本文關鍵詞： 創(chuàng)業(yè)板 上市公司 IPO抑價 影響因素　出處：《首都經濟貿易大學》2014年碩士論文　論文類型：學位論文

【摘要】：2009年10月30日，我國創(chuàng)業(yè)板正式上市，截至2013年底，上市公司數(shù)量已達355家，并涉及制造業(yè)、信息技術業(yè)、科研服務、建筑業(yè)和文化傳播等行業(yè)領域。總體而言，我國創(chuàng)業(yè)板市場發(fā)展迅速，大量具有增長潛力的中小企業(yè)積極在創(chuàng)業(yè)板上市。創(chuàng)業(yè)板已經發(fā)展成為資本市場的重要組成部分，，為健全我國多元化的資本市場體系做出了重要貢獻。 創(chuàng)業(yè)板在運行時暴露了一些問題，其中較為突出的是IPO抑價。較高的新股發(fā)行抑價會產生一系列的負面影響，一級市場的超額收益刺激了投資者在二級市場上的投機動機，進而二級市場上的股票價格被哄抬，這將不利于資本市場的長期穩(wěn)定。因此，有效控制IPO抑價的程度對于創(chuàng)業(yè)板的發(fā)展尤為重要，我們應對IPO抑價的影響因素進行深入分析。 本文在借鑒國內外已有理論的基礎上，充分考慮我國創(chuàng)業(yè)板的發(fā)展狀況，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解釋變量。通過構建關于新股抑價的回歸模型，采用描述性統(tǒng)計分析和逐步回歸的方法，對影響IPO抑價的因素進行實證研究。結果表明，創(chuàng)業(yè)板企業(yè)IPO抑價率分別與發(fā)行市盈率、發(fā)行前每股凈資產、上市首日換手率、發(fā)行與上市的時間間隔顯著正相關，與發(fā)行規(guī)模、上網發(fā)行中簽率顯著負相關，信息不對稱理論對我國創(chuàng)業(yè)板的IPO抑價現(xiàn)象具有很好的解釋力。最后，依據實證分析的結果，提出了相關的改進措施，希望能為創(chuàng)業(yè)板的上市公司、投資者、監(jiān)管部門和中介機構提供一些參考和借鑒，逐步提高資本市場的運營效率。
[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.
【學位授予單位】：首都經濟貿易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

【引證文獻】

相關期刊論文 前1條

1 蔡尚恒;;關于我國IPO相關問題分析研究及對策建議[J];發(fā)展研究;2016年06期

本文編號：1526224