本文關(guān)鍵詞：我國創(chuàng)業(yè)板IPO抑價(jià)影響因素的實(shí)證研究　出處：《湖南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 資本市場(chǎng) IPO抑價(jià)

【摘要】：1999年8月，黨中央、國務(wù)院的《關(guān)于加強(qiáng)技術(shù)創(chuàng)新，發(fā)展高科技，實(shí)現(xiàn)產(chǎn)業(yè)化的決定》的出臺(tái)，標(biāo)志著我國大陸創(chuàng)業(yè)板的萌芽。2000年，深圳證券交易市場(chǎng)為籌建創(chuàng)業(yè)板，停發(fā)新股。由于受到納斯達(dá)克股市以及國內(nèi)丑聞的影響，創(chuàng)業(yè)板一度被擱置。2006年，中國證監(jiān)會(huì)主席尚福林提出盡快推出創(chuàng)業(yè)板。2009年10月30日，歷經(jīng)十年籌備之久的中國創(chuàng)業(yè)板正式上市。首批登錄中國創(chuàng)業(yè)板的28家上市企業(yè)也正式開始交易。創(chuàng)業(yè)板的正式成立，意味著我國多層次資本市場(chǎng)體系的完善和我國新股發(fā)行市場(chǎng)化定價(jià)方式的加強(qiáng)，提高了市場(chǎng)的有效性。 發(fā)行價(jià)格是否接近二級(jí)市場(chǎng)的預(yù)期價(jià)格，是判斷IPO定價(jià)是否合理的主要標(biāo)準(zhǔn)，也是計(jì)算IPO抑價(jià)的直接數(shù)據(jù)。本文利用Stata/SE12.0和EXCEL軟件，運(yùn)用實(shí)證分析的方法，通過對(duì)創(chuàng)業(yè)板建立兩年多以來的上市公司發(fā)行價(jià)格的研究，發(fā)現(xiàn)截止到2011年12月29日，IPO抑價(jià)現(xiàn)象非常嚴(yán)重，企業(yè)上市首日收盤價(jià)屢創(chuàng)新高，市場(chǎng)投機(jī)氣氛濃烈，平均抑價(jià)率如此之高造成的直接后果就是大量的資金滯留在一級(jí)市場(chǎng)，嚴(yán)重影響我國資本市場(chǎng)資源配置的效率，大大阻礙了創(chuàng)業(yè)板健康有序的發(fā)展。因?yàn)槲覈鴦?chuàng)業(yè)板推出的時(shí)間較短，目前針對(duì)我國創(chuàng)業(yè)板IPO定價(jià)問題的研究較少。本文通過研究和分析影響我國創(chuàng)業(yè)板IPO抑價(jià)的因素，可以有效提高我國創(chuàng)業(yè)板市場(chǎng)資源配置的效率，促進(jìn)我國創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展。 在實(shí)證部分中，本文首先對(duì)創(chuàng)業(yè)板IPO抑價(jià)率的影響因素進(jìn)行分析，然后采用嶺回歸分析方法進(jìn)行分析，研究結(jié)果顯示，上市首日市盈率、企業(yè)首發(fā)實(shí)際募集資金、企業(yè)上市首日換手率和上市公司所在地域?qū)?chuàng)業(yè)板企業(yè)的IPO抑價(jià)率都有著比較大的影響。 最后本文從IPO發(fā)行定價(jià)市場(chǎng)化改革的角度提出建議，認(rèn)為應(yīng)進(jìn)一步完善信息披露制度和新股發(fā)行的市場(chǎng)詢價(jià)機(jī)制等。而在改革的進(jìn)程中，，創(chuàng)業(yè)板應(yīng)當(dāng)擔(dān)當(dāng)起改革試點(diǎn)的重任。
[Abstract]:On August 1999, the decision of the CPC Central Committee and the State Council on strengthening technological innovation, developing high technology, and realizing industrialization marked the germination of the gem in mainland China. Shenzhen stock exchange market to prepare for the establishment of the gem, stop the issue of new shares. Due to the Nasdaq stock market and domestic scandals, the gem was once shelved. 2006. Shang Fulin, Chairman of China Securities Regulatory Commission, proposed to launch gem as soon as possible. October 30th 2009. After ten years of preparation, China's gem was officially listed. The first batch of 28 listed enterprises to log on to the China growth Enterprise Market (gem) also officially began trading, and the gem was formally established. It means that the improvement of our country's multi-level capital market system and the strengthening of the market-oriented pricing mode of new stock issuance in our country improve the effectiveness of the market. Whether the issue price is close to the expected price in the secondary market is the main criterion to judge whether the IPO pricing is reasonable or not. It is also the direct data to calculate IPO underpricing. This paper uses Stata/SE12.0 and EXCEL software to use the method of empirical analysis. Through the research on the IPO prices of listed companies since the establishment of the gem for more than two years, it is found that the IPO underpricing phenomenon is very serious until December 29th 2011, and the closing price of the first day of the listing of enterprises has repeatedly reached a new high. The direct consequence of the strong speculative atmosphere in the market and the high average underpricing rate is that a large number of funds are stranded in the primary market, which seriously affects the efficiency of resource allocation in our capital market. It greatly hinders the healthy and orderly development of the gem, because the gem in our country is launched in a short time. At present, there are few researches on IPO pricing in China's gem. By studying and analyzing the factors that affect the underpricing of gem, this paper can effectively improve the efficiency of resource allocation in gem. Promote the healthy development of China's gem market. In the empirical part, this paper first analyzes the factors affecting the IPO underpricing rate of gem, then uses the method of ridge regression analysis, the research results show that the price-earnings ratio on the first day of listing. The initial financing, the turnover rate on the first day of listing and the region where the listed company is located have great influence on the IPO underpricing rate of the gem enterprises. Finally, this paper puts forward some suggestions from the perspective of market-oriented reform of IPO issue pricing, and points out that we should further improve the information disclosure system and the market inquiry mechanism of new issue, and in the process of reform. The gem should take on the important task of reforming pilot projects.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

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