創(chuàng)業(yè)企業(yè)IPO折價的影響因素——基于行為金融理論的分析
發(fā)布時間：2019-04-22 11:20
【摘要】：企業(yè)首次公開募股(IPO)的折價問題一直是學術界研究的熱點問題,然而目前針對我國創(chuàng)業(yè)板上市企業(yè)IPO折價的研究還較少。自從我國創(chuàng)業(yè)板于2009年10月建立后,創(chuàng)業(yè)企業(yè)的IPO存在顯著的折價現象。本文基于行為金融理論的反應過度、反應不足和自我歸因假說,嘗試發(fā)現影響IPO折價的一些因素。通過對153家在創(chuàng)業(yè)板上市企業(yè)的分析,實證檢驗了首日換手率、申購中簽率、市場熱度、上市前收益率與IPO折價之間的相關關系,最后,大部分研究假設得到驗證。
[Abstract]:The issue of the discount of (IPO) has been a hot issue in academia. However, the research on IPO discount of gem listed companies in our country is still few at present. Since China's gem was established in October 2009, there is a significant discount in the IPO of start-up enterprises. Based on the hypothesis of overreaction, underreaction and self-attribution of behavioral finance theory, this paper tries to find out some factors that affect IPO discount. Through the analysis of 153 listed enterprises on the gem, this paper empirically tests the relationship between the first-day turnover rate, the bid-winning rate, the market heat, the pre-listing yield and the IPO discount. Finally, most of the research assumptions are verified.
【作者單位】： 南京大學商學院;
【基金】：國家自然科學基金項目“決策者行為視角的企業(yè)風險承擔影響機理研究”(70902006) 江蘇高校哲學社會科學研究重點項目“江蘇創(chuàng)業(yè)企業(yè)IPO后生存與發(fā)展的研究”(2010ZDIXM016)的部分成果
【分類號】：F832.51
[Abstract]:The issue of the discount of (IPO) has been a hot issue in academia. However, the research on IPO discount of gem listed companies in our country is still few at present. Since China's gem was established in October 2009, there is a significant discount in the IPO of start-up enterprises. Based on the hypothesis of overreaction, underreaction and self-attribution of behavioral finance theory, this paper tries to find out some factors that affect IPO discount. Through the analysis of 153 listed enterprises on the gem, this paper empirically tests the relationship between the first-day turnover rate, the bid-winning rate, the market heat, the pre-listing yield and the IPO discount. Finally, most of the research assumptions are verified.
【作者單位】： 南京大學商學院;
【基金】：國家自然科學基金項目“決策者行為視角的企業(yè)風險承擔影響機理研究”(70902006) 江蘇高校哲學社會科學研究重點項目“江蘇創(chuàng)業(yè)企業(yè)IPO后生存與發(fā)展的研究”(2010ZDIXM016)的部分成果
【分類號】：F832.51
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相關期刊論文 前1條
1 徐志堅;葉穎;王全勝;;TMT股權與人力資本對投資者估價的影響——基于創(chuàng)業(yè)企業(yè)IPO市場的實證檢驗[J];南京社會科學;2010年02期
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