【摘要】：IPO(Initial Public Offerings,首次公開募股)指發(fā)行人在承銷商的幫助下首次公開發(fā)行股票的行為。IPO抑價(jià)主要是指股票一級(jí)市場(chǎng)的發(fā)行價(jià)格低于二級(jí)市場(chǎng)的交易價(jià)格,具體表現(xiàn)在上市首日的收盤價(jià)高于發(fā)行價(jià)格,為參與一級(jí)市場(chǎng)的投資者帶來超額收益,形成抑價(jià)。根據(jù)有效市場(chǎng)理論,如果IPO抑價(jià)存在,即會(huì)導(dǎo)致資金從二級(jí)市場(chǎng)不斷的流向一級(jí)市場(chǎng)；一般均衡理論認(rèn)為,這種抑價(jià)現(xiàn)象不可能長(zhǎng)期存在。事實(shí)上研究表明,抑價(jià)現(xiàn)象廣泛存在于各國(guó)的證券市場(chǎng),且成熟證券市場(chǎng)的抑價(jià)程度要小于新興市場(chǎng)。 中國(guó)創(chuàng)業(yè)板于2009年10月30日設(shè)立以來,截止2012年2月,共有290只股票在創(chuàng)業(yè)板上市,“三高現(xiàn)象(高發(fā)行價(jià)、高發(fā)行市盈率、高超募資金)”極為嚴(yán)重,而令人費(fèi)解的是IPO在屢創(chuàng)“三高”的同時(shí),依然保持著較高抑價(jià),極大降低了創(chuàng)業(yè)板資源配置效率以及加大市場(chǎng)投資風(fēng)險(xiǎn)等不利于創(chuàng)業(yè)板健康發(fā)展的因素。本文結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)的特點(diǎn),認(rèn)真研究國(guó)內(nèi)外文獻(xiàn)的邏輯,對(duì)各種抑價(jià)理論進(jìn)行梳理總結(jié),從IPO利益鏈條上的發(fā)行人、投資銀行及投資者(機(jī)構(gòu)投資者與散戶投資者)的分析中找出可能影響中國(guó)創(chuàng)業(yè)板IPO抑價(jià)的影響因素。使用逐步回歸法,提取確實(shí)影響IPO抑價(jià)的因素,并提出政策建議。 研究結(jié)果表明：中國(guó)創(chuàng)業(yè)板抑價(jià)主要是因?yàn)椤俺葱聼帷币廊粐?yán)重,主要表現(xiàn)在一級(jí)市場(chǎng)大幅超額申購(gòu)帶來的供需矛盾,二級(jí)市場(chǎng)跟風(fēng)炒作,另外“從眾效應(yīng)“也十分明顯；而新興戰(zhàn)略產(chǎn)業(yè)概念、投資銀行聲譽(yù)等對(duì)抑價(jià)影響并不顯著,主要是因?yàn)閯?chuàng)業(yè)板絕大部分都是與新興戰(zhàn)略產(chǎn)業(yè)相關(guān),而當(dāng)前,投行同質(zhì)化較明顯；另外,招股說明書的信息對(duì)投資者有比較明顯的指引作用,體現(xiàn)在所揭示的風(fēng)險(xiǎn)和抑價(jià)顯著負(fù)相關(guān)。
[Abstract]:The IPO (Initial Public Offerings, IPO refers to the act of an issuer issuing an initial public offering of shares with the help of an underwriter. IPO underpricing mainly refers to the issuance price of a primary stock market that is lower than the trading price in the secondary market. The concrete performance is that the closing price on the first day of listing is higher than the issuing price, which brings excess returns to investors participating in the primary market and forms underpricing. According to the efficient market theory, if IPO underpricing exists, it will lead to the continuous flow of funds from the secondary market to the primary market, and the general equilibrium theory holds that this underpricing phenomenon can not exist for a long time. In fact, the phenomenon of underpricing exists widely in the securities markets of various countries, and the degree of underpricing in mature securities markets is smaller than that in emerging markets. Since the establishment of the gem on October 30, 2009, as of February 2012, 290 stocks have been listed on the gem. What is puzzling is that IPO still keeps high underpricing while creating "three high", which greatly reduces the efficiency of gem resource allocation and increases the risk of market investment, which is not conducive to the healthy development of gem. Based on the characteristics of China's gem market, this paper studies the logic of domestic and foreign literature, and summarizes the theories of underpricing, from the issuer of IPO benefit chain. The analysis of investment banks and investors (institutional investors and retail investors) identified the factors that may affect the IPO underpricing of China's gem. By using stepwise regression method, the factors affecting IPO underpricing were extracted, and some policy suggestions were put forward. The results show that the underpricing of China's gem is mainly due to the fact that the "new hot speculation" is still serious, which is mainly reflected in the contradiction between supply and demand brought by the large oversubscription in the primary market, the speculation in the secondary market following the trend, and the obvious "herd effect". However, the concept of emerging strategic industry and the reputation of investment banks have no significant effect on underpricing, mainly because most of the gem is related to emerging strategic industries, but at present, the investment banks are homogenized; In addition, the information of prospectus has a more obvious guiding role for investors, reflected in the risk and underpricing revealed a significant negative correlation.
【學(xué)位授予單位】：湖北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 孟輝,彭扶民,張琴;新股發(fā)行定價(jià)與股票市場(chǎng)非均衡[J];財(cái)經(jīng)科學(xué);2000年03期

2 朱南,卓賢;對(duì)我國(guó)股票首次公開發(fā)行抑價(jià)的實(shí)證分析[J];財(cái)經(jīng)科學(xué);2004年02期

3 李慶峰;;二元結(jié)構(gòu)環(huán)境下的IPO定價(jià)模型研究[J];財(cái)經(jīng)問題研究;2006年03期

4 曹鳳岐;董秀良;;我國(guó)IPO定價(jià)合理性的實(shí)證分析[J];財(cái)經(jīng)研究;2006年06期

5 陳海明,李東;我國(guó)新股發(fā)行與上市時(shí)間間隔假說實(shí)證研究——兼議新股發(fā)行與上市聯(lián)動(dòng)機(jī)制[J];當(dāng)代財(cái)經(jīng);2003年12期

6 徐文燕,武康平;承銷商托市對(duì)新股初始回報(bào)的影響——對(duì)上海A股市場(chǎng)的實(shí)證研究[J];當(dāng)代經(jīng)濟(jì)科學(xué);2002年01期

7 楊丹,王莉;中國(guó)新股發(fā)行抑價(jià):一個(gè)假說的檢驗(yàn)[J];復(fù)旦學(xué)報(bào)(社會(huì)科學(xué)版);2001年05期

8 孔愛國(guó),李哲;IPO定價(jià)的信號(hào)模型:信息披露機(jī)制有效性檢驗(yàn)(1992-2002)[J];復(fù)旦學(xué)報(bào)(自然科學(xué)版);2003年05期

9 周孝華,杜俊濤,楊秀苔;IPOs抑價(jià)與中簽率:一個(gè)信號(hào)傳遞博弈模型[J];重慶大學(xué)學(xué)報(bào)(自然科學(xué)版);2005年01期

10 于棟;股票IPO理論研究新進(jìn)展[J];哈爾濱工業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2003年04期

，

本文編號(hào)：2351971