發(fā)布時間：2018-01-23 10:06

  本文關(guān)鍵詞： 創(chuàng)業(yè)板 破發(fā) 實證分析　出處：《華南理工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：中國資本市場體系由主板、中小板、創(chuàng)業(yè)板、OTC市場組成,目前已經(jīng)成為全球金融市場的重要組成部分。截至2013年3月8日,中國創(chuàng)業(yè)板上市公司達到了355家,成為全球增長最迅速的市場之一；但是由于屬于新興事物,盡管經(jīng)過3年多的努力,我國創(chuàng)業(yè)板市場在制度建設(shè)、體制機制、秩序維護等方面仍然比較落后,其突出現(xiàn)象就是創(chuàng)業(yè)板上市公司破發(fā)的情形屢見不鮮。截止到2013年3月8日,355家創(chuàng)業(yè)板上市公司中(其中8家停牌),跌破發(fā)行價的有276家,占總數(shù)的77.75%,跌破發(fā)行價在75%以上的達到了24家,破發(fā)的數(shù)量和嚴重程度都為全球史上少見。創(chuàng)業(yè)板大面積的破發(fā)已成為影響經(jīng)濟效率和社會公平的重要問題,引起了監(jiān)管者、投資者和發(fā)行人等多方的關(guān)注。我國創(chuàng)業(yè)板創(chuàng)立以來不到四年,處于初級發(fā)展階段,其發(fā)展過程中出現(xiàn)的問題非常值得重視。因此本論文研究創(chuàng)業(yè)板上市的破發(fā)現(xiàn)象及其成因具有重要意義。 本論文研究目的是以創(chuàng)業(yè)板上市公司為樣本,分析創(chuàng)業(yè)板上市公司破發(fā)的成因。通過回歸分析,發(fā)現(xiàn)每股收益、發(fā)行價格、流通股平均日換手率、銷售毛利率、第一大股東持股比例、營業(yè)收入增長率和凈資產(chǎn)增長率等7個因素對創(chuàng)業(yè)板上市公司的破發(fā)折價率有顯著的影響。深入研究這些破發(fā)形成因素,對完善創(chuàng)業(yè)板、推動多層次資本市場建設(shè)乃至整個資本市場的健康發(fā)展有積極的理論意義和現(xiàn)實意義。 本論文的研究思路為：首先,對國內(nèi)外研究上市公司破發(fā)影響因素的成果進行回顧和梳理；其次,結(jié)合我國創(chuàng)業(yè)板的特點深入分析這些因素對創(chuàng)業(yè)板破發(fā)折價率可能的影響,然后進行實證檢驗；最后在研究結(jié)論的基礎(chǔ)上提出相應(yīng)的政策建議。 基于以上思路,本論文將研究內(nèi)容分為五個部分： 緒論部分主要介紹了研究的背景和意義、國內(nèi)外文獻綜述、研究的方法和內(nèi)容以及論文的研究框架。這部分回答以下問題：為什么要研究創(chuàng)業(yè)板上市公司的破發(fā)?這在中國的背景下有什么重要意義?開展這些研究需要采用哪些研究方法?研究應(yīng)該以怎樣的內(nèi)在邏輯和內(nèi)容安排展開? 特征分析部分首先從創(chuàng)新特征、行業(yè)與地域特征和公司治理特征等角度對創(chuàng)業(yè)板上市公司進行了特征分析,指出創(chuàng)業(yè)板上市公司和一般企業(yè)在這些方面的區(qū)別；接著,從資產(chǎn)、收入和利潤等指標對創(chuàng)業(yè)板上市公司進行了特征分析； 理論分析部分回顧了部分國內(nèi)外關(guān)于上市公司破發(fā)影響因素的研究成果,結(jié)合我國創(chuàng)業(yè)板的特點從理論上分析了創(chuàng)業(yè)板的板塊因素、發(fā)行人、保薦人(承銷商)、投資者監(jiān)管者等方面對造成創(chuàng)業(yè)板上市公司破發(fā)可能的影響； 實證分析部分以2009年10月30日-2013年3月8日已掛牌上市的創(chuàng)業(yè)板上市公司為樣本,采用多元線性回歸模型,對理論分析部分提到的可能影響創(chuàng)業(yè)板上市公司破發(fā)的因素進行實證分析,結(jié)果表明：我國創(chuàng)業(yè)板上市公司的破發(fā)折價率與發(fā)行價格、每股收益、流通股平均日換手率、銷售毛利率、第一大股東持股比例、凈資產(chǎn)增長率、營業(yè)收入增長率等因素明顯相關(guān)； 政策建議部分以上一章實證研究的結(jié)果為基礎(chǔ),從經(jīng)營管理、公司治理、發(fā)行制度和交易制度等四個方面提出了政策建議,以期對資本市場利益相關(guān)者和以后的研究提供一些借鑒意義。
[Abstract]:China system from the capital market board, small board, the gem, OTC market, has become an important part of the global financial market. As of March 8, 2013, Chinese GEM listed companies reached 355, becoming one of the world's most rapidly growing market; but as a new thing, although after 3 years of hard work the system and mechanism of China's GEM market in order, system construction, maintenance and other aspects are still relatively backward, the prominent phenomenon is the GEM listed companies to break the situation of It is often seen.. Up to March 8, 2013, 355 GEM listed companies (including 8 suspension), below the issue price of 276, accounting for 77.75% of the total in more than 75%, below the issue price reached 24, break the number and severity are rare in the history of the world. A large area of the gem break has an impact on economic efficiency and social equity The important problem caused by the regulators, investors and issuers and other parties concerned. China's gem was founded less than four years, in the early stage of development, the problems are worthy of attention. Therefore, this paper breaks the phenomenon of gem and its origin is of great significance.
