本文關(guān)鍵詞： 創(chuàng)業(yè)板 首次公開發(fā)行 抑價　出處：《安徽大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：中國資本市場發(fā)展二十多年來,股票首次公開發(fā)行高抑價現(xiàn)象一直是困擾監(jiān)管者和學(xué)術(shù)界的難點(diǎn)問題,股票發(fā)行高抑價對資本市場主要有三點(diǎn)危害：其一,申購新股成為無風(fēng)險投資,使得巨量資金積壓在一級市場,不利于資本流動,造成資源浪費(fèi)；其二,公司只要上市成功就能獲得所需資金,不會出現(xiàn)發(fā)行失敗現(xiàn)象,在目前核準(zhǔn)制下,公司戰(zhàn)略重心不是如何提高公司內(nèi)在價值,而變?yōu)樵鯓油ㄟ^各種手段盡快上市,公司發(fā)展本末倒置；其三,新股發(fā)行后,市場投機(jī)情緒濃厚,股價大幅波動,不利于資本市場長期穩(wěn)健發(fā)展。因此,解決股票發(fā)行的高抑價問題是未來我國資本市場健康發(fā)展的前提條件。 2009年10月23日中國創(chuàng)業(yè)板正式推出,首批上市的28家公司平均抑價率高達(dá)106.23%,此后創(chuàng)業(yè)板上市公司發(fā)行首日鮮有破發(fā),高抑價發(fā)行現(xiàn)象有增無減,申購創(chuàng)業(yè)板新股被視為無風(fēng)險投資。創(chuàng)業(yè)板IPO市場作為中小企業(yè)融資平臺,是為培育具有發(fā)展?jié)摿Φ母咝录夹g(shù)公司而設(shè)立的,巨額資金炒作新股,對中小企業(yè)長期穩(wěn)定發(fā)展產(chǎn)生不利影響,因此我們需要分析創(chuàng)業(yè)板IPO高抑價現(xiàn)象背后的原因,找出核心的影響因素,制定配套政策,完善創(chuàng)業(yè)板IP0市場定價機(jī)制,并為不同市場參與者提供相關(guān)建議。 本文首先介紹當(dāng)前國內(nèi)外關(guān)于IPO定價問題的相關(guān)理論,對最新研究成果進(jìn)行文獻(xiàn)綜述。對于股票IPO抑價的研究,國外學(xué)者開始較早,形成的理論觀點(diǎn)較多,體系也較完善,而我國學(xué)者的獨(dú)創(chuàng)性理論較少,基本是在選取滬深A(yù)股相關(guān)數(shù)據(jù)的基礎(chǔ)上,實(shí)證分析國外IPO抑價理論的正確性以及對我國資本市場的適用性。由于我國創(chuàng)業(yè)板IPO市場剛剛起步,樣本數(shù)據(jù)有限,國內(nèi)對創(chuàng)業(yè)板IPO高抑價現(xiàn)象的研究很少,沒有形成統(tǒng)一的研究體系,因此,本文對這一現(xiàn)象的研究起到了一定的補(bǔ)充作用。 創(chuàng)業(yè)板市場參與主體對擬上市公司股票估價是否合理,直接影響到股票上市后的價格走勢,因此,需要對我國創(chuàng)業(yè)板IPO市場參與主體的股票估價模型,和當(dāng)前創(chuàng)業(yè)板IPO定價方式進(jìn)行分析。當(dāng)前我國IPO市場常用的估價模型可分為貼現(xiàn)類模型、乘數(shù)類模型和資產(chǎn)類模型,而不同市場參與主體對創(chuàng)業(yè)板上市公司有著不同的估價模型：發(fā)行人一般會使用貼現(xiàn)類模型對自身股票進(jìn)行估價；承銷商一般采用資產(chǎn)類估價模型,并根據(jù)當(dāng)前市場情況,參考乘數(shù)類估價模型估計股票價值；投資者一般會參照市場同類行業(yè)或相似企業(yè)指標(biāo),運(yùn)用乘數(shù)類模型進(jìn)行估價。當(dāng)前創(chuàng)業(yè)板IP0市場主要采用詢價定價方式,與改革之前相比市場化程度顯著提高,但股票IP0高抑價現(xiàn)象沒有本質(zhì)變化,可見創(chuàng)業(yè)板定價機(jī)制還有進(jìn)一步完善的空間。 在對國內(nèi)外IP0定價理論和IPO股票估價模型總結(jié)分析的基礎(chǔ)上,本文簡單介紹了我國創(chuàng)業(yè)板市場的發(fā)展歷程和現(xiàn)狀,歸納了當(dāng)前創(chuàng)業(yè)板IPO制度的三個方面,即發(fā)行人資格、核準(zhǔn)程序和信息披露。通過對我國創(chuàng)業(yè)板IPO相關(guān)樣本數(shù)據(jù)的實(shí)證研究,得出實(shí)證結(jié)論：中國創(chuàng)業(yè)板IPO抑價現(xiàn)象與大盤環(huán)境具有相對獨(dú)立性,抑價率表現(xiàn)出“重個股,輕大盤”的統(tǒng)計特征；當(dāng)前主流理論中,影響IP0抑價率的核心因素可以歸為五大因子,即初始定價、發(fā)行規(guī)模、股票價值、市場投機(jī)情緒和股東集中度；以最新樣本數(shù)據(jù)建立的多元回歸模型表明,攤薄發(fā)行市盈率、發(fā)行前每股凈資產(chǎn)、發(fā)行后前十名股東合計持股比例、發(fā)行股數(shù)和上市首日換手率是影響創(chuàng)業(yè)板IP0抑價率的關(guān)鍵因素,其中前三者與抑價率成負(fù)相關(guān)關(guān)系,后兩者成正相關(guān)關(guān)系。 在結(jié)合實(shí)證結(jié)論的基礎(chǔ)上,針對當(dāng)前創(chuàng)業(yè)板IPO定價機(jī)制存在的問題,本文最后提出適用于不同市場參與者的政策建議：對于監(jiān)管者,應(yīng)當(dāng)降低創(chuàng)業(yè)板準(zhǔn)入門檻,適時推出不同行業(yè)上市標(biāo)準(zhǔn),使得創(chuàng)業(yè)板一級市場供需平衡,促進(jìn)抑價率逐步下降；對于發(fā)行人,應(yīng)當(dāng)引入風(fēng)險投資,提高每股凈資產(chǎn),減少持股比例,為公司項(xiàng)目適度融資；對于保薦機(jī)構(gòu),應(yīng)當(dāng)加大信息透明度,提高保薦質(zhì)量,建立自身品牌；對于中小投資者,應(yīng)當(dāng)理性投資和價值投資,學(xué)習(xí)必要的專業(yè)知識,控制投資風(fēng)險,避免盲目參與創(chuàng)業(yè)板IPO市場的新股炒作。
