發(fā)布時(shí)間：2018-04-29 22:28

  本文選題：IPO + 改革�。� 參考：《上海外國語大學(xué)》2017年碩士論文

【摘要】：由于特殊的社會(huì)歷史條件影響,我國證券市場新股發(fā)行制度從創(chuàng)立之初就不健全,導(dǎo)致我國新股發(fā)行市場上產(chǎn)生了IPO首日超高收益的現(xiàn)象,這個(gè)問題引起了其他諸如一級(jí)市場資金配置失衡、市場資金大幅流向發(fā)行方等問題。迫于市場的壓力,同時(shí)也是繼續(xù)完善市場制度的要求,我國證監(jiān)會(huì)自2004年發(fā)布《關(guān)于首次公開發(fā)行股票試行詢價(jià)制度若干意見》并首次在新股發(fā)行過程中啟用累計(jì)投標(biāo)詢價(jià)制以來,多次發(fā)布公告加快新股發(fā)行制度改革的進(jìn)程,2009年證監(jiān)會(huì)又根據(jù)新出現(xiàn)的情況,對(duì)新股發(fā)行制度進(jìn)行大幅度的調(diào)整。其后幾年新股發(fā)行體制改革的持續(xù)推進(jìn)。從審批制到核準(zhǔn)制,從網(wǎng)上定價(jià)發(fā)行到網(wǎng)上定價(jià)網(wǎng)下配售共同發(fā)行,新股發(fā)行中政府干預(yù)力量減弱,市場化程度越來越高。那么改革過程中的各種舉措是否能有效改善我國新股發(fā)行首日超高收益的情況?IPO首日收益率影響要素的顯著性變動(dòng)情況是什么樣的?這些問題在檢測新股發(fā)行的各項(xiàng)有關(guān)制度改革效果上有著很強(qiáng)的實(shí)際意義。本文首先在第一章對(duì)文章的研究背景和目的、使用的方法、內(nèi)容框架和創(chuàng)新之處進(jìn)行簡述。然后通過第二章對(duì)IPO首日超額收益理論現(xiàn)象和相關(guān)制度影響研究,對(duì)國內(nèi)外理論模型進(jìn)行了整理和評(píng)述。接著在第三章從定價(jià)方式、發(fā)售方式兩個(gè)方面闡述我國新股發(fā)行制度改革進(jìn)程。第四章結(jié)合理論分析制度改革可能對(duì)IPO首日超額收益的影響。在第五章實(shí)證檢驗(yàn)中本文基于2001年至2016年近15年間中國新股上市首日收益情況,運(yùn)用描述性統(tǒng)計(jì)、單因素方差分析和多元回歸分析等方法對(duì)改革效果進(jìn)行了全面的考察。研究發(fā)現(xiàn),我國多次新股發(fā)行制度改革有一定成效,改革后新股抑價(jià)現(xiàn)象顯著改善,在階段式股改的促進(jìn)下,股價(jià)信息含量有了溫和的提升,公開信息對(duì)抑價(jià)的解釋力增強(qiáng)。但改革對(duì)溢價(jià)影響是不確定的,二級(jí)市場熱銷狀況顯著,我國股票市場投機(jī)現(xiàn)象依舊嚴(yán)重。最后,在對(duì)前面理論和實(shí)證分析結(jié)論進(jìn)行總結(jié)的基礎(chǔ)上,文章對(duì)如何更有效的調(diào)節(jié)資金配置、降低IPO首日超額收益率提出了意見。
[Abstract]:Due to the influence of special social and historical conditions, the new issue system of China's securities market has not been perfect from the beginning of its establishment, which has led to the phenomenon of super-high income on the first day of IPO in China's new stock issuance market. This has caused other problems, such as the imbalance in the allocation of capital in the primary market, and the substantial flow of market funds to issuers. Under the pressure of the market, at the same time, it is also the requirement to continue to improve the market system. Since 2004, China's Securities Regulatory Commission issued "some opinions on the trial Inquiry system of initial Public offering stocks" and for the first time introduced the accumulative Tender Inquiry system in the process of issuing new shares. Several announcements were issued to speed up the reform of the new issue system. In 2009, the CSRC adjusted the new issue system by a large margin according to the new situation. In the following years, the reform of new issue system continued to advance. From the examination and approval system to the approval system, from the online pricing issue to the online pricing offline placing issue, the government intervention power is weakened and the degree of marketization is higher and higher in the new issue. So in the process of reform can all kinds of measures effectively improve the first day of new stock issuance in our country the situation of super-high earnings and the first day of IPO yield factors of the significant changes in the situation? These problems have strong practical significance in detecting the effect of system reform of new issue. In the first chapter, the research background, purpose, methods, content framework and innovation of the paper are briefly described. Then through the second chapter to the IPO first day excess return theory phenomenon and the related system influence research, has carried on the collation and the commentary to the domestic and foreign theory model. Then in the third chapter, the reform process of new issue system in China is expounded from two aspects: pricing mode and selling mode. Chapter four analyzes the influence of system reform on the first day excess return of IPO. In the fifth chapter, based on the first day earnings of the new stock market in China from 2001 to 2016, the paper makes a comprehensive study on the effect of the reform by using descriptive statistics, single factor variance analysis and multiple regression analysis. It is found that the reform of the multi-issue system of new shares in China has achieved some results, and the phenomenon of underpricing of new shares has been significantly improved after the reform. Under the promotion of the stage reform, the information content of the stock price has been moderately enhanced, and the explanatory power of the public information to the underpricing has been enhanced. However, the influence of reform on premium is uncertain, the hot selling situation in secondary market is obvious, and the speculation in Chinese stock market is still serious. Finally, based on the conclusion of theoretical and empirical analysis, this paper puts forward some suggestions on how to adjust the allocation of funds more effectively and reduce the first day excess return of IPO.
【學(xué)位授予單位】：上海外國語大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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