發(fā)布時(shí)間：2018-01-29 03:20

  本文關(guān)鍵詞： 創(chuàng)業(yè)板 新股發(fā)行 定價(jià)合理性 影響因素　出處：《重慶理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)板市場作為中國多層次資本市場中不可或缺的一部分,其發(fā)展關(guān)系到整個(gè)資本市場的發(fā)展,而股票首次發(fā)行關(guān)系到創(chuàng)業(yè)板市場的健康穩(wěn)定發(fā)展,所以股票首次發(fā)行的過程至關(guān)重要。創(chuàng)業(yè)板的成立為中小企業(yè)提供了重要的融資渠道,適當(dāng)?shù)腎PO定價(jià)能保證企業(yè)順利融資,而對IPO定價(jià)的研究,核心是對定價(jià)合理性和定價(jià)影響因素的研究。本文基于創(chuàng)業(yè)板的特點(diǎn),通過對IPO定價(jià)合理性的分析,提出IPO定價(jià)不合理的原因是考慮的因素不夠全面,為找出對IPO定價(jià)影響顯著的因素,建立了多因素回歸定價(jià)模型,在此基礎(chǔ)上提出優(yōu)化創(chuàng)業(yè)板IPO定價(jià)的政策建議。本文首先在國內(nèi)外文獻(xiàn)綜述的基礎(chǔ)上,對我國IPO定價(jià)理論進(jìn)行了梳理,同時(shí)分析了IPO發(fā)行及定價(jià)制度、創(chuàng)業(yè)板IPO定價(jià)現(xiàn)狀,基于此對創(chuàng)業(yè)板IPO定價(jià)合理性進(jìn)行了分析,并從不同階段和不同市場兩個(gè)角度進(jìn)行對比分析。發(fā)現(xiàn)我國創(chuàng)業(yè)板IPO定價(jià)不合理的原因是,IPO定價(jià)過程中考慮的因素不夠全面。因此將影響IPO定價(jià)的因素分為公司因素、一級市場影響因素和二級市場影響因素,以2015年1月至2016年9月在創(chuàng)業(yè)板上市的公司作為樣本,通過建立多元回歸模型,找出對IPO定價(jià)影響顯著的因素,為IPO定價(jià)模型中影響因素的選擇作參考。通過模型的分析,得到的結(jié)論有:首先,我國創(chuàng)業(yè)板一級市場IPO定價(jià)具有一定的合理性,新股發(fā)行價(jià)格能反映出公司基本財(cái)務(wù)信息,且受到企業(yè)所在地的影響;其次,新股上市20日平均收盤價(jià)也沒有脫離公司內(nèi)在價(jià)值,但與公司價(jià)值稍有偏離,且受到企業(yè)所在地和股票發(fā)行情況的影響;第三,IPO發(fā)行價(jià)格優(yōu)于IPO市場價(jià)格,因?yàn)榘l(fā)行價(jià)格比市場價(jià)格擬合效果更好,且反映的公司因素更多;最后,IPO高抑價(jià)主要是由于二級市場非理性投機(jī)造成的,IPO抑價(jià)受換手率和機(jī)構(gòu)投資者情緒影響顯著。最后,本文在研究的基礎(chǔ)上提出了三條優(yōu)化創(chuàng)業(yè)板IPO定價(jià)的政策建議。首先,應(yīng)該關(guān)注公司價(jià)值因素并尋找合適的IPO定價(jià)方法;其次需要擴(kuò)大詢價(jià)制的詢價(jià)范圍,并加強(qiáng)投資者的教育;最后,需要對信息披露制度進(jìn)行完善,同時(shí)推進(jìn)IPO注冊制的實(shí)施。
[Abstract]:As an indispensable part of China's multi-level capital market, the growth enterprise market is related to the development of the whole capital market, and the initial issue of stocks is related to the healthy and stable development of the growth enterprise market. The establishment of the gem provides an important financing channel for small and medium-sized enterprises, appropriate IPO pricing can ensure the smooth financing of enterprises, and the study of IPO pricing. The core is the study of pricing rationality and pricing influencing factors. Based on the characteristics of gem, this paper analyzes the rationality of IPO pricing, and points out that the reason why IPO pricing is unreasonable is that the factors are not comprehensive enough. In order to find out the factors that have significant influence on IPO pricing, a multi-factor regression pricing model is established, and the policy recommendations for optimizing IPO pricing in gem are put forward. Firstly, based on the literature review at home and abroad. At the same time, it analyzes the issue and pricing system of IPO, the current situation of IPO pricing in gem, and analyzes the rationality of IPO pricing in gem based on the analysis of the pricing theory of IPO in China. And from different stages and different market point of view, we find that the reason why IPO pricing is unreasonable is. The factors that affect the pricing of IPO are not comprehensive enough. Therefore, the factors that affect the pricing of IPO are divided into corporate factors, primary market factors and secondary market factors. Taking the companies listed on gem from January 2015 to September 2016 as samples, the factors that influence the pricing of IPO are found out by establishing a multivariate regression model. Through the analysis of the model, the conclusions are as follows: firstly, the IPO pricing in the gem primary market is reasonable. The IPO price can reflect the basic financial information of the company and is influenced by the location of the enterprise. Secondly, the average closing price of IPO in 20th is not divorced from the intrinsic value of the company, but deviates slightly from the value of the company, and is affected by the location of the enterprise and the situation of the stock issue. The third price is better than the market price of IPO, because the price of IPO is better than the market price, and reflects more factors of the company; Finally, the high IPO underpricing is mainly due to the secondary market irrational speculation caused by the IPO underpricing is significantly affected by turnover rate and institutional investor sentiment. Finally. On the basis of the research, this paper puts forward three policy recommendations to optimize the IPO pricing of gem. Firstly, we should pay attention to the factors of company value and look for the appropriate pricing method of IPO. Secondly, it is necessary to expand the inquiry scope of inquiry system and strengthen the education of investors. Finally, we need to perfect the information disclosure system and promote the implementation of IPO registration system.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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