本文關(guān)鍵詞：中小板股IPO的初始高收益問題研究　出處：《哈爾濱商業(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： 中小企業(yè)板 初始高收益 抑價 溢價

【摘要】：IPO初始高收益是資本市場存在的一種異常現(xiàn)象。這種現(xiàn)象不停的在發(fā)達(dá)國家和非發(fā)達(dá)國家的股票市場上上演,只不過發(fā)達(dá)國家股票市場超額收益率較低而發(fā)展中國家較高。目前的研究中主要有基于一級市場抑價的解釋和基于二級市場溢價的解釋。但由于每個國家的股票市場特色不同,沒有一種解釋可以放之四海而皆準(zhǔn)。研究中國中小板IPO初始高收益的問題,也就必須基于中國特色的市場制度,再從一級市場股票發(fā)行價格定價的環(huán)節(jié)以及二級市場交易價格形成的環(huán)節(jié)來研究抑制我國中小板市場的IPO初始高收益才更加有價值。 我國中小企業(yè)板塊于2004年5月17日設(shè)立。由于其板塊發(fā)展時間較短,雖然市場制度在不斷的完善,但股票數(shù)據(jù)的年份和數(shù)量相對于主板市場較少；學(xué)術(shù)界針對中小企業(yè)板的爭論大都停留在定性的范疇,目前很少有學(xué)者選取股改以后的數(shù)據(jù)作為年度觀測值,對其進(jìn)行理論探討和實(shí)證研究。鑒于此,以中小企業(yè)板塊自身特點(diǎn)為切入點(diǎn),深入探討中小板IPO初始收益的存在問題,對一級市場抑價和二級市場溢價及現(xiàn)行的股票市場制度三個方面現(xiàn)狀進(jìn)行分析,結(jié)合國內(nèi)外一級市場抑價和二級市場溢價的相關(guān)理論,以2011年—2012年,在中小板上市的490家公司為樣本,選取代表性的指標(biāo),進(jìn)行實(shí)證分析,證實(shí)中小板市場確實(shí)存在IPO初始高收益現(xiàn)象,并且IPO首日超額收益不僅僅是一級市場定價效率的問題,同時也是二級市場交易效率的體現(xiàn),以及提出使中小板IPO趨于合理化、一級市場與二級市場相互調(diào)節(jié)、完善中小板市場信息披露、投資者更加理性化的相關(guān)對策,促使我國形成完善的一、二級股票交易市場。
[Abstract]:The initial high yield of IPO is an abnormal phenomenon in the capital market. This phenomenon is unceasing in the developed countries and non-developed countries in the stock market. Only the developed countries have lower excess returns than the developing countries. The current research mainly includes the explanation based on the primary market underpricing and the secondary market premium. But because of the stock of each country. The market features are different. There is no one explanation that can be used everywhere. To study the problem of initial high income of Chinese small and medium board IPO, we must base on the market system with Chinese characteristics. Then it is more valuable to study the initial high yield of IPO in China's small and medium-sized market from the aspects of the pricing of the issuing price of the primary market and the formation of the trading price in the secondary market. China's small and medium-sized enterprises plate was established in May 17th 2004. Because of its short development time, although the market system is constantly improving, but the number and year of stock data is less than the main board market; At present, few scholars choose the data after the stock reform as the annual observation value to carry on the theoretical discussion and the empirical research. In view of this, few scholars choose the stock reform data as the annual observation value. Taking the characteristics of small and medium-sized enterprises as the starting point, this paper probes into the existing problems of the initial income of IPO in small and medium-sized enterprises. First market underpricing and secondary market premium and the current stock market system in three aspects of the analysis, combined with the domestic and foreign primary market underpricing and secondary market premium related theories. From 2011 to 2012, a sample of 490 companies listed on small and medium sized boards was selected for empirical analysis to confirm the existence of IPO initial high returns in small and medium-sized board markets. Moreover, the first-day excess return of IPO is not only a question of pricing efficiency in the primary market, but also a reflection of the transaction efficiency in the secondary market. The paper also proposes to rationalize the IPO of the small and medium-sized market. The primary market and the secondary market regulate each other, perfect the information disclosure of the small and medium-sized market, and make the investors more rational, and promote the formation of the perfect first and second class stock trading market in our country.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51
，

本文編號：1377161