本文關(guān)鍵詞： 創(chuàng)業(yè)板 上市公司 IPO抑價(jià) 影響因素　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：2009年10月30日，我國(guó)創(chuàng)業(yè)板正式上市，截至2013年底，上市公司數(shù)量已達(dá)355家，并涉及制造業(yè)、信息技術(shù)業(yè)、科研服務(wù)、建筑業(yè)和文化傳播等行業(yè)領(lǐng)域�？傮w而言，我國(guó)創(chuàng)業(yè)板市場(chǎng)發(fā)展迅速，大量具有增長(zhǎng)潛力的中小企業(yè)積極在創(chuàng)業(yè)板上市。創(chuàng)業(yè)板已經(jīng)發(fā)展成為資本市場(chǎng)的重要組成部分，，為健全我國(guó)多元化的資本市場(chǎng)體系做出了重要貢獻(xiàn)。 創(chuàng)業(yè)板在運(yùn)行時(shí)暴露了一些問(wèn)題，其中較為突出的是IPO抑價(jià)。較高的新股發(fā)行抑價(jià)會(huì)產(chǎn)生一系列的負(fù)面影響，一級(jí)市場(chǎng)的超額收益刺激了投資者在二級(jí)市場(chǎng)上的投機(jī)動(dòng)機(jī)，進(jìn)而二級(jí)市場(chǎng)上的股票價(jià)格被哄抬，這將不利于資本市場(chǎng)的長(zhǎng)期穩(wěn)定。因此，有效控制IPO抑價(jià)的程度對(duì)于創(chuàng)業(yè)板的發(fā)展尤為重要，我們應(yīng)對(duì)IPO抑價(jià)的影響因素進(jìn)行深入分析。 本文在借鑒國(guó)內(nèi)外已有理論的基礎(chǔ)上，充分考慮我國(guó)創(chuàng)業(yè)板的發(fā)展?fàn)顩r，選取了涉及新股發(fā)行階段和流通階段的發(fā)行規(guī)模、中簽率、市盈率、換手率和流通股所占比例等八個(gè)解釋變量。通過(guò)構(gòu)建關(guān)于新股抑價(jià)的回歸模型，采用描述性統(tǒng)計(jì)分析和逐步回歸的方法，對(duì)影響IPO抑價(jià)的因素進(jìn)行實(shí)證研究。結(jié)果表明，創(chuàng)業(yè)板企業(yè)IPO抑價(jià)率分別與發(fā)行市盈率、發(fā)行前每股凈資產(chǎn)、上市首日換手率、發(fā)行與上市的時(shí)間間隔顯著正相關(guān)，與發(fā)行規(guī)模、上網(wǎng)發(fā)行中簽率顯著負(fù)相關(guān)，信息不對(duì)稱(chēng)理論對(duì)我國(guó)創(chuàng)業(yè)板的IPO抑價(jià)現(xiàn)象具有很好的解釋力。最后，依據(jù)實(shí)證分析的結(jié)果，提出了相關(guān)的改進(jìn)措施，希望能為創(chuàng)業(yè)板的上市公司、投資者、監(jiān)管部門(mén)和中介機(jī)構(gòu)提供一些參考和借鑒，逐步提高資本市場(chǎng)的運(yùn)營(yíng)效率。
[Abstract]:In October 30th 2009, China's gem was officially listed. As of end of 2013, the number of listed companies has reached 355, and it is involved in manufacturing, information technology, scientific research services, construction and cultural dissemination and other industries. China's gem market is developing rapidly, and a large number of small and medium-sized enterprises with growth potential are actively listed on the gem. The gem has developed into an important part of the capital market. To improve our diversified capital market system has made an important contribution. During the operation of the gem, some problems have been exposed, among which the more prominent is the IPO underpricing. A higher underpricing of new shares will have a series of negative effects, and the excess returns in the primary market have stimulated investors' speculative motives in the secondary market. Therefore, it is very important for the development of gem to effectively control the degree of IPO underpricing, and we should deeply analyze the influencing factors of IPO underpricing. Based on the existing theories at home and abroad and considering the development of gem in China, this paper selects the issuing scale, the winning ratio, the price-earnings ratio of the new issue stage and the circulation stage. Eight explanatory variables, such as turnover rate and the proportion of tradable shares, are used to construct a regression model for underpricing of new shares. By using descriptive statistical analysis and stepwise regression, the factors affecting underpricing of IPO are studied empirically. The IPO underpricing rate of gem is significantly positively correlated with the price-earnings ratio, the net assets per share before issuance, the turnover rate on the first day of listing, the interval between issuance and listing, and is negatively correlated with the issuing scale and the net issuance rate. The information asymmetry theory has a good explanation for the IPO underpricing phenomenon of gem in China. Finally, according to the results of empirical analysis, the paper puts forward the relevant improvement measures, hoping to be listed companies and investors on the gem. Regulators and intermediaries provide some reference and reference, gradually improve the efficiency of the capital market.
【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(lèi)號(hào)】：F832.51;F275

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 蔡尚恒;;關(guān)于我國(guó)IPO相關(guān)問(wèn)題分析研究及對(duì)策建議[J];發(fā)展研究;2016年06期

本文編號(hào)：1526224