[Abstract]:China ' s capital market has been developing for more than 20 years . The first public offering of high and low prices has been a difficult problem for regulators and academia . First , it has three main risks to the capital market . First , it is not conducive to capital flows and causes resource waste . At present , the company ' s strategic focus is not how to improve the intrinsic value of the company , but it is not conducive to the long - term steady development of the capital market . Therefore , the problem of high price - suppression of stock issuance is the precondition for the healthy development of capital market in the future . On October 23 , 2009 , China ' s GEM was officially launched . The average price inhibition rate of 28 companies listed in the first batch was up to 106 . 23 % . After that , the IPO market of GEM was regarded as a non - venture capital . The GEM IPO market had been set up as a financing platform for small and medium - sized enterprises . It is a financing platform for small and medium - sized enterprises . Therefore , we need to analyze the reasons behind the high IPO price - suppression phenomenon , find out the core influencing factors , formulate supporting policies , improve the pricing mechanism of the GEM IP0 market , and provide relevant suggestions for different market participants . This paper first introduces the relevant theories of IPO pricing at home and abroad , and reviews the latest research results . The stock valuation model of IPO market in our country can be divided into discount class model , multiplier class model and asset class model . Based on the summary and analysis of IP0 pricing theory and IPO stock valuation model at home and abroad , this paper briefly introduces the development course and present situation of IPO market in China , and concludes three aspects of current GEM IPO system , namely , issuer qualification , issuance scale , stock value , market speculation and shareholder concentration . On the basis of combining the empirical conclusion , aiming at the existing problems of IPO pricing mechanism of the current GEM , the paper concludes with the policy suggestion applicable to different market participants : for the regulator , the market supply and demand balance should be reduced and the price inhibition rate is gradually decreased ; for the issuer , the information transparency should be increased , the recommendation quality is reduced , and the self - brand should be established ; for small and medium investors , rational investment and value investment should be learned , the necessary professional knowledge can be learned , investment risk is controlled , and the new stock market in the IPO market should be avoided blindly .

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 孫琳琳;利益相關(guān)者行為對我國創(chuàng)業(yè)板市場IPO定價的影響[D];華東師范大學(xué);2013年

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本文編號：1540182