本文選題：創(chuàng)業(yè)板 + 市盈率�。� 參考：《武漢金融》2013年12期

【摘要】：自我國創(chuàng)業(yè)板開板以來,"三高"(高市盈率、高發(fā)行價(jià)格與高超募比例)成為創(chuàng)業(yè)板公司首次公開發(fā)行過程中的獨(dú)特現(xiàn)象,并被市場認(rèn)為是創(chuàng)業(yè)板潛在風(fēng)險(xiǎn)的巨大誘因。本文以發(fā)行市盈率與成長性的相互關(guān)聯(lián)為切入點(diǎn),結(jié)合無套利均衡原理深入剖析市盈率定價(jià)邏輯,建立計(jì)量模型定性定量地研究了高市盈率發(fā)行給投資者帶來市場風(fēng)險(xiǎn)的機(jī)理及程度。然后,提出國家證券監(jiān)管部門應(yīng)逐步放開擬申請上市公司質(zhì)量的審核與市場準(zhǔn)入的核準(zhǔn)職能,培養(yǎng)市場自身的調(diào)節(jié)功能,同時(shí)應(yīng)加強(qiáng)法制建設(shè)及交易監(jiān)管,營造公正透明的市場環(huán)境。
[Abstract]:Since the gem was opened in our country, "three high" (high price-earnings ratio, high price and high ratio of offering price and excellent raising ratio) has become a unique phenomenon in the initial public offering of gem companies, and has been considered by the market as a huge inducement for the potential risks of gem. This paper analyzes the price-earnings ratio pricing logic with the price-earnings ratio and growth correlation as the starting point, combined with the principle of no-arbitrage equilibrium. The mechanism and degree of market risk caused by high price-earnings ratio issue are studied qualitatively and quantitatively. Then, it is pointed out that the national securities regulatory department should gradually liberalize the functions of examining the quality of the listed company and approving the market access, train the regulating function of the market itself, and strengthen the legal system construction and transaction supervision at the same time. Create a fair and transparent market environment.
【作者單位】： 同濟(jì)大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：國家自然基金項(xiàng)目(項(xiàng)目批準(zhǔn)號(hào):71273190) 教育部人文社科研究規(guī)劃項(xiàng)目(編號(hào):10YJA790196) 國家社科基金重大項(xiàng)目(編號(hào):11&ZD139)的部分研究成果
【分類號(hào)】：F832.51

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本文編號(hào)：1900836