本文選題：IPO抑價(jià)　切入點(diǎn)：新股發(fā)行制度變遷　出處：《中國海洋大學(xué)》2013年碩士論文

【摘要】：我國經(jīng)濟(jì)的良好運(yùn)行需要證券市場的健康發(fā)展，而IPO高抑價(jià)的長期存在嚴(yán)重影響了我國證券市場的平穩(wěn)運(yùn)行與健康發(fā)展。隨著我國對證券市場的改革，雖然一定程度上降低了IPO抑價(jià)程度，但總體上仍在高位徘徊，因此對IPO抑價(jià)的分析與控制研究對解決IPO高抑價(jià)現(xiàn)象，對證券資本市場的健康運(yùn)營與發(fā)展仍然具有非常重要的意義。 我國的IPO高抑價(jià)現(xiàn)象一直存在，但是在不同的證券制度下成因也不相同，例如隨著我國證券市場的發(fā)行定價(jià)制度的改革，每次IPO高抑價(jià)的原因都會發(fā)生變化，因此研究我國IPO高抑價(jià)現(xiàn)象便有兩個(gè)思路，一個(gè)是在不同的發(fā)行定價(jià)制度情況下研究，另一個(gè)是在同一個(gè)發(fā)行定價(jià)制度的情況下的研究。本文便是后面的思路，在我國目前的累計(jì)詢價(jià)制度下，，對我國IPO抑價(jià)現(xiàn)象的原因進(jìn)行了實(shí)證分析，將影響我國IPO抑價(jià)的因素從一級市場和二級市場兩個(gè)方面來看，首先是一級市場的有效性的研究，之后是關(guān)于二級市場上投資者情緒對IPO抑價(jià)影響的研究。通過研究獲得以下研究成果和結(jié)論： （1）對我國新股發(fā)行制度的演變以及其對IPO抑價(jià)影響進(jìn)行了系統(tǒng)的分析。本文全面論述了從我國證券市場成立以來，實(shí)行的幾次新股發(fā)行制度和定價(jià)制度，并在不同的制度下對我國IPO抑價(jià)的影響進(jìn)行了分析與論述，得出了目前施行的累計(jì)詢價(jià)制度雖然對IPO抑價(jià)起到了一定的抑制作用的，但是并不是最優(yōu)的發(fā)行制度，還有很大的改進(jìn)空間。 （2）對我國新股發(fā)行的一級市場的有效性進(jìn)行了實(shí)證研究，得出我國的一級市場并不是充分有效的。通過引入隨機(jī)前沿的分析方法，通過剔除發(fā)行制度不同對IPO抑價(jià)造成的影響，選擇了相應(yīng)的數(shù)據(jù)樣本以及變量對我國的新股發(fā)行一級市場的有效性進(jìn)行了實(shí)證研究，得出了新股發(fā)行的一級市場存在顯著地上邊界特征，即一級市場的一些因素對我國的IPO抑價(jià)有影響。 （3）通過多元線性回歸的方法對二級市場上投資者情緒對IPO抑價(jià)的影響進(jìn)行了實(shí)證研究。選取了影響投資情緒的幾個(gè)指標(biāo)與變量，通過實(shí)證研究得出二級市場上投資者情緒對我國的IPO抑價(jià)有顯著地影響，是我國IPO抑價(jià)的主要成因。 （4）通過對一二級市場的研究，提出了相應(yīng)的對策。如在制度上，在證券市場不斷市場化的前提下，可以考慮注冊制的引進(jìn)與實(shí)施。另外在二級市場上應(yīng)該加強(qiáng)信息披露機(jī)制的監(jiān)管以及對投資者的教育等。
[Abstract]:The sound operation of China's economy needs the healthy development of the securities market, and the long-term existence of high underpricing of IPO has seriously affected the smooth operation and healthy development of China's securities market.With the reform of China's securities market, although the degree of IPO underpricing has been reduced to a certain extent, it is still hovering at a high level on the whole. Therefore, the analysis and control of IPO underpricing can solve the problem of high underpricing in IPO.It is still of great significance to the healthy operation and development of the securities capital market.The phenomenon of high IPO underpricing has always existed in China, but the causes are different under different securities systems. For example, with the reform of the issuing pricing system of China's securities market, the reasons for the high underpricing of IPO will change every time.Therefore, there are two ways to study the phenomenon of high underpricing of IPO in China, one is to study under different pricing systems and the other is to study under the same issue pricing system.This article is the latter train of thought, under the present accumulative inquiry system of our country, has carried on the empirical analysis to our country IPO underpricing phenomenon reason, will influence our country IPO underpricing factor from the primary market and the secondary market two aspects,The first is the study of the effectiveness of the primary market, and the second is the influence of investor sentiment on the IPO underpricing in the secondary market.The following results and conclusions were obtained from the study:1) the evolution of China's IPO system and its influence on IPO underpricing are systematically analyzed.This paper comprehensively discusses several new stock issuing systems and pricing systems implemented since the establishment of China's securities market, and analyzes and discusses the influence of different systems on the underpricing of IPO in China.It is concluded that the current cumulative inquiry system has a certain inhibitory effect on IPO underpricing, but it is not the best issue system, and there is still a lot of room for improvement.2) this paper makes an empirical study on the effectiveness of the primary market of new stock issuance in China, and concludes that the primary market in our country is not sufficiently effective.By introducing the analysis method of stochastic frontier and excluding the influence of different issuing system on IPO underpricing, the paper selects the corresponding data samples and variables to carry on the empirical research on the validity of the first-level market of the new issue in our country.It is concluded that the first-level market of new share issuance has obvious characteristics of aboveground boundary that is some factors of primary market have influence on the underpricing of IPO in China.3) the influence of investor sentiment on IPO underpricing in the secondary market is studied by multivariate linear regression.This paper selects several indexes and variables that affect the investment sentiment and draws a conclusion that investor sentiment in the secondary market has a significant influence on the IPO underpricing in our country through empirical research which is the main cause of the underpricing of IPO in China.4) through the research of the first and secondary market, the corresponding countermeasures are put forward.For example, the introduction and implementation of the registration system can be considered under the premise of the continuous marketization of the securities market.In addition, we should strengthen the supervision of information disclosure mechanism and the education of investors in the secondary market.
【學(xué)位授予單位】：中國海洋大學(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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