本文選題：創(chuàng)業(yè)板 + IPO�。� 參考：《東北財(cái)經(jīng)大學(xué)》2013年博士論文

【摘要】：隨著我國創(chuàng)業(yè)板股票市場的建立,我國多層次資本市場體系的逐步形成,建立創(chuàng)業(yè)板的必要性探討已經(jīng)成為過去的事情。對其關(guān)注點(diǎn)演變?yōu)椋憾鄬哟钨Y本市場的架構(gòu)的進(jìn)一步完善；多層次資本市場體系和創(chuàng)業(yè)板的運(yùn)行和配置效率的提高�，F(xiàn)有的研究側(cè)重于前者,而對資本配置效率的研究明顯被忽略,本文研究的關(guān)注點(diǎn)即選擇對我國創(chuàng)業(yè)板資本配置效率的問題進(jìn)行探討。 本文嚴(yán)格遵循經(jīng)典的實(shí)證論文框架,按照理論分析支撐實(shí)證檢驗(yàn)、實(shí)證檢驗(yàn)佐證理論分析結(jié)論的雙重關(guān)系展開論文的研究。研究思路為：第1章闡述研究背景,提出研究問題。第2章相關(guān)研究文獻(xiàn)梳理和第3章創(chuàng)業(yè)板市場IPO特征,共同構(gòu)成文章的理論分析部分,為后續(xù)的研究提供理論依據(jù)。第4章“創(chuàng)業(yè)板IPO資本配置效率實(shí)證分析”評價我國創(chuàng)業(yè)板股票市場的資本配置效率。第5章研究創(chuàng)業(yè)板股票市場資本配置的起點(diǎn)-定價及定價效率。第6章對創(chuàng)業(yè)板股票市場IPO中投資者與資本配置效率研究,檢驗(yàn)機(jī)構(gòu)投資者在資本配置中的導(dǎo)向作用。第7章對創(chuàng)業(yè)板IPO上市公司與資本配置進(jìn)行研究。第8章是研究的結(jié)論及提高我國創(chuàng)業(yè)板市場IPO資本配置效率的應(yīng)對策略。文章圍繞在投資、融資、資本配置與創(chuàng)業(yè)板IPO這一核心問題上,各章節(jié)的理論分析與實(shí)證檢驗(yàn)是層層遞進(jìn)。其中,核心部分是第四章至第七章,分別探討創(chuàng)業(yè)板IPO的投資、融資和資本配置效率的關(guān)系。 通過上述研究主要得出以下結(jié)論： (1)證券市場資本配置是指通過證券市場的融資機(jī)制,促進(jìn)資金合理流向發(fā)展前景好的行業(yè)或企業(yè)。本文按照資本逐利性原則,研究了中國創(chuàng)業(yè)板股票市場IPO的資本配置效率,分析創(chuàng)業(yè)板IPO融資與不同收益水平的行業(yè)產(chǎn)生的資本配置效率,指出我國創(chuàng)業(yè)板股票市場的資本配置效率相對較低。 (2)資本市場的定價效率對其資本配置功能的發(fā)揮具有決定性作用,文章利用多元線性回歸分析了影響我國創(chuàng)業(yè)板股票市場定價效率的因素,分析結(jié)果表明顯著影響超額抑價率的因素是首日換手率和中簽率,投資者“從眾”效應(yīng)假說和投機(jī)-泡沫假說來解釋我國創(chuàng)業(yè)板股票市場的IPO首日超額抑價率現(xiàn)象。 (3)按照創(chuàng)業(yè)板資金供應(yīng)鏈關(guān)系,先從融資過程中的資本配置進(jìn)行分析。通過分析創(chuàng)業(yè)板股票市場上投資者結(jié)構(gòu),指出我國創(chuàng)業(yè)板股票市場上以廣大個人投資者為主,實(shí)證分析機(jī)構(gòu)投資者與資本配置效率的關(guān)系,機(jī)構(gòu)投資者對把握優(yōu)質(zhì)的上市公司起到了正向作用,但是彈性系數(shù)仍遠(yuǎn)小于1。 (4)按照創(chuàng)業(yè)板資金供應(yīng)鏈關(guān)系,再從融資后的資本再配置進(jìn)行分析。文章利用統(tǒng)計(jì)數(shù)據(jù)分析了創(chuàng)業(yè)板上市公司的融資效果,相對其他資本市場,IPO上市后顯著提高了收入、毛利潤率,但凈利潤率卻沒有得到顯著提高。利用DEA方法綜合評價了創(chuàng)業(yè)板股票市場的股權(quán)融資效率,發(fā)現(xiàn)存在著資金投入和產(chǎn)出的不均衡現(xiàn)象。文章在分析創(chuàng)業(yè)板機(jī)構(gòu)投資者持股與資本再配置效率的關(guān)系時,從低效率融資是否得到抑制角度進(jìn)行研究資本再配置效率的提高。通過實(shí)證檢驗(yàn)機(jī)構(gòu)投資者持股對上市公司低效率融資不具有制約作用,不能通過制約上市公司低效率融資從而達(dá)到提高資本再配置效率。 本文的創(chuàng)新之處主要體現(xiàn)在以下兩方面：一是系統(tǒng)地用實(shí)證方法研究了中國創(chuàng)業(yè)板股票市場IPO資本配置效率,從資金供應(yīng)鏈角度分析創(chuàng)業(yè)板IPO的資本配置效率。先分析創(chuàng)業(yè)板市場是否具備將投資者的資金合理導(dǎo)向收益率高的行業(yè)的能力；再按照資金供應(yīng)鏈角度分析融資過程中的定價效率、抑價的影響因素、機(jī)構(gòu)投資者與資本配置的關(guān)系；然后分析融資后的資本配置效率,先分析上市公司在創(chuàng)業(yè)板IPO融資中的效果,分析創(chuàng)業(yè)板上市公司股權(quán)融資效率的影響因素,再分析創(chuàng)業(yè)板上市公司在融資后的資本再配置效率,將創(chuàng)業(yè)板股票市場資本配置作用分成兩個部分融資資本配置效率和融資后資本再配置效率。二是系統(tǒng)地用實(shí)證方法研究了中國創(chuàng)業(yè)板股票市場IPO的資本配置效率,提出IPO資本配置效率模型,機(jī)構(gòu)投資者與資本再配置效率模型。 文章還存在一些有待進(jìn)一步探討的不足之處。由于創(chuàng)業(yè)板股票市場成立才三年,實(shí)證分析時面板數(shù)據(jù)不易獲得,將時間序列數(shù)據(jù)引入度量IPO資本配置效率的理論研究模型,這是未來研究值得重點(diǎn)深化的方向之一。
[Abstract]:With the establishment of China ' s GEM stock market , the gradual formation of multi - level capital market system in China and the necessity of establishing the GEM have become the past .
The present research focuses on the former , and the research on the efficiency of capital allocation is ignored . The focus point of this paper is to discuss the issue of capital allocation efficiency in China ' s GEM .

