本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO抑價 財務(wù)信息　出處：《貴州財經(jīng)大學》2013年碩士論文　論文類型：學位論文

【摘要】：我國資本市場從1981年至今已經(jīng)歷了三十多年的發(fā)展，2009年10月30日我國創(chuàng)業(yè)板市場正式啟動，使得我國初步建立了由主板、中小板、創(chuàng)業(yè)板和OTC（場外柜臺交易）等多層次的資本市場體系。截至2011年年底，先后有281家公司在創(chuàng)業(yè)板上市，成功募集了七千四百多億資金，為企業(yè)提供了充足的長期資本，強有力的支持了實體經(jīng)濟的發(fā)展。然而新股發(fā)行IPO抑價居高不下嚴重影響了創(chuàng)業(yè)板的健康發(fā)展，也影響了資本市場資源的有效配置。在我國研究IPO抑價的文獻較多，但是由于創(chuàng)業(yè)板剛剛開始，專門研究財務(wù)信息對IPO抑價影響因素的文獻較少，這就為本文提供了研究空間。 理論上來講財務(wù)信息應(yīng)該是新股定價的重要因素，因為股票的價格是企業(yè)未來價值的體現(xiàn)。財務(wù)信息可以透露出企業(yè)的財務(wù)狀況、經(jīng)營成果、發(fā)展前景等等，是衡量一個企業(yè)價值的重要信息。作為一個以盈利為目的的企業(yè)，財務(wù)信息一定與IPO抑價有著重要的關(guān)系。本文首先回顧了國內(nèi)外不同學者對企業(yè)IPO抑價和財務(wù)信息對股價影響的文獻研究，逐步梳理已有的研究成果，對已有的研究成果進行歸納與總結(jié)，并提出現(xiàn)有的理論研究的不足之處。在借鑒前人研究的基礎(chǔ)上，將視野放寬至了剛剛起步的創(chuàng)業(yè)板上市公司IPO，將企業(yè)IPO抑價分為一級市場抑制價格（即一級市場的抑價）和二級市場的溢出價格即（二級市場的抑價）問題。借助盈利能力、營運能力、償債能力和成長能力四個方面的財務(wù)指標分一級市場和二級市場進行實證分析，衡量財務(wù)信息對企業(yè)IPO抑價的影響。以研究創(chuàng)業(yè)板中財務(wù)信息對公司IPO抑價的相關(guān)性影響。通過理論分析和實證研究得出以下結(jié)論：1、首日開盤價更接近股票的真實價格。2、財務(wù)信息對IPO抑價影響顯著。3、在區(qū)分市場情況下的實證分析結(jié)果中，財務(wù)信息對IPO抑價的影響是不同的。在一級市場中，財務(wù)信息中的每股收益對IPO抑價的影響是顯著的，而且兩者成反比。在二級市場中，財務(wù)信息中的銷售收入增長率對IPO抑價的影響是顯著的，兩者成正比。在總體市場中，財務(wù)信息中的每股收益對IPO抑價的影響顯著，兩者成反比。從結(jié)論中可以發(fā)現(xiàn)，財務(wù)信息對一級市場IPO抑價率的影響較大，因為公司的財務(wù)信息好壞在發(fā)行階段已經(jīng)大部分被機構(gòu)投資者識別并體現(xiàn)發(fā)行價上，所以兩者成反比。在不同級市場中財務(wù)信息對IPO抑價的影響是不同的，而且影響的財務(wù)指標也是不同的。這說明一級市場的投資者更看重公司的盈利能力，，二級市場的投資者更看重公司的成長性。 最后根據(jù)研究結(jié)論提出政策性建議：1、加強財務(wù)信息披露和監(jiān)管。2、進一步完善創(chuàng)業(yè)板詢價體制。3、積極培養(yǎng)投資者理性。
[Abstract]:Since 1981, China's capital market has undergone more than 30 years of development. In October 30th 2009, China's gem market officially started, making our country initially established by the main board, small and medium-sized boards. Growth Enterprise Market (gem) and OTC (OTC) and other multi-level capital market system. By the end of 2011, there were 281 companies listed on the gem, which successfully raised more than 740 billion funds. For the enterprise to provide sufficient long-term capital, strong support for the development of the real economy. However, the high underpricing of IPO has seriously affected the healthy development of the gem. It also affects the effective allocation of capital market resources. In our country, there are more literatures on IPO underpricing, but because the gem has just begun, there is less literature on the influence of financial information on IPO underpricing. This provides the research space for this paper. In theory, financial information should be an important factor in the pricing of new shares, because the price of stocks is the embodiment of the future value of enterprises. Financial information can reveal the financial situation, business results, development prospects and so on. Is an important information to measure the value of an enterprise. As a profit-oriented enterprise. Financial information must have an important relationship with IPO underpricing. Firstly, this paper reviews the literature on the influence of corporate IPO underpricing and financial information on stock price by different scholars at home and abroad, and gradually combs the existing research results. The existing research results are summarized and summarized, and put forward the deficiencies of the existing theoretical research. On the basis of the previous studies, the field of vision has been broadened to the newly started gem listed company IPO. The IPO underpricing of enterprises is divided into primary market suppression price (that is, primary market underpricing) and secondary market spillover price (secondary market underpricing). The financial indicators of solvency and growth ability are divided into primary market and secondary market for empirical analysis. To measure the influence of financial information on corporate IPO underpricing. In order to study the correlation of financial information to corporate IPO underpricing in gem. Through theoretical analysis and empirical research, we can draw the following conclusions: 1. The opening price of the first day is closer to the real price of the stock. 2. The financial information has a significant impact on the IPO underpricing. The effect of financial information on IPO underpricing is different. In the primary market, the EPS in financial information has a significant effect on IPO underpricing, and the two are inversely proportional to each other in the secondary market. The growth rate of sales income in financial information has a significant effect on the underpricing of IPO, which is in direct proportion. In the overall market, the earnings per share in financial information have a significant impact on the underpricing of IPO. From the conclusion, we can find that the financial information has a great influence on the IPO underpricing rate in the primary market. Because the financial information of the company has been recognized by institutional investors and reflected on the issue price in the issuing stage, the two are inversely proportional. In the different market, the influence of financial information on IPO underpricing is different. This means that investors in the primary market value the profitability of the company more, and investors in the secondary market value the growth of the company more. Finally, according to the conclusion of the study, the author puts forward the policy suggestion: 1, strengthens the financial information disclosure and the supervision. 2, further consummates the gem inquiry system. 3, actively trains the investor rationality.
【學位授予單位】：貴州財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F830.42;F832.51

【引證文獻】

相關(guān)博士學位論文 前1條

1 孫自愿;基于抑價和溢價的IPO初始收益與長期走勢問題研究[D];中國礦業(yè)大學;2009年

本文編號：1443660