The purpose of this thesis is to GEM listed companies as a sample, analysis of the causes of the GEM listed companies break. Through regression analysis, found that the earnings per share, the issue price of shares, average daily turnover, gross margin, the proportion of the first largest shareholder, has a significant impact in operating income growth rate and the growth rate of net assets the 7 factors of the GEM listed companies break the discount rate. The further study of these break formation factors, to improve the gem, has theoretical and practical significance to actively promote the healthy development of the construction of multi-level capital market and the capital market.
The idea of this thesis is as follows: firstly, the domestic and foreign research results of the influence factors of listed companies break and review; secondly, combining the characteristics of China's gem and in-depth analysis of these factors on GEM break discount rate may affect, and empirical test; finally, based on the conclusion of the study and put forward the corresponding policy advice.
Based on the above ideas, this thesis divides the research into five parts:
The introduction part mainly introduces the research background and significance, literature review, research method and content and research framework of the thesis. This part answers the following questions: why should the companies listed on GEM break? What is the significance of this in the context of Chinese? To carry out these studies which require the use of research methods? The research should be carried out in the internal logic and content of what arrangements?
Analysis from the first part of the characteristics of innovation, industry and regional perspective characteristics and corporate governance characteristics of the companies listed on GEM characteristics analysis, pointed out that the GEM listed companies and general enterprises in these differences; then, from assets, income and profit of the companies listed on GEM characteristics analysis;
The theoretical analysis part reviews some domestic and foreign listed companies on the break influence factor research, combined with the characteristics of China's gem from the theoretical analysis of the factors of the gem plate, the issuer, sponsor (underwriter) investors, regulators and other aspects of the impact of the GEM listed companies may break the;
The part of empirical analysis in October 30, 2009 -2013 March 8th has been listed on the GEM listed companies as a sample, using multiple linear regression model, the theoretical analysis mentioned above may carry on the empirical analysis, the influence factors of GEM listed companies to break the results show that China's GEM listed companies break the discount rate and the issue price, earnings per share. Shares of average daily turnover, gross margin, the proportion of the first largest shareholder, the growth rate of net assets, operating income growth rate was related to factors such as;
Based on the results of empirical research in part of the above chapters, policy recommendations from four aspects, such as management, corporate governance, issuing system and trading system, are put forward, hoping to provide some references for stakeholders in capital market and future research.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1457296