本文選題：新股 + 破發(fā)現(xiàn)象　； 參考：《復旦大學》2012年碩士論文

【摘要】：自2005年1月1日,新股定價施行詢價制度以來,新股上市一直是抑價發(fā)行。2009年6月10日,證監(jiān)會推動新股發(fā)行制度進一步改革,淡化對新股定價(?)指導。其后,新股發(fā)行市盈率不斷走高,并逐漸超出二級市場的承受能力,終于在2010年至2011年演變成新股的大面積破發(fā)現(xiàn)象。 本文首先從新股破發(fā)現(xiàn)象入手,運用定性及定量的方法從多方面深入分析了新股破發(fā)的現(xiàn)狀、原因及市場參與主體間的利益博弈如何導致新股破發(fā)。本文的研究主題是新股“破發(fā)潮”對一級市場IPO定價效率的影響。研究的邏輯如下：(1)2009年新股發(fā)行制度改革,證監(jiān)會放開了對新股定價的行政指導。在市場約束機制并未到位情況下,新股發(fā)行的估值水平不斷提高,超過了部分公司的內(nèi)在價值,并導致了新股的破發(fā)。(2)新股破發(fā)現(xiàn)象反過來作用于一級市場新股定價機制,IPO的定價效率可能因此而得到提高。 本文通過對比實證,考察新股“破發(fā)潮”前后IPO定價效率是否有顯著提高來確定新股破發(fā)現(xiàn)象對IPO定價效率的影響。選取了2005年至2009年間發(fā)行的新股作為破發(fā)前股票樣本。選取了2010年至2011年間新發(fā)行股作為破發(fā)期股票樣本。從絕對及相對IPO定價效率標準對破發(fā)前后IPO定價效率進行對比研究及分析。 經(jīng)本文研究發(fā)現(xiàn),從IPO定價效率絕對標準來看,新股“破發(fā)潮”后IPO定價效率大幅提高。從相對標準來看,“破發(fā)潮”并未導致一級市場IPO定價效率的提高,但“破發(fā)潮”使IPO定價模型發(fā)生了積極有益的結(jié)構(gòu)性改善。
[Abstract]:The IPO has been underpricing since January 1, 2005. On June 10, 2009, the SFC pushed for further reform of the IPO system and downplayed the pricing of new shares. Guidance. Since then, the price-earnings ratio of new shares has been rising, and gradually beyond the ability of the secondary market, finally in 2010 to 2011 into a large area of breaking new stock phenomenon. This paper begins with the phenomenon of new stock break, and analyzes the current situation of new stock break from many aspects by using qualitative and quantitative methods, and the reasons and how the benefit game among the participants in the market lead to the new issue break. The research topic of this paper is the influence of "breaking tide" of new shares on the pricing efficiency of IPO in primary market. The logic of the study is as follows: (1) in 2009, the new issue system was reformed, and the CSRC liberalized its administrative guidance on the pricing of new shares. Without the market constraint mechanism in place, the valuation level of the new share issue is constantly improving, which exceeds the intrinsic value of some companies. It also leads to the breaking of new shares. (2) the phenomenon of new shares breaking may in turn affect the pricing efficiency of IPOs in the primary market. This paper makes a comparative study on whether the IPO pricing efficiency has been significantly improved before and after the "breaking tide" of new shares to determine the effect of IPO breaking on the pricing efficiency of IPO. Selected between 2005 and 2009 issued new shares as a pre-break stock samples. From 2010 to 2011, the newly issued shares are selected as the broken stock sample. This paper makes a comparative study and analysis on the pricing efficiency of IPO before and after break from absolute and relative IPO pricing efficiency standards. From the absolute standard of IPO pricing efficiency, it is found that the IPO pricing efficiency is greatly improved after the "breaking tide" of new shares. In terms of relative standards, the "breaking tide" has not led to the improvement of IPO pricing efficiency in the primary market, but the "breaking tide" has made positive and beneficial structural improvements in the IPO pricing model.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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