本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO定價(jià) IPO抑價(jià) 多元線性回歸模型　出處：《山東大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)板在我國(guó)的發(fā)展時(shí)間比較短,2009年10月23日,我國(guó)創(chuàng)業(yè)板舉行了啟動(dòng)儀式。同年10月31日,首批的28家企業(yè)在創(chuàng)業(yè)板完成上市。我國(guó)發(fā)展創(chuàng)業(yè)板目的是給中小企業(yè)的發(fā)展提便捷的融資渠道,這是對(duì)主板市場(chǎng)融資功能不足的一個(gè)有力補(bǔ)充。同時(shí)創(chuàng)業(yè)板也為風(fēng)險(xiǎn)資本的發(fā)展提供保障,通過(guò)健全退出機(jī)制來(lái)完善保障體系。這同樣也是我國(guó)大力調(diào)整產(chǎn)業(yè)布局、著重推進(jìn)經(jīng)濟(jì)體制改革的重要舉措。 IP0也即我們通常所說(shuō)的首次公開(kāi)發(fā)行股票,它是指公司在發(fā)展過(guò)程中由于融資的需要而通過(guò)證券交易所向社會(huì)公眾首次出售自己公司發(fā)行的股票。在IPO過(guò)程中,發(fā)行定價(jià)是核心環(huán)節(jié)。創(chuàng)業(yè)板IPO定價(jià)涉及了眾多的利益相關(guān)者。這些利益相關(guān)者之間存在著博弈。分別是發(fā)行公司與承銷商之間的博弈、承銷商與投資者之間的博弈、發(fā)行人與監(jiān)管者之間的博弈等。由此可見(jiàn),定價(jià)的合理與否直接決定了發(fā)行人、承銷商、投資者等利益相關(guān)者的自身利益,同時(shí),定價(jià)如果合理,將會(huì)促進(jìn)資本市場(chǎng)資源配置效率的提高。 我國(guó)股市本身發(fā)展的時(shí)間就比較短,創(chuàng)業(yè)板又是在2009年才創(chuàng)立,因此,我國(guó)的股市距成熟市場(chǎng)還很遙遠(yuǎn)。在我國(guó)的創(chuàng)業(yè)板市場(chǎng)IPO過(guò)程中,存在的一個(gè)明顯的問(wèn)題就是IPO抑價(jià)。IPO抑價(jià)是指首次公開(kāi)發(fā)行的股票在其上市后(一般指第一天),市場(chǎng)的交易價(jià)格遠(yuǎn)遠(yuǎn)高于其發(fā)行價(jià)格。可以說(shuō)IPO定價(jià)的不合理性是導(dǎo)致抑價(jià)的主要原因,兩者之間為因果關(guān)系。因此,本文將IPO定價(jià)和抑價(jià)同時(shí)進(jìn)行了研究。 本文先是介紹了國(guó)內(nèi)外學(xué)者關(guān)于IPO定價(jià)和抑價(jià)的理論研究,然后又介紹了我國(guó)創(chuàng)業(yè)板的發(fā)展情況。在此之后,我分析了影響我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO定價(jià)和抑價(jià)的因素,同時(shí)介紹了一些學(xué)者的關(guān)于IPO定價(jià)和抑價(jià)的研究方法。利用得到的創(chuàng)業(yè)板市場(chǎng)的最新數(shù)據(jù)和多元線性回歸模型我進(jìn)行了本文的實(shí)證研究。通過(guò)實(shí)證研究得出影響我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO定價(jià)和抑價(jià)的因素。最后進(jìn)行了原因分析并提出了相關(guān)的政策建議。
[Abstract]:The gem short development period in China in October 23, 2009, China's gem held a ceremony. In October 31st of the same year, the first batch of 28 enterprises listed on the gem. The complete development of the gem in China is to give the development of small and medium-sized enterprises provided convenient financing channels, which is a powerful supplement financing function on the motherboard market. At the same time, the gem also provide protection for the development of venture capital, through the perfect exit mechanism to improve the security system. It is also our country to adjust the industrial layout, an important measure to focus on promoting the reform of the economic system.
IP0 also known as IPO, it refers to the company in the development process due to the financing needs through the stock exchange to sell their stocks to the public for the first time. In the process of IPO, the issue of pricing is the core link. The gem IPO pricing involves many stakeholders. A game between stakeholders. These are the game between the issuer and underwriter, game between underwriters and investors, the issue of game between people and regulators. Thus, the pricing is reasonable or not directly determine the issuers, underwriters, investors and other stakeholders in their own interests, at the same time, pricing if reasonable, will promote the efficiency of resource allocation of capital market.
China's stock market development time is relatively short, the gem is established only in 2009, therefore, China's stock market from the mature market is still very far away. In the gem IPO process in China, an obvious problem is the existence of IPO underpricing.IPO underpricing refers to IPO the stock in its listing (generally refers to the first day), market price is far higher than the issue price. It can be said that the IPO pricing irrationality is the main cause of underpricing, causal relationship between the two. Therefore, the IPO pricing and underpricing also were studied.
This paper first introduces the domestic and foreign scholars on the theoretical study of IPO pricing and underpricing, then introduces the development situation of China's gem. After this, I analyzed the influence of IPO pricing in GEM market in China and the factors of underpricing, and introduces some scholars about the research methods of IPO and underpricing the price of the GEM market. By using the latest data and multiple linear regression model I conducted the empirical research. Through empirical research of IPO pricing in GEM market in China and the factors of underpricing. Finally analyzes the reasons and puts forward relevant policy suggestions.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 黃俊輝,王浣塵;創(chuàng)業(yè)板市場(chǎng)的IPO研究[J];財(cái)經(jīng)研究;2002年02期

2 李強(qiáng);;全流通時(shí)期IPO抑價(jià)實(shí)證研究[J];重慶工商大學(xué)學(xué)報(bào)(西部論壇);2007年03期

3 謝海昌,陳海明;國(guó)外新股短期發(fā)行抑價(jià)現(xiàn)象及其理論綜述[J];南方金融;2004年04期

相關(guān)碩士學(xué)位論文 前3條

1 林超群;中國(guó)新股首日抑價(jià)原因的實(shí)證研究[D];東華大學(xué);2007年

2 張健;我國(guó)累計(jì)投標(biāo)詢價(jià)機(jī)制理論及實(shí)證研究[D];重慶大學(xué);2007年

3 趙煒科;發(fā)行制度和發(fā)行方式與我國(guó)IPO定價(jià)效率[D];重慶大學(xué);2007年

，

本文編號(hào)：1522606