本文選題：創(chuàng)業(yè)板 + IPO抑價��； 參考：《長沙理工大學(xué)》2012年碩士論文

【摘要】：新股發(fā)行抑價是各國資本市場上普遍存在的現(xiàn)象，而根據(jù)有效市場假說，這種現(xiàn)象是不存在的。因此Ibbotson將其稱為“IPO之謎”。國內(nèi)外許多學(xué)者針對本國市場對IPO抑價的原因展開研究，形成了一個較為完整的理論體系。但由于各國資本市場IPO抑價存在顯著的差異，因此沒有一個可以解釋所有市場的理論。我國創(chuàng)業(yè)板于2009年10月23日正式開板，創(chuàng)業(yè)板的推出不僅為中小企業(yè)的融資提供了渠道和便利，也豐富和完善了我國的資本市場。但是由于我國創(chuàng)業(yè)板發(fā)展時間過短，其具有不同于主板市場的特點，且相關(guān)制度也是處于不斷完善的過程當中，故其IPO抑價程度與主板相比就更加嚴峻。因此運用相關(guān)成熟的理論以數(shù)據(jù)來分析影響IPO抑價的原因，從而提出相應(yīng)的對策和建議，具有重要的理論和現(xiàn)實意義。 本文在閱讀大量文獻的基礎(chǔ)上，對國內(nèi)外IPO抑價的解釋理論進行了總結(jié)回顧；并據(jù)此根據(jù)信號顯示理論、行為經(jīng)濟學(xué)理論和制度因素理論，結(jié)合創(chuàng)業(yè)板的特征，，總結(jié)影響IPO抑價的相關(guān)因素，為建立實證研究的模型做準備；最后建立模型，設(shè)立假設(shè)，選擇2009年10月30日到2011年11月30日在中國創(chuàng)業(yè)板上市的公司作為研究樣本，分別從信號顯示角度、行為經(jīng)濟學(xué)角度和制度因素角度對影響中國創(chuàng)業(yè)板IPO抑價的各因素進行實證分析。實證分析結(jié)論如下：用信號顯示理論，行為經(jīng)濟學(xué)理論和制度因素理論來檢驗IPO抑價程度是基本有效的，但不完全有效。信號顯示理論的科技含量和資產(chǎn)負債率指標可以較好地解釋創(chuàng)業(yè)板IPO抑價。而資產(chǎn)報酬率、總杠桿系數(shù)和公司成立距離上市的時間指標對IPO抑價解釋力較弱。行為經(jīng)濟學(xué)理論中發(fā)行規(guī)模、上市距離發(fā)行的時間間距和流通股比例指標得到驗證，與IPO存在較大的相關(guān)關(guān)系。而市盈率與IPO抑價率的相關(guān)系數(shù)不大。制度因素中第二次新股改革意見的實施對IPO抑價產(chǎn)生了顯著影響。 最后，根據(jù)研究結(jié)論，分別從企業(yè)信息披露角度，投資者理性投資角度，監(jiān)管機構(gòu)監(jiān)管角度提出使中國創(chuàng)業(yè)板IPO趨于合理的建議和對策。
[Abstract]:IPO underpricing is a common phenomenon in the capital markets of various countries, but according to the efficient market hypothesis, this phenomenon does not exist. So Ibbotson calls it the IPO puzzle. Many scholars at home and abroad have studied the causes of IPO underpricing in their own markets and formed a relatively complete theoretical system. However, there are significant differences in IPO underpricing in capital markets, so there is no theory that can explain all markets. The gem of our country officially opened on October 23, 2009. The launch of gem not only provides the channel and convenience for the financing of small and medium-sized enterprises, but also enriches and perfects the capital market of our country. However, because of the short development time of gem in our country, which is different from the main board market, and the related system is in the process of continuous improvement, the degree of IPO underpricing is more severe than the main board. Therefore, it is of great theoretical and practical significance to use relevant mature theories to analyze the causes of IPO underpricing and put forward corresponding countermeasures and suggestions. On the basis of reading a lot of literature, this paper summarizes and reviews the explanation theory of IPO underpricing at home and abroad, and according to the signal display theory, behavioral economics theory and institutional factor theory, combined with the characteristics of gem. This paper summarizes the relevant factors that affect IPO underpricing, and prepares for the establishment of empirical research model. Finally, it establishes the model, establishes the hypothesis, and selects the companies listed on the China gem from October 30, 2009 to November 30, 2011 as the research samples. From the perspective of signal display, behavioral economics and institutional factors, this paper makes an empirical analysis of the factors that affect the IPO underpricing in China's gem. The conclusions of the empirical analysis are as follows: using signal display theory, behavioral economics theory and institutional factor theory to test the degree of IPO underpricing is basically effective, but not completely effective. The scientific and technological content of signal display theory and the index of asset-liability ratio can explain the IPO underpricing of gem. However, the return on assets, the total leverage coefficient and the time between the establishment of the company and the listed company have a weak explanation for the underpricing of IPO. In the behavioral economics theory, the size of the issue, the time interval between listing and issuance and the ratio of outstanding shares are verified, and there is a great correlation between the size of the issue and IPO. The correlation coefficient between price-earnings ratio and IPO underpricing rate is not significant. The implementation of the second new stock reform in institutional factors has a significant impact on IPO underpricing. Finally, according to the conclusion of the research, from the angle of enterprise information disclosure, investors' rational investment, and the supervision of regulators, this paper puts forward some suggestions and countermeasures to make IPO of China's gem tend to be reasonable.
【學(xué)位授予單位】：長沙理工大學(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】

相關(guān)期刊論文 前10條

1 貝洪俊;有效證券市場與會計信息的關(guān)系研究[J];商業(yè)研究;2003年01期

2 朱南,卓賢;對我國股票首次公開發(fā)行抑價的實證分析[J];財經(jīng)科學(xué);2004年02期

3 曹鳳岐;董秀良;;我國IPO定價合理性的實證分析[J];財經(jīng)研究;2006年06期

4 和楠;樊慧莉;;股權(quán)分置改革前后我國IPO抑價實證分析研究[J];財會通訊;2010年27期

5 熊虎;孟衛(wèi)東;周孝華;;非理性投資者行為的IPO抑價理論分析[J];重慶大學(xué)學(xué)報(自然科學(xué)版);2007年10期

6 陳共榮;李琳;;IPO前盈余管理與抑價現(xiàn)象的實證研究[J];系統(tǒng)工程;2006年09期

7 蔣順才,蔣永明;我國新股發(fā)行制度變遷與IPO高抑價的實證研究[J];海南大學(xué)學(xué)報(人文社會科學(xué)版);2005年03期

8 胡志強;璩潞;;股權(quán)分置改革與IPO配置效率的實證研究[J];經(jīng)濟管理;2008年16期

9 張人驥,朱海平,王懷芳,韓星;上海股票市場新股發(fā)行價格過程分析[J];經(jīng)濟科學(xué);1999年04期

10 劉煜輝,熊鵬;股權(quán)分置、政府管制和中國IPO抑價[J];經(jīng)濟研究;2005年05期

相關(guān)博士學(xué)位論文 前2條

1 汪宜霞;基于抑價和溢價的中國IPO首日超額收益研究[D];華中科技大學(xué);2005年

2 何劍;中國股票市場IPO抑價實證研究[D];暨南大學(xué);2006年

本文編號：1857331