效率,提升企業(yè)融資的效率,優(yōu)化金融資源的配置,加強(qiáng)資本市場(chǎng)的監(jiān)管都具有很重要的意義。 本文分為七個(gè)部分。第一章介紹了研究背景、研究目的與意義、研究方法及結(jié)構(gòu)路線(xiàn)圖；第二章主要回顧了國(guó)內(nèi)外有關(guān)IPO抑價(jià)的相關(guān)理論及實(shí)證研究；第三章介紹IPO抑價(jià)的影響機(jī)理；第四章從發(fā)展歷程、功能定位、運(yùn)作風(fēng)險(xiǎn)三個(gè)方面系統(tǒng)地分析了我國(guó)創(chuàng)業(yè)板市場(chǎng)的基本情況；第五章首先對(duì)因變量抑價(jià)率和自變量影響因素進(jìn)行了合理的選擇,接下來(lái)隨機(jī)選取了創(chuàng)業(yè)板市場(chǎng)從創(chuàng)立起至今發(fā)行的160只股票作為樣本并進(jìn)行描述性分析；第六章分別運(yùn)用多元線(xiàn)性回歸模型和多元邏輯回歸模型對(duì)創(chuàng)業(yè)板IPO抑價(jià)的影響因素進(jìn)行考察；第七章在前幾章對(duì)創(chuàng)業(yè)板市場(chǎng)進(jìn)行系統(tǒng)研究的基礎(chǔ)上,總結(jié)了本文的結(jié)論,并提出了完善創(chuàng)業(yè)板市場(chǎng)的建議和對(duì)策。 在研究方法上,本文將定性分析與定量分析相結(jié)合：定性分析方面,著重探討IPO抑價(jià)理論上的形成機(jī)制以及可能的影響因素,并羅列出一個(gè)相對(duì)完善的指標(biāo)系統(tǒng)；定量分析方面,以我國(guó)創(chuàng)業(yè)板市場(chǎng)180個(gè)企業(yè)的橫截面數(shù)據(jù)為樣本,進(jìn)行多元線(xiàn)性回歸與多元邏輯回歸,尋找最主要的影響因素。在創(chuàng)新方面,本文注重IPO抑價(jià)的“多因一果”,并分別在指標(biāo)選擇的深度與廣度、兩種回歸模型的結(jié)合分析、我國(guó)創(chuàng)業(yè)板本身具有的性質(zhì)等三方面進(jìn)行了重點(diǎn)把握。在論文結(jié)構(gòu)方面,本文七個(gè)章節(jié)的內(nèi)容呈遞進(jìn)關(guān)系,由淺入深,由定性向定量轉(zhuǎn)變。 研究結(jié)果表明,中簽率和首日換手率是影響IPO抑價(jià)的兩大重要因素,這兩者反映的是一、二級(jí)市場(chǎng)上投資者的投資熱情,表明我國(guó)的創(chuàng)業(yè)板市場(chǎng)很大程度上受到投資者情緒影響；相反,反映企業(yè)基本面信息的各項(xiàng)指標(biāo)均表現(xiàn)出不顯著,這也說(shuō)明了投資者一定程度上表現(xiàn)出情緒化投資,缺乏對(duì)企業(yè)基本信息的考察。
[Abstract]:After ten years of gestation, China's growth Enterprise Market was officially launched on October 30, 2009 on the Shenzhen Stock Exchange.The launch of the gem is not only conducive to the financing of small and medium-sized enterprises, especially high-tech enterprises, but also conducive to the establishment of a multi-level capital market and the improvement of our country's capital market system.It is of great significance to the sustainable development of the whole national economy.However, the listing of gem in China has brought some problems about IPO underpricing, so it is of theoretical and practical value to study the phenomenon of IPO underpricing in gem market.The IPO underpricing phenomenon of listed companies has long been called a "mystery", and has been the focus of financial research.On the basis of summing up and absorbing the previous theories and research results, this paper analyzes 180 listed companies in China's gem market by using the theory of economics and finance and combining the characteristics of the gem market in our country at the same time.Based on the characteristics of gem in China, this paper analyzes the primary market and the secondary market, and concludes the factors that affect the IPO underpricing in the gem market.It is of great significance to improve the efficiency of Chinese capital market, to improve the efficiency of enterprise financing, to optimize the allocation of financial resources and to strengthen the supervision of capital market.This paper is divided into seven parts.The first chapter introduces the research background, research purpose and significance, research methods and structure roadmap; the second chapter mainly reviews the domestic and foreign related theories and empirical research on IPO underpricing, the third chapter introduces the influence mechanism of IPO underpricing.The fourth chapter systematically analyzes the basic situation of China's gem market from three aspects: development course, function orientation and operational risk. Chapter five makes a reasonable choice of dependent variable underpricing rate and independent variable influencing factors.Then, 160 stocks in gem market are selected as samples and analyzed in a descriptive way.In chapter 6, we use multiple linear regression model and multivariate logic regression model to investigate the influencing factors of IPO underpricing in gem. Chapter 7 summarizes the conclusions of this paper on the basis of systematic research on gem market in the previous chapters.And put forward the suggestion and countermeasure of perfecting gem market.In terms of research methods, this paper combines qualitative analysis with quantitative analysis: in qualitative analysis, the formation mechanism and possible influencing factors of IPO underpricing theory are discussed, and a relatively perfect index system is listed.In terms of quantitative analysis, taking the cross-section data of 180 enterprises in China's gem market as a sample, multivariate linear regression and multivariate logic regression are carried out to find the most important influencing factors.In the aspect of innovation, this paper pays attention to the "multiple cause and one fruit" of IPO underpricing, and respectively in three aspects: the depth and breadth of index selection, the combination analysis of two regression models, and the nature of gem in China.In terms of the structure of the paper, the content of the seven chapters of this paper presents the relationship from shallow to deep, from qualitative to quantitative.The results show that the success rate and the first day turnover rate are two important factors affecting the IPO underpricing, which reflect the investment enthusiasm of investors in the secondary market.The results show that the gem market in China is largely influenced by investor sentiment. On the contrary, the indicators reflecting the fundamental information of enterprises are not significant, which also shows that investors have emotional investment to a certain extent.Lack of enterprise basic information inspection.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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