The paper studies the capital allocation efficiency in China ' s GEM stock market . In chapter 5 , we study the capital allocation efficiency of the stock market in China . Chapter 5 deals with the capital allocation efficiency of the stock market in China . Chapter 5 deals with the research on the capital allocation efficiency of the stock market in China . Chapter 6 deals with the research on the capital allocation efficiency of the GEM IPO . Chapter 6 deals with the relationship between the investment , financing and capital allocation efficiency of the IPO of GEM .

The following conclusions are mainly drawn from the above studies :

( 1 ) The capital allocation of stock market means the industry or enterprise that promotes the reasonable flow of capital to the developing prospect through the financing mechanism of the securities market . According to the principle of the profit - by - profit , the paper studies the capital allocation efficiency of IPO in Chinese GEM stock market , analyzes the capital allocation efficiency of the IPO financing and the different income level , and points out that the capital allocation efficiency of Chinese GEM stock market is relatively low .

( 2 ) The pricing efficiency of capital market plays a decisive role in the function of capital allocation .

( 3 ) According to the relationship of capital supply chain of the GEM , the capital allocation in the financing process is analyzed firstly . By analyzing the investor structure in the stock market of the GEM , the paper points out that the stock market of China ' s GEM is mainly composed of individual investors , and the relationship between the investor and the capital allocation efficiency is empirically analyzed . The institutional investors play a positive role in grasping the high - quality listed companies , but the elastic coefficient is still much less than 1 .

( 4 ) According to the relationship between capital supply chain and capital re - allocation after financing , the paper analyzes the financing effect of GEM stock market by using statistics , and increases the income and gross profit margin , but the net profit margin is not improved significantly .

The innovation of this paper is mainly embodied in the following two aspects : First , the efficiency of IPO capital allocation in China ' s GEM stock market is studied by the empirical method , and the capital allocation efficiency of IPO is analyzed from the angle of fund supply chain .
Then , according to the angle of fund supply chain , the paper analyzes the pricing efficiency , the influence factors of the price inhibition , the relationship between institutional investors and capital allocation ;
Then the efficiency of capital allocation after financing is analyzed , the effect of listed companies in IPO financing is analyzed , and the influencing factors of equity financing efficiency of listed companies are analyzed . The capital allocation efficiency of the stock market of GEM is analyzed , and the capital allocation efficiency of IPO in China ' s GEM stock market is analyzed systematically .

There are some shortcomings that need to be discussed further . Since the stock market of GEM has been set up for three years , the panel data is not easy to be obtained in the case of empirical analysis , and the time series data is introduced into the theoretical research model to measure IPO capital allocation efficiency , which is one of the directions which should be deepened in future research .
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1988780