本文選題：中小板 + 首次公開(kāi)發(fā)行　； 參考：《遼寧大學(xué)》2012年碩士論文

【摘要】：IPO抑價(jià)(IPO underpricing)現(xiàn)象，是指首次公開(kāi)發(fā)行的股票上市后(一般指第一天)的市場(chǎng)交易價(jià)格遠(yuǎn)高于發(fā)行價(jià)格，發(fā)行市場(chǎng)與交易市場(chǎng)出現(xiàn)了巨額的價(jià)差，導(dǎo)致首次公開(kāi)發(fā)行存在較高的超額收益率。 IPO高抑價(jià)問(wèn)題廣泛存在于我國(guó)的證券市場(chǎng)，對(duì)于這一問(wèn)題，許多國(guó)內(nèi)外學(xué)者都進(jìn)行了廣泛的研究。本文在文獻(xiàn)綜述部分對(duì)相關(guān)研究理論進(jìn)行了總結(jié)，主要從國(guó)外國(guó)內(nèi)兩部分進(jìn)行綜述。經(jīng)過(guò)綜述評(píng)價(jià)，認(rèn)為國(guó)外的理論在我國(guó)運(yùn)用存在一定局限性，而國(guó)內(nèi)的相關(guān)研究有存在一些不足。本文以中小板市場(chǎng)的IPO抑價(jià)現(xiàn)狀作為研究樣本，經(jīng)研究發(fā)現(xiàn)，我國(guó)的中小板市場(chǎng)IPO抑價(jià)現(xiàn)象十分嚴(yán)重，其中以2007年最為嚴(yán)重，，抑價(jià)率最高達(dá)到538.12%，平均抑價(jià)率達(dá)到208%，遠(yuǎn)遠(yuǎn)超出正常水平。本文在實(shí)證部分以中小板自上市以來(lái)到2011年12月31日上市的644只股票作為研究樣本，以公司治理結(jié)構(gòu)中的各因素作為解釋變量，通過(guò)回歸分析檢驗(yàn)了各個(gè)變量與IPO抑價(jià)之間的關(guān)系。通過(guò)回歸分析得出，管理層持股比例、第一大股東持股比例、國(guó)有股持股比例和法人股持股比例與IPO抑價(jià)水平存在相關(guān)關(guān)系。而在案例分析部分，選取了2007年較為著名的IPO案例——金風(fēng)科技，通過(guò)金風(fēng)科技的IPO抑價(jià)現(xiàn)象，驗(yàn)證了未納入歸回模型的影響因素及其影響途徑。 IPO抑價(jià)現(xiàn)象為股市帶來(lái)的影響是有兩面性的，由于高抑價(jià)現(xiàn)象的存在，保證了新股的順利發(fā)行，同時(shí)彌補(bǔ)了投資者信息不對(duì)稱的損失。但是其消極影響所帶來(lái)的危害更值得我們關(guān)注，尤其是高抑價(jià)率所導(dǎo)致的長(zhǎng)期弱勢(shì)和市場(chǎng)的投機(jī)氛圍。希望通過(guò)本文的研究，能夠?yàn)橹行“迨袌?chǎng)的IPO抑價(jià)現(xiàn)象帶來(lái)啟示，為中小板市場(chǎng)IPO抑價(jià)率回歸正常水平作出貢獻(xiàn)。
[Abstract]:The phenomenon of IPO underpricing refers to the fact that after the initial public offering of stocks (usually the first day) the market price is much higher than the issue price, and there is a huge price difference between the issuing market and the trading market. As a result of IPOs, there is a higher excess yield. The problem of IPO high underpricing exists widely in China's securities market. Many scholars at home and abroad have carried out extensive research on this issue. In the part of literature review, this paper summarizes the relevant research theories, mainly from the two parts of foreign and domestic. Through the review and evaluation, it is concluded that there are some limitations in the application of foreign theories in China, but there are some deficiencies in the domestic research. This paper takes the IPO underpricing status of the small and medium-sized board market as the research sample, and finds that the phenomenon of IPO underpricing in the small and medium-sized board market is very serious in our country, especially in 2007. The highest underpricing rate was 538.12, and the average underpricing rate reached 208 percent, far above the normal level. In the empirical part, 644 stocks listed from small and medium board to December 31, 2011 are taken as research samples, and the factors in corporate governance structure are taken as explanatory variables. The relationship between each variable and IPO underpricing is tested by regression analysis. By regression analysis, it is concluded that the proportion of managerial shareholding, the first largest shareholder, the state-owned share and the legal person share are correlated with the IPO underpricing level. In the part of case analysis, this paper selects Jinfeng Technology, a famous IPO case in 2007, and verifies the influence factors and the influencing ways of the unincorporated return model through the IPO underpricing phenomenon of Jinfeng Technology. The phenomenon of IPO underpricing has two sides to the stock market. The existence of high underpricing ensures the smooth issuance of new shares and makes up for the loss of asymmetric information of investors. However, the negative effects are more worthy of our attention, especially the long-term weakness caused by the high underpricing rate and the speculative atmosphere in the market. It is hoped that through the study of this paper, it can bring enlightenment to the phenomenon of IPO underpricing in the small and medium-sized board market and contribute to the return of the IPO underpricing rate to the normal level in the small and medium-sized board market.
【學(xué)位授予單位】：遼寧大學(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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