發(fā)布時(shí)間：2018-05-07 14:43

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

【摘要】：新股發(fā)行抑價(jià)是各國(guó)資本市場(chǎng)上普遍存在的現(xiàn)象，而根據(jù)有效市場(chǎng)假說(shuō)，這種現(xiàn)象是不存在的。因此Ibbotson將其稱為“IPO之謎”。國(guó)內(nèi)外許多學(xué)者針對(duì)本國(guó)市場(chǎng)對(duì)IPO抑價(jià)的原因展開研究，形成了一個(gè)較為完整的理論體系。但由于各國(guó)資本市場(chǎng)IPO抑價(jià)存在顯著的差異，因此沒有一個(gè)可以解釋所有市場(chǎng)的理論。我國(guó)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(guó)的資本市場(chǎng)。但是由于我國(guó)創(chuàng)業(yè)板發(fā)展時(shí)間過(guò)短，其具有不同于主板市場(chǎng)的特點(diǎn)，且相關(guān)制度也是處于不斷完善的過(guò)程當(dāng)中，故其IPO抑價(jià)程度與主板相比就更加嚴(yán)峻。因此運(yùn)用相關(guān)成熟的理論以數(shù)據(jù)來(lái)分析影響IPO抑價(jià)的原因，從而提出相應(yīng)的對(duì)策和建議，具有重要的理論和現(xiàn)實(shí)意義。 本文在閱讀大量文獻(xiàn)的基礎(chǔ)上，對(duì)國(guó)內(nèi)外IPO抑價(jià)的解釋理論進(jìn)行了總結(jié)回顧；并據(jù)此根據(jù)信號(hào)顯示理論、行為經(jīng)濟(jì)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(jià)的相關(guān)因素，為建立實(shí)證研究的模型做準(zhǔn)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(guó)創(chuàng)業(yè)板上市的公司作為研究樣本，分別從信號(hào)顯示角度、行為經(jīng)濟(jì)學(xué)角度和制度因素角度對(duì)影響中國(guó)創(chuàng)業(yè)板IPO抑價(jià)的各因素進(jìn)行實(shí)證分析。實(shí)證分析結(jié)論如下：用信號(hào)顯示理論，行為經(jīng)濟(jì)學(xué)理論和制度因素理論來(lái)檢驗(yàn)IPO抑價(jià)程度是基本有效的，但不完全有效。信號(hào)顯示理論的科技含量和資產(chǎn)負(fù)債率指標(biāo)可以較好地解釋創(chuàng)業(yè)板IPO抑價(jià)。而資產(chǎn)報(bào)酬率、總杠桿系數(shù)和公司成立距離上市的時(shí)間指標(biāo)對(duì)IPO抑價(jià)解釋力較弱。行為經(jīng)濟(jì)學(xué)理論中發(fā)行規(guī)模、上市距離發(fā)行的時(shí)間間距和流通股比例指標(biāo)得到驗(yàn)證，與IPO存在較大的相關(guān)關(guān)系。而市盈率與IPO抑價(jià)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(shí)施對(duì)IPO抑價(jià)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(jī)構(gòu)監(jiān)管角度提出使中國(guó)創(chuàng)業(yè)板IPO趨于合理的建議和對(duì)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(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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