本文選題：定價(jià)　切入點(diǎn)：詢價(jià)制　出處：《合肥工業(yè)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：新股定價(jià)問題一直都是股票發(fā)行市場的核心問題。隨著我國資本市場股權(quán)融資方式的不斷發(fā)展，新股合理定價(jià)的重要性尤為突出。實(shí)現(xiàn)新股的合理定價(jià)，不僅與股票的正確估值有關(guān)，更與一個(gè)國家的發(fā)行制度和定價(jià)方式有很大的相關(guān)性。 本文回顧了國內(nèi)外對于新股抑價(jià)問題研究的相關(guān)文獻(xiàn)及基礎(chǔ)理論，發(fā)現(xiàn)在多種導(dǎo)致抑價(jià)的理論中，信息不對稱理論是研究較多并被多數(shù)學(xué)者認(rèn)同的理論。針對抑價(jià)現(xiàn)象很大程度上是由信息不對稱造成的事實(shí)，引出能夠改善信息不對稱的制度——詢價(jià)制度。該制度可以改善發(fā)行市場各主體之間的信息不對稱，有利于發(fā)行人和承銷商獲得機(jī)構(gòu)投資者的有效需求信息和真實(shí)報(bào)價(jià)信息，幫助投資者獲得較為真實(shí)的公司價(jià)值信息。信息不對稱程度的降低有利于實(shí)現(xiàn)新股的合理定價(jià)，降低抑價(jià)程度。 對詢價(jià)制在我國的應(yīng)用情況進(jìn)行綜述后，定性分析詢價(jià)制在我國的應(yīng)用中存在的不足之處，針對這些不足，我國也采取了一些改革措施，，本文接著對詢價(jià)制的改革情況進(jìn)行了描述，并對詢價(jià)制改革前后兩個(gè)階段發(fā)行的新股經(jīng)過一定的方式進(jìn)行篩選，最終選取245家和233家分別為樣本進(jìn)行實(shí)證研究。通過建立模型分別進(jìn)行回歸分析，對比兩個(gè)階段回歸結(jié)果的系數(shù)以及前后市場指標(biāo)和投資者行為的變化，分析詢價(jià)制改革帶來的效果和存在的不足，最后提出政策建議。 本文基于我國當(dāng)前的市場環(huán)境和制度環(huán)境，以詢價(jià)制改革為切入點(diǎn)，深入研究提高股票定價(jià)效率的方法。通過本文的研究，可以為新股定價(jià)問題的探索提供一種新思路，并且可以為詢價(jià)制改革提供有益的參考。
[Abstract]:The pricing of new shares has always been the core issue in the stock market. With the development of equity financing in China's capital market, the importance of reasonable pricing of new shares is particularly prominent. It is not only related to the correct valuation of stocks, but also to the issuing system and pricing method of a country. This paper reviews the relevant literatures and basic theories on the underpricing of new shares at home and abroad, and finds out that among the theories leading to underpricing, The theory of information asymmetry is a theory that has been studied and accepted by most scholars. In view of the fact that underpricing is largely caused by information asymmetry, This system can improve the information asymmetry, which can improve the information asymmetry among the different parties in the issuing market, and help the issuers and underwriters to obtain the effective demand information and the true quotation information of the institutional investors. The reduction of the degree of information asymmetry is helpful to realize the reasonable pricing of new shares and reduce the degree of underpricing. After summarizing the application of inquiry system in our country, this paper qualitatively analyzes the shortcomings in the application of inquiry system in our country. In view of these shortcomings, some reform measures have been taken in our country. The article then describes the reform of the inquiry system, and after the reform of the inquiry system, the new shares issued in two stages have been screened in a certain way. Finally 245 and 233 samples were selected for empirical research. Regression analysis was carried out by establishing models to compare the coefficients of regression results and the changes of market indicators and investor behavior before and after the two stages. This paper analyzes the effect and deficiency of inquiry system reform, and finally puts forward some policy suggestions. Based on the current market environment and institutional environment of our country, this paper, taking the reform of inquiry system as the starting point, deeply studies the methods to improve the efficiency of stock pricing. Through the research of this paper, we can provide a new way of thinking for the exploration of the pricing problem of new shares. And can provide useful reference for inquiry system reform.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 王春峰,姚錦;中國股票發(fā)行市場價(jià)值低估現(xiàn)象實(shí)證[J];天津大學(xué)學(xué)報(bào)(社會科學(xué)版);2002年04期

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