本文關(guān)鍵詞：我國股票市場IPO抑價(jià)現(xiàn)象的分析與研究　出處：《安徽農(nóng)業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股票市場 IPO 抑價(jià) 多元線性回歸

【摘要】：IPO即股票首次公開發(fā)行(英文名稱為Initial Public Offering),是指一個(gè)公司首次向市場上大量的非特定投資者發(fā)售企業(yè)股份的行為。在第一次公開對外發(fā)行后,公司可以申請把本公司的股份拿到股票交易市場進(jìn)行交易,上市公司便因此而產(chǎn)生。其中,新股定價(jià)問題一直是我國新股發(fā)行制度理論研究的重點(diǎn)也是改革我國股票市場的難點(diǎn),同時(shí)更是長久存在于我國一級股票市場和二級股票市場上的非均衡矛盾點(diǎn)。而所謂的IPO抑價(jià)是指股票發(fā)行價(jià)低于上市首日交易價(jià)格的情況,國內(nèi)外學(xué)者對此進(jìn)行了大量的實(shí)證研究,結(jié)果都說明成熟市場國家和新興市場國家都明顯存在IPO抑價(jià)的現(xiàn)象。我國證券市場自成立起至今一直具有較高的新股發(fā)行抑價(jià)率。而構(gòu)成證券市場的重要部分之一便是股票市場,如果抑價(jià)率過高會(huì)使我國一、二級股票市場產(chǎn)生不平衡,隨之股票市場的系統(tǒng)性風(fēng)險(xiǎn)會(huì)大大增加。在我國,IPO定價(jià)短期低估程度遠(yuǎn)高于西方市場水平。因此,為探究我國股票市場IPO抑價(jià)的影響因素,本文選取上海、深圳兩地1997-2014年2月以來的我國滬市和深市首次公開發(fā)行并上市的A股數(shù)據(jù),通過統(tǒng)計(jì)性分析和多元線性回歸分析,證實(shí)影響我國股票市場IPO抑價(jià)的因素。進(jìn)而,針對我國出現(xiàn)的股票市場IPO高抑價(jià)率問題提出相應(yīng)的政策建議。全文共分為六章。第一章是緒論部分,主要介紹選題的背景、目的和意義,國內(nèi)外相關(guān)研究綜述,研究的內(nèi)容、思路、方法以及本文的不足與創(chuàng)新。第二章是我國股票市場IPO抑價(jià)理論,該部分介紹了IPO抑價(jià)的相關(guān)概念以及我國股票市場IPO抑價(jià)的相關(guān)理論。第三章是我國股票市場IPO抑價(jià)的基本情況具體包括我國IPO抑價(jià)的整體狀況、成因以及IPO抑價(jià)的不利影響。第四章是我國股票市場IPO抑價(jià)的影響因素分析,該部分在充分了解研究對象的前提下,在總結(jié)其他學(xué)者的研究成果及其不足的基礎(chǔ)上,對本文所要研究的影響因素進(jìn)行分析,具體歸類為三大類即反映上市公司內(nèi)在價(jià)值的影響因素、反映一級市場新股發(fā)行的影響因素和反映二級市場新股交易的影響因素。第五章是我國股票市場IPO抑價(jià)影響因素的實(shí)證分析,主要介紹了樣本的選取及來源,變量的選取及定義,研究方法的選擇,回歸模型的建立以及回歸模型結(jié)果的分析,得出了不同影響因素對IPO抑價(jià)的影響是怎樣的。第六章是結(jié)論部分,在該部分中,對文章最開始存在的疑問即IPO抑價(jià)現(xiàn)象存在的原因,哪些因素導(dǎo)致了IPO高抑價(jià)現(xiàn)象,并在此基礎(chǔ)上提出有關(guān)降低我國股票市場IPO抑價(jià)率過高的對策建議。
[Abstract]:IPO is an initial public offering of shares (the English name is Initial Public offering). It refers to the first time that a company sells a large number of shares to a large number of non-specific investors in the market. After the first public offering, the company may apply for the shares of the company to be traded in the stock market. Among them, the pricing of new shares has always been the focus of the theoretical research on the new issue system and the difficulty of reforming the stock market in our country. At the same time, it is also a long time in China's primary stock market and secondary stock market non-equilibrium contradictions. And the so-called IPO underpricing refers to the issue price of stocks is lower than the first day of trading price of the situation. Scholars at home and abroad have carried out a large number of empirical research on this. The results show that the phenomenon of IPO underpricing exists obviously in both mature and emerging market countries. Since its establishment, China's securities market has always had a high underpricing rate of new share issuance, which constitutes an important part of the securities market. One percent is the stock market. If the underpricing rate is too high, the first and secondary stock markets in China will be unbalanced, and the systemic risk of the stock market will increase greatly. The degree of short-term underpricing of IPO is much higher than that of western markets. Therefore, in order to explore the influencing factors of IPO underpricing in China's stock market, this paper selects Shanghai. The data of initial public offering and listing of Shanghai and Shenzhen stock markets in Shenzhen and Shenzhen from 1997 to 2014 since February were analyzed by statistical analysis and multivariate linear regression analysis. Confirm the factors that affect the IPO underpricing in the stock market of our country. Then, in view of the high underpricing rate of IPO in the stock market of our country, put forward the corresponding policy recommendations. The full text is divided into six chapters. The first chapter is the introduction part. Mainly introduces the background, purpose and significance of the topic, domestic and foreign related research review, research content, ideas, methods, as well as the shortcomings and innovations of this paper. Chapter two is the IPO underpricing theory of Chinese stock market. This part introduces the related concepts of IPO underpricing and the related theory of IPO underpricing in Chinese stock market. Chapter 3 is the basic situation of IPO underpricing in Chinese stock market, including the whole state of IPO underpricing in China. Situation. Chapter 4th is the analysis of the influencing factors of IPO underpricing in China's stock market, which is based on the full understanding of the research object. On the basis of summing up the research results of other scholars and their shortcomings, this paper analyzes the influencing factors to be studied, specifically classified into three categories, that is, reflecting the internal value of listed companies. Chapter 5th is the empirical analysis of the influencing factors of IPO underpricing in China's stock market. It mainly introduces the selection and source of samples, the selection and definition of variables, the selection of research methods, the establishment of regression models and the analysis of the results of regression models. Chapter 6th is the conclusion part. In this part, the question that exists at the beginning of the article is the reason why IPO underpricing phenomenon exists. What factors lead to the high underpricing of IPO, and on the basis of this, some countermeasures and suggestions are put forward to reduce the excessive underpricing rate of IPO in China's stock market.
【學(xué)位授予單位】：安徽農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 儲燦春;;內(nèi)在價(jià)值、市場信息、投資者先驗(yàn)樂觀情緒與創(chuàng)業(yè)板IPO抑價(jià)[J];區(qū)域金融研究;2011年10期

