本文關(guān)鍵詞：股東構(gòu)成與創(chuàng)業(yè)板IPO抑價(jià)研究　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： IPO抑價(jià) 創(chuàng)業(yè)板 管理層持股 風(fēng)險(xiǎn)投資

【摘要】：IPO抑價(jià)現(xiàn)象的研究自提出以來(lái)一直是金融領(lǐng)域的熱點(diǎn)，至今也尚未有定論，關(guān)于抑價(jià)成因的解釋也是只有解釋力強(qiáng)弱之分，而且因市場(chǎng)的成熟程度和研究樣本的特征而異。我國(guó)資本市場(chǎng)自設(shè)立以來(lái)就有著發(fā)達(dá)國(guó)家甚至其他新興市場(chǎng)難以企及的高IPO抑價(jià)率，顯然IPO抑價(jià)率過(guò)高不利于資本市場(chǎng)的健康發(fā)展。從實(shí)用主義的立場(chǎng)出發(fā)，我們希望找到畸高IPO抑價(jià)的成因，使其回歸理性水平以利于我國(guó)資本市場(chǎng)的健康持續(xù)發(fā)展。 本文著眼于創(chuàng)業(yè)板，試圖通過(guò)研究創(chuàng)業(yè)板上市公司的股東構(gòu)成，，探討上市前股東的背景特征與創(chuàng)業(yè)板上市公司IPO抑價(jià)的相關(guān)性并運(yùn)用多元回歸的方法進(jìn)行了實(shí)證設(shè)計(jì)。結(jié)果表明：我國(guó)創(chuàng)業(yè)板上市公司的管理層持股比例與其IPO抑價(jià)水平顯著負(fù)相關(guān)，管理層持股比例越高，IPO抑價(jià)水平越低，管理層持股人數(shù)越多，IPO抑價(jià)水平越低。筆者認(rèn)為管理層持股比例以及持股人數(shù)反映管理層與上市公司長(zhǎng)期利益的相關(guān)程度，其他股東如風(fēng)投等會(huì)更看重短期利益，管理層持股比例能夠反映出公司長(zhǎng)期利益方的博弈能力，管理層持股比例越高在管理層與其他股東之間的博弈越占優(yōu)勢(shì)，這種優(yōu)勢(shì)最終轉(zhuǎn)化為二級(jí)市場(chǎng)上對(duì)價(jià)格的影響力，降低IPO抑價(jià)。
[Abstract]:The research of IPO underpricing phenomenon has been a hot spot in the financial field since it was put forward. So far, there has been no conclusion about the cause of underpricing, and the explanation about the cause of underpricing is only divided into the strength and weakness of explanation. And because of the maturity of the market and the characteristics of the research sample, China's capital market since its establishment has a high IPO underpricing rate that developed countries or even other emerging markets can not match. Obviously, too high IPO underpricing rate is not conducive to the healthy development of capital market. From the standpoint of pragmatism, we hope to find the cause of abnormal high IPO underpricing. It is beneficial to the healthy and sustainable development of China's capital market to return to rational level. This paper focuses on the gem and tries to study the shareholders composition of the gem listed companies. This paper probes into the correlation between the background characteristics of shareholders before listing and the IPO underpricing of listed companies on the gem, and makes an empirical design by using the method of multiple regression. The results show that:. There is a significant negative correlation between the proportion of managerial shareholding and the level of IPO underpricing of gem listed companies in China. The higher the proportion of management shares, the lower the IPO underpricing level, the more the number of managers holding shares. The lower the level of IPO underpricing, the author thinks that the proportion of management shares and the number of shares reflect the degree of correlation between management and the long-term interests of listed companies, other shareholders such as venture capital will pay more attention to short-term interests. The proportion of management holding shares can reflect the long-term interests of the company's game ability, the higher the proportion of management holding shares in the management and other shareholders between the game is more dominant. This advantage is finally transformed into the influence of price on the secondary market, reducing the IPO underpricing.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F271;F275

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