發(fā)布時間：2018-03-25 23:37

  本文選題：創(chuàng)業(yè)板　切入點：IPO效應(yīng)　出處：《江西師范大學》2014年碩士論文

【摘要】：創(chuàng)業(yè)板作為創(chuàng)業(yè)型、高新技術(shù)企業(yè)專屬融資平臺，自2009年開市以來，就引起了社會各界廣泛的關(guān)注。創(chuàng)業(yè)板經(jīng)過四年多的發(fā)展，上市公司數(shù)量已達383家，在市場規(guī)模不斷擴張的同時，也引發(fā)了一系列比如高發(fā)行價、高市盈率、高超募以及業(yè)績變臉等問題，對于如何解決IPO效應(yīng)問題，國內(nèi)外學者從不同市場、不同角度進行了相關(guān)研究。本文從財務(wù)角度出發(fā)，對我國創(chuàng)業(yè)板市場IPO效應(yīng)進行實證研究，分析IPO效應(yīng)的影響因素，，并根據(jù)實證分析結(jié)果為我國創(chuàng)業(yè)板市場及資本市場的建設(shè)提出相關(guān)政策建議。 本文首先對國內(nèi)外有關(guān)“IPO效應(yīng)”以及創(chuàng)業(yè)板的研究進行了論述，為下文的研究打好理論基礎(chǔ)。之后，對我國創(chuàng)業(yè)板市場發(fā)展現(xiàn)狀進行了梳理和分析，發(fā)現(xiàn)我國創(chuàng)業(yè)板市場存在諸如“三高”現(xiàn)象、高管頻繁辭職、業(yè)績變臉等問題。其次，選取281家創(chuàng)業(yè)板企業(yè)為研究樣本，選擇具備代表性的財務(wù)指標包括上市企業(yè)的盈利能力、償債能力、成長能力、營運能力四個方面進行描述性統(tǒng)計和顯著性檢驗。在此基礎(chǔ)上，從外部和內(nèi)部兩方面來探討其影響IPO業(yè)績變動的因素，選取七個因素構(gòu)建多元線性回歸模型，對IPO效應(yīng)進行實證分析，研究各因素對IPO效應(yīng)的影響程度。經(jīng)過實證分析得出結(jié)論：我國創(chuàng)業(yè)板市場存在明顯的“IPO效應(yīng)”，企業(yè)規(guī)模、第一大股東比例、速動比率與IPO效應(yīng)成負相關(guān)關(guān)系，股權(quán)融資成本、償債能力、成長能力、盈利能力與IPO效應(yīng)成正相關(guān)關(guān)系。最后，本文結(jié)合外部影響因素從信息披露、保薦及中介機構(gòu)盡職調(diào)查、退市制度、股權(quán)結(jié)構(gòu)、高管管理等方面，對發(fā)展及完善我國創(chuàng)業(yè)板市場給出相關(guān)政策建議。
[Abstract]:As an entrepreneurial and high-tech enterprise financing platform, the gem has attracted wide attention from all walks of life since the opening of the market in 2009. After more than four years of development, the number of listed companies has reached 383. While the market scale is expanding, it also leads to a series of problems, such as high issue price, high price-earnings ratio, superb raising and performance change. As for how to solve the problem of IPO effect, scholars at home and abroad come from different markets. From the financial point of view, this paper makes an empirical study on the IPO effect of China's gem market, and analyzes the influencing factors of the IPO effect. According to the results of empirical analysis, some policy suggestions are put forward for the construction of gem and capital market in China. This paper firstly discusses the research of "IPO effect" and gem at home and abroad, which lays a theoretical foundation for the following research. Then, it analyzes the current situation of gem market in China. It is found that there are some problems in the gem market, such as the "three high" phenomenon, the frequent resignation of senior executives and the change of performance. Secondly, 281 gem enterprises are selected as the research sample, and the representative financial indicators include the profitability of listed enterprises. On the basis of this, the paper discusses the factors that influence the change of IPO performance from external and internal aspects. This paper selects seven factors to construct the multiple linear regression model, makes an empirical analysis on the IPO effect, and studies the influence degree of each factor on the IPO effect. Through the empirical analysis, the conclusion is drawn: there is obvious "IPO effect" in the gem market of our country, and the scale of the enterprise. The ratio of the first largest shareholder, the quick ratio and the IPO effect have negative correlation, the equity financing cost, the solvency, the growth ability, the profit ability and the IPO effect are positively correlated. Finally, this article combines the external influence factor from the information disclosure, Recommendation and intermediary organizations due diligence, delisting system, equity structure, senior management, and other aspects, to develop and improve the gem market in China to give relevant policy recommendations.
【學位授予單位】：江西師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：1665361