本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO抑價(jià) IPO定價(jià)機(jī)制 詢價(jià)制　出處：《天津科技大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：我國創(chuàng)業(yè)板市場歷經(jīng)十年的準(zhǔn)備,于2009年10月23日在深圳證券交易所正式開板,標(biāo)志著創(chuàng)業(yè)板已成為我國資本市場不可或缺的一部分。隨著對(duì)IPO抑價(jià)研究的深入,研究者們開始關(guān)注發(fā)行機(jī)制對(duì)IPO抑價(jià)的影響,新股發(fā)行定價(jià)機(jī)制逐漸成為研究者們感興趣的一個(gè)研究方向。各國家或地區(qū)的IPO定價(jià)機(jī)制向累計(jì)投標(biāo)詢價(jià)機(jī)制融合已經(jīng)成為一個(gè)世界性的趨勢(shì),我國的新股發(fā)行也開始全面采用詢價(jià)機(jī)制,要實(shí)現(xiàn)與全球市場的接軌,必須接受和適應(yīng)累計(jì)投標(biāo)詢價(jià)機(jī)制,為此對(duì)詢價(jià)發(fā)行機(jī)制的深入研究意義重大。 由于我國創(chuàng)業(yè)板建立的時(shí)間較晚,股票數(shù)據(jù)的年份和數(shù)量比較少,而目前學(xué)術(shù)界針對(duì)創(chuàng)業(yè)板的研究多數(shù)僅從海外創(chuàng)業(yè)板和我國主板及中小企業(yè)板進(jìn)行研究,鮮有文獻(xiàn)對(duì)我國創(chuàng)業(yè)板及其IPO定價(jià)機(jī)制進(jìn)行理論探討和實(shí)證研究。關(guān)于創(chuàng)業(yè)板市場IPO詢價(jià)制的實(shí)行是否適應(yīng)我國目前的市場條件與制度背景,是否能真正提高定價(jià)效率,降低新股發(fā)行抑價(jià)率,均成為需要研究探討的問題。 本文以2009年10月30日我國創(chuàng)業(yè)板開板以來至2011年11月30日上市的所有276支新股為研究樣本進(jìn)行研究,創(chuàng)新性地從IPO的詢價(jià)區(qū)間和新股在詢價(jià)區(qū)間內(nèi)定價(jià)調(diào)整以及參與詢價(jià)的機(jī)構(gòu)數(shù)目的視角入手,結(jié)合我國的詢價(jià)制的制度安排和特點(diǎn),以我國創(chuàng)業(yè)板上市公司為樣本,對(duì)我國詢價(jià)制下IPO發(fā)行的高抑價(jià)現(xiàn)象進(jìn)行了解釋。研究發(fā)現(xiàn)新股詢價(jià)的區(qū)間和新股定價(jià)時(shí)的定價(jià)信息,能夠很好地解釋新股上市首日收益率,體現(xiàn)了新股定價(jià)的市場化：但較多的機(jī)構(gòu)參與詢價(jià)并沒有提高新股定價(jià)的準(zhǔn)確性,詢價(jià)機(jī)制還有待不斷改進(jìn)完善。 本文的研究結(jié)果具有理論和實(shí)踐兩方面的重要意義,既檢驗(yàn)了定價(jià)機(jī)制對(duì)IPO抑價(jià)的影響,肯定了我國引入詢價(jià)機(jī)制所帶來的積極作用,又指出了目前我國詢價(jià)發(fā)行中尚需改進(jìn)的地方,對(duì)現(xiàn)實(shí)中深化改進(jìn)我國詢價(jià)發(fā)行效率和促進(jìn)創(chuàng)業(yè)板的健康發(fā)展提供了參考。
[Abstract]:After ten years of preparation, the gem of our country officially opened in the Shenzhen Stock Exchange on October 23rd 2009. The gem has become an indispensable part of China's capital market. With the in-depth study of IPO underpricing, researchers begin to pay attention to the impact of issuance mechanism on IPO underpricing. The pricing mechanism of IPO has gradually become an interesting research direction for researchers. It has become a worldwide trend that the pricing mechanism of IPO from various countries or regions converges to the cumulative bidding inquiry mechanism. In order to realize the integration with the global market, we must accept and adapt to the accumulative bidding inquiry mechanism, which is of great significance to the in-depth study of the inquiry issuance mechanism. Because of the late establishment of the gem in our country, the number and year of stock data are relatively small, but most of the research on gem in academic circles is only conducted from overseas gem and the main board and SME board of our country. There is little literature on the gem and its IPO pricing mechanism of theoretical and empirical research. On the gem market IPO inquiry system to adapt to the current market conditions and institutional background. Whether we can really improve the pricing efficiency and reduce the underpricing rate of the new issue have become the problems that need to be studied. This paper takes all 276 new shares listed from October 30th 2009 to November 30th 2011 as the research sample. From the perspective of IPO's inquiry range and new stock pricing adjustment within the inquiry range as well as the number of institutions participating in the inquiry, this paper combines the institutional arrangements and characteristics of the inquiry system in China. Taking the gem listed companies as the sample, this paper explains the high underpricing phenomenon of IPO issuance under the inquiry system in China, and finds out the interval of new stock inquiry and the pricing information of new stock pricing. It can explain the yield on the first day of IPO, which reflects the marketization of new stock pricing. However, the accuracy of IPO pricing has not been improved by more institutions participating in inquiry, and the inquiry mechanism still needs to be improved and perfected. The research results of this paper have both theoretical and practical significance. It not only tests the influence of pricing mechanism on IPO underpricing, but also affirms the positive effect brought by the introduction of inquiry mechanism in China. The paper also points out the areas that need to be improved in China's inquiry issuance at present, and provides a reference for further improving the efficiency of inquiry issuance and promoting the healthy development of gem in reality.
【學(xué)位授予單位】：天津科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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