本文選題：IPO抑價(jià)　切入點(diǎn)：抑價(jià)率　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：新股發(fā)行抑價(jià)是一個(gè)在各個(gè)國(guó)家股市都普遍存在的現(xiàn)象。多年來,大量研究都集中于對(duì)這種現(xiàn)象產(chǎn)生的機(jī)理以及影響其抑價(jià)程度大小的因素等,并且取得了一定的成果。但在現(xiàn)有的研究成果中,并沒有過多的涉及企業(yè)在上市之前所披露的財(cái)務(wù)數(shù)據(jù)與新股定價(jià)之間的關(guān)系。因此,本文主要著力于研究中國(guó)股票市場(chǎng)中新股發(fā)行抑價(jià)率與招股說明書中所披露的財(cái)務(wù)數(shù)據(jù)之間的關(guān)系。在本文中,以新股發(fā)行抑價(jià)率為因變量,選取的財(cái)務(wù)指標(biāo)為自變量,多元線性回歸模型為研究工具,對(duì)它們之間的內(nèi)在聯(lián)系進(jìn)行驗(yàn)證,主要研究思路如下： 第一章是導(dǎo)論,主要介紹本次研究的研究背景,方法,內(nèi)容以及本次研究中的體現(xiàn)出來的創(chuàng)新和不足。 第二章是IPO抑價(jià)與財(cái)務(wù)特征理論綜述,所涉及的主要是國(guó)內(nèi)外學(xué)者經(jīng)過研究所得出來造成IPO抑價(jià)的機(jī)理,主要涉及信息不對(duì)稱理論,制度成因理論以及行為金融學(xué)理論。并且對(duì)前人在對(duì)企業(yè)的財(cái)務(wù)特征與其在資本市場(chǎng)上的表現(xiàn)之間的研究做出了總結(jié)。 第三章是我國(guó)IPO抑價(jià)因素分析,主要是結(jié)合國(guó)內(nèi)學(xué)者對(duì)我國(guó)新股發(fā)行市場(chǎng)的研究,得出影響我國(guó)IPO抑價(jià)的主要因素,包括我國(guó)的發(fā)行制度,市盈率,發(fā)行價(jià)格,發(fā)行與上市時(shí)間間隔,發(fā)行規(guī)模,流通股比例以及大盤指數(shù)。同時(shí)提出了保留其內(nèi)部因素的同時(shí)加入其它財(cái)務(wù)特征因素對(duì)我國(guó)新股發(fā)行市場(chǎng)進(jìn)行研究的思路。 第四章是實(shí)證設(shè)計(jì),首先闡明本次實(shí)驗(yàn)的基本前提以及假設(shè),再根據(jù)現(xiàn)有的理論設(shè)計(jì)多元線性回歸模型,選取本次實(shí)驗(yàn)所具體需要的變量以及解釋變量的具體計(jì)算方法。 第五章是實(shí)驗(yàn)過程以及結(jié)果分析,先對(duì)變量進(jìn)行一個(gè)總體性描述分析,再對(duì)其進(jìn)行多元線性回歸,同時(shí)根據(jù)實(shí)際需要調(diào)整變量進(jìn)行再檢驗(yàn),同時(shí)對(duì)各個(gè)自變量的回歸結(jié)果進(jìn)行分析,若變量通過顯著性檢驗(yàn),則解釋其與抑價(jià)率有線性關(guān)系的內(nèi)在聯(lián)系,同時(shí)也解釋造成一些變量未通過顯著性檢驗(yàn)的原因,對(duì)其與抑價(jià)率的關(guān)系做出探求性的解釋。 第六章是實(shí)證結(jié)果總論,不足以及政策建議,先是從總體上分析了本次研究所得出的結(jié)果,以及存在的不足之處,然后再依據(jù)這個(gè)結(jié)果對(duì)新股發(fā)行市場(chǎng)中的發(fā)行方,投資方以及監(jiān)管方給出了具體的政策建議。
[Abstract]:IPO underpricing is a common phenomenon in the stock markets of various countries. For many years, a large number of studies have focused on the mechanism of this phenomenon and the factors that affect the degree of underpricing. But in the existing research results, there is not too much concern about the relationship between the financial data disclosed by enterprises before listing and the pricing of new shares. This paper focuses on the relationship between IPO underpricing rate and financial data disclosed in the prospectus of Chinese stock market. In this paper, the IPO underpricing rate is taken as dependent variable and the financial index selected as independent variable. The multivariate linear regression model is used as a research tool to verify the internal relationship between them. The main research ideas are as follows:. The first chapter is an introduction, mainly introduces the research background, method, content and the innovation and insufficiency of this research. The second chapter is a summary of the theory of IPO underpricing and financial characteristics, which is mainly concerned with the mechanism of IPO underpricing, which is obtained by domestic and foreign scholars, and mainly involves the theory of asymmetric information. The institutional cause theory and behavioral finance theory, and the previous studies on the financial characteristics of enterprises and their performance in the capital market are summarized. The third chapter is the analysis of IPO underpricing factors in our country, which is mainly based on the domestic scholars' research on the IPO market in China, and draws the main factors that affect the underpricing of IPO in China, including China's issuing system, price-earnings ratio, issue price. At the same time, the author puts forward the idea to study the new stock market in our country while retaining its internal factors and adding other financial characteristics to the market of the new stock issue in our country, such as the interval between the issuing and listing time, the issuing scale, the proportion of circulating shares and the index of the large market. The fourth chapter is the empirical design. Firstly, the basic premise and hypothesis of this experiment are expounded. Then, according to the existing theory, the multivariate linear regression model is designed to select the specific variables needed in this experiment and the specific calculation method of the explanatory variables. The fifth chapter is the experimental process and analysis of the results. First, the variables are analyzed by a general description, then by multivariate linear regression. At the same time, the variables are adjusted according to the actual needs for re-examination. At the same time, the regression results of each independent variable are analyzed. If the variables pass the significance test, then it explains the inherent relationship between the variables and the underpricing rate, and also explains the reasons why some variables do not pass the significance test. To its relation with underpricing rate to make the exploratory explanation. The sixth chapter is an overview of empirical results, deficiencies and policy recommendations, first from the overall analysis of the results of this study, as well as the shortcomings, and then based on this result to the issuers in the new issue market, Investors and regulators made specific policy recommendations.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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