2 陸俊妤;;A股IPO抑價(jià)問題研究[J];中國經(jīng)貿(mào)導(dǎo)刊;2011年04期

3 徐守喜;梁叔翔;;全流通下我國IPO抑價(jià)的實(shí)證分析[J];金融理論與實(shí)踐;2010年10期

4 杜連雄;;我國新股市場IPO抑價(jià)研究[J];商場現(xiàn)代化;2010年16期

5 謝金樓;;全流通背景下A股IPO抑價(jià)研究[J];金融與經(jīng)濟(jì);2010年02期

6 婁正華;;IPO抑價(jià)現(xiàn)象的原因及對策研究[J];財(cái)會(huì)研究;2009年17期

7 趙倩;;股權(quán)結(jié)構(gòu)與IPO抑價(jià)關(guān)系實(shí)證研究[J];財(cái)會(huì)通訊;2009年18期

8 張文華;;我國IPO抑價(jià)問題研究[J];合作經(jīng)濟(jì)與科技;2009年09期

9 何心;;我國股市IPO抑價(jià)問題及對策[J];北方經(jīng)貿(mào);2009年02期

10 孫宏宇;;股票IPO價(jià)格問題研究綜述[J];中國證券期貨;2008年10期

相關(guān)碩士學(xué)位論文 前1條

1 駱明軍;中國股票市場IPO抑價(jià)現(xiàn)象的影響因素研究[D];江西財(cái)經(jīng)大學(xué);2006年

，

本文編號：1375300