本文選題：IPO　切入點(diǎn)：熱銷現(xiàn)象　出處：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近年來,首次公開募股(IPO)作為一種重要的融資方式越來越成為學(xué)術(shù)界研究的熱點(diǎn)。部分學(xué)者經(jīng)過研究認(rèn)為IPO過程中存在三大謎團(tuán),熱銷現(xiàn)象作為其中之一,引發(fā)了金融界的廣泛關(guān)注。中國的A股IPO市場(chǎng)尚處于摸索期,各方面理論還不健全,特殊的IPO體制使得其他國家關(guān)于IPO的研究經(jīng)驗(yàn)和成果只能當(dāng)作參考,到目前為止,關(guān)于我國當(dāng)前體制下是否存在這種熱銷市場(chǎng)現(xiàn)象的研究并不多,而且沒有形成統(tǒng)一的定論和系統(tǒng)的解釋。因此對(duì)我國A股IPO中的熱銷現(xiàn)象是否存在展開研究具有充分的理論意義和現(xiàn)實(shí)意義。理論方面,本文首先從對(duì)A股發(fā)行數(shù)量的波動(dòng)性、抑價(jià)率理論的解釋入手,隨后對(duì)兩者之間的傳導(dǎo)機(jī)制展開理論分析;實(shí)證檢驗(yàn)方面,本文選取2006年6月到2016年12月十年期間首次上市的A股展開研究,并依據(jù)IPO暫停時(shí)間將樣本劃分為四個(gè)時(shí)間段,采用ADF、ARMA、ADL、白噪聲檢驗(yàn)和自相關(guān)偏自相關(guān)圖分析等計(jì)量方法,對(duì)每個(gè)時(shí)間段分別進(jìn)行統(tǒng)計(jì)檢驗(yàn)。結(jié)果表明:我國A股市場(chǎng)上新股存在很嚴(yán)重的抑價(jià)發(fā)行現(xiàn)象,新股的發(fā)行數(shù)量存在波動(dòng)性,但是并不是由抑價(jià)率引起,而是由自身的周期性引起,也就是說,我國現(xiàn)行IPO體制下并不存在所謂的熱銷現(xiàn)象。最后,針對(duì)以上結(jié)論,本文提出了一些政策建議。本文的創(chuàng)新之處有以下幾點(diǎn):第一,以2006年新證券法實(shí)施這件標(biāo)志性事件作為樣本起點(diǎn),選取了2006年6月開始到2016年12月這十年間的1707支首次公開募股的A股作為研究對(duì)象,時(shí)間跨度較大;第二,以三次暫停作為劃分點(diǎn),將樣本分為四個(gè)階段,分別對(duì)各個(gè)時(shí)間段的熱銷現(xiàn)象進(jìn)行研究,且在實(shí)證檢驗(yàn)中,利用了多種計(jì)量學(xué)方法,確保了計(jì)量過程的準(zhǔn)確性。
[Abstract]:In recent years, IPO (initial public offering), as an important financing method, has become a hot topic in academic research. Some scholars believe that there are three puzzles in the process of IPO, among which the phenomenon of hot selling is one of them. The A-share IPO market in China is still in a groping stage, and all aspects of the theory are still not perfect. The special IPO system makes the research experience and achievements of other countries on IPO only serve as a reference, so far, There are few studies on whether there is such a hot market phenomenon under the current system of our country. And there is no unified conclusion and systematic explanation. Therefore, it has sufficient theoretical and practical significance to study the existence of hot selling phenomenon in A-share IPO in China. Starting with the explanation of underpricing theory, this paper starts with the theoretical analysis of the conduction mechanism between the two. In the aspect of empirical test, this paper selects A-shares which are listed for the first time from June 2006 to December 2016 to carry out the research. According to the pause time of IPO, the sample is divided into four time periods, and the measurement methods such as ADF / ARMA-ADL, white noise test and autocorrelation partial autocorrelation graph analysis are used. The results show that there is a serious underpricing phenomenon in China's A-share market, and the number of new shares issued is volatile, but not caused by underpricing rate. It is caused by its own periodicity, that is to say, there is no so-called hot selling phenomenon under the current IPO system in China. Finally, in view of the above conclusions, this paper puts forward some policy suggestions. The innovations of this paper are as follows: first, With the implementation of the new securities law in 2006 as a sample starting point, 1707 A-shares of initial public offerings from June 2006 to December 2016 are selected as the research objects. The time span is large; second, Taking three suspensions as the dividing point, the sample is divided into four stages, and the hot selling phenomenon in each time period is studied respectively. In the empirical test, various metrology methods are used to ensure the accuracy of the measurement process.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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