發(fā)布時間：2018-06-26 11:02

  本文選題：創(chuàng)業(yè)板市場 + IPO　； 參考：《暨南大學》2012年碩士論文

【摘要】：中國創(chuàng)業(yè)板市場在歷經(jīng)10年的籌備后，于2009年10月23日在深圳證券交易所正式開板。從此，創(chuàng)業(yè)板市場成為中國多層次資本市場不可或缺的一部分。但創(chuàng)業(yè)板市場大量股票呈現(xiàn)上市首日高抑價、上市后期破發(fā)嚴重的現(xiàn)象，價格波動較大。這種上市首日高抑價但后期大量破發(fā)問題的存在不利于中國創(chuàng)業(yè)板市場健康良好的發(fā)展，并最終影響資本市場的運行效率甚至整個國民經(jīng)濟的發(fā)展。因此，研究中國創(chuàng)業(yè)板市場IPO定價的有效性問題，對提高中小企業(yè)融資效率、改善中國資本市場運營環(huán)境具有十分重要的理論和實踐意義。 本文采用定性和定量兩種方法來研究中國創(chuàng)業(yè)板市場IPO定價有效性問題。首先，通過對上市股票抑價和后期破發(fā)現(xiàn)象的定性分析來判斷中國創(chuàng)業(yè)板市場IPO定價有效性。其次，采用定量分析法來檢驗IPO定價有效性，使用相對有效性標準法進行實證研究，以償債能力、經(jīng)營能力、盈利能力、發(fā)展能力以及資本規(guī)模結構來衡量IPO定價內(nèi)部因素，以新股發(fā)行量、發(fā)行后總股本、市場波動率以及承銷商聲譽來衡量IPO定價外部因素。以上述內(nèi)外部因素指標為自變量，分別與IPO發(fā)行價格、上市首日收盤價格進行逐步回歸分析，從而對中國創(chuàng)業(yè)板市場IPO定價的有效性做出判斷。 研究結果表明，IPO發(fā)行價格與上市首日收盤價格均有效，同時IPO發(fā)行價格較上市首日收盤價擬合程度更高，這說明IPO定價具有一定的有效性，但高抑價率和破發(fā)現(xiàn)象表明IPO發(fā)行價格存在偏高的跡象，IPO定價有效性不高；另外，上市首日收盤價受市場波動率的影響較大，即股市上漲，則上市首日收盤價上漲，反之則下降，市場波動率對上市首日收盤價起到推波助瀾的作用，，創(chuàng)業(yè)板二級市場存在濃厚的投機氣氛。最后，在研究結論基礎上對進一步提高中國創(chuàng)業(yè)板市場IPO定價有效性提出了相關政策建議。
[Abstract]:After 10 years of preparation, the Chinese gem has been formally opened on the Shenzhen stock exchange in October 23, 2009. Since then, the gem has become an indispensable part of the multi-level capital market in China. However, a large number of stocks in the GEM market have shown high underpricing on the first day of the market. The existence of high underpricing on the first day of the market but a large number of breakout problems in the later period is not conducive to the healthy development of the Chinese gem market, and ultimately affects the operation efficiency of the capital market and even the development of the whole national economy. Therefore, the study of the effectiveness of the IPO pricing in the Chinese gem market is to improve the financing efficiency of small and medium-sized enterprises and improve the Chinese capital. The operation environment of the market is of great theoretical and practical significance.
This paper uses two qualitative and quantitative methods to study the effectiveness of IPO pricing in the Chinese gem market. First, the pricing effectiveness of IPO in the Chinese gem market is judged by the qualitative analysis of the listed stock Underpricing and the late break phenomenon. Secondly, the quantitative analysis method is used to test the validity of the pricing of IPO, and the relative efficiency standard method is used. An empirical study is carried out to measure the internal factors of IPO pricing in terms of solvency, operating capacity, profitability, development capacity and capital scale structure. The external factors of IPO pricing are measured by the volume of new shares, the total equity after the issue, the volatility of the market and the reputation of the Underwriters. The above internal and external factors are independent variables and are issued with the IPO price respectively. Lattice, the closing price of the first day of listing is stepwise regression analysis, so as to judge the effectiveness of IPO pricing in China's growth enterprise market.
The results show that both the IPO issuance price and the closing price of the first day of the market are effective, while the IPO distribution price is more suitable than the closing price of the first day of the market. This shows that the pricing of IPO has a certain validity, but the high underpricing rate and breaking phenomenon indicate that the IPO issuance price has a high trace, and the price of IPO is less effective; in addition, the first day of the market is listed. The closing price is greatly influenced by the market volatility, that is, the rise of the stock market, the closing price of the first day of the market rises, and vice versa, the market volatility plays an important role in the closing price of the first day of the market, and there is a strong speculative atmosphere in the two level market of the gem. Finally, on the basis of the research conclusion, the IPO market of China's gem is further improved. The price effectiveness proposed the relevant policy recommendations.
【學位授予單位】：暨南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：2070173