發(fā)布時(shí)間：2018-05-14 11:16

  本文選題：做市首日溢價(jià) + 新三板市場(chǎng)　； 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：本文對(duì)我國新三板市場(chǎng)做市企業(yè)做市首日的溢價(jià)發(fā)行現(xiàn)象進(jìn)行了系統(tǒng)的研究。新三板市場(chǎng)自2013年擴(kuò)容以來,在最近兩年得到了快速的發(fā)展。2014年8月,做市交易制度正式在新三板市場(chǎng)實(shí)施。由于做市交易方式在提高市場(chǎng)流動(dòng)性、穩(wěn)定市場(chǎng)價(jià)格且能夠提供市場(chǎng)公允報(bào)價(jià)方面優(yōu)于協(xié)議轉(zhuǎn)讓的交易方式,伴隨著國家出臺(tái)的一系列政策支持,越來越多的企業(yè)選擇采用做市交易方式。然而,新三板做市首日存在著較高的發(fā)行溢價(jià)。根據(jù)wind數(shù)據(jù)庫的數(shù)據(jù)資料進(jìn)行統(tǒng)計(jì),我國新三板企業(yè)做市首日平均溢價(jià)率高達(dá)66.45%。居高不下的發(fā)行溢價(jià)率對(duì)于新三板市場(chǎng)的長期健康發(fā)展、對(duì)于新三板市場(chǎng)的資源配置都有著不利的影響。因此,本文將對(duì)新三板做市企業(yè)溢價(jià)的產(chǎn)生原因進(jìn)行研究,并提出相應(yīng)的建議。本文在對(duì)新三板做市溢價(jià)的研究中,分別按行業(yè)角度、企業(yè)采取做市交易時(shí)間角度及市場(chǎng)估值角度進(jìn)行劃分對(duì)溢價(jià)率的分布趨勢(shì)進(jìn)行研究。描述性統(tǒng)計(jì)的結(jié)果顯示,不同行業(yè)的做市溢價(jià)率有所不同,如生物醫(yī)療、大數(shù)據(jù)云計(jì)算及文化傳媒行業(yè)擁有廣闊的發(fā)展前景,受到市場(chǎng)投資者的追捧,其做市首日溢價(jià)率整體偏高,分別達(dá)到了82.45%、76.92%、71.58%,顯著高于其他行業(yè)。相比之下,處于夕陽階段的行業(yè)具有較低的做市溢價(jià)。在以企業(yè)做市時(shí)間為劃分標(biāo)準(zhǔn)進(jìn)行描述性統(tǒng)計(jì)時(shí)發(fā)現(xiàn),在新三板發(fā)展最快、且整個(gè)中國股市出現(xiàn)泡沫的2015年,企業(yè)做市首日的發(fā)行溢價(jià)程度達(dá)到了高峰,平均溢價(jià)率為74%。而進(jìn)入2016年,中國股市整體呈現(xiàn)疲軟狀態(tài)時(shí),企業(yè)做市首日溢價(jià)率顯著降低,僅達(dá)到了51.06%。在探究影響做市企業(yè)溢價(jià)的具體影響因素中,本文選取了凈利潤、凈利率、凈資產(chǎn)收益率、收入增長率、凈利潤增長率、公司資產(chǎn)規(guī)模、市值、發(fā)行市盈率、流通股數(shù)及流通股占公司總股數(shù)的比例、股權(quán)集中度、做市企業(yè)擁有的做市商數(shù)量為解釋變量,并根據(jù)公司所處行業(yè)是否屬于高成長性行業(yè)設(shè)置虛擬變量,利用stata軟件進(jìn)行統(tǒng)計(jì)分析。實(shí)證結(jié)果表明了企業(yè)的凈利潤、利潤率及利潤增長率均與其做市首日溢價(jià)率呈正相關(guān)關(guān)系,前十大股東持股比例之和與溢價(jià)率之間存在顯著的正相關(guān)關(guān)系,而企業(yè)擁有的做市商數(shù)量與做市首日溢價(jià)有著顯著負(fù)相關(guān)關(guān)系,而行業(yè)因素與做市首日溢價(jià)也存在相關(guān)關(guān)系。最后,為了使我國新三板做市溢價(jià)率水平更加合理,本文根據(jù)新三板市場(chǎng)的發(fā)展現(xiàn)狀提出了以下建議:第一,加強(qiáng)監(jiān)管體系的建設(shè),促進(jìn)市場(chǎng)健康發(fā)展。第二,完善做市商交易制度,擴(kuò)大做市商隊(duì)伍。
[Abstract]:This paper makes a systematic study on the phenomenon of premium issue on the first day of market making in China's new third board market. The new third board market has developed rapidly in the last two years since its expansion in 2013. In August 2014, the market making system was formally implemented in the new third board market. Because market making is superior to agreement transfer in improving market liquidity, stabilizing market price and providing fair market quotation, it is accompanied by a series of policy support issued by the state. More and more enterprises choose to make market transactions. However, the new three-board on the first day of the market there is a higher issue premium. According to the data of wind database, the average premium rate of the new three board enterprises is as high as 66.45%. The high issue premium rate has a negative impact on the long-term healthy development of the new third board market and on the resource allocation of the new third board market. Therefore, this paper will study the causes of the new three-board market-making enterprise premium, and put forward corresponding suggestions. In the study of the market premium of the new three boards, this paper studies the distribution trend of the premium rate according to the industry angle, the market trading time angle and the market valuation angle. The results of descriptive statistics show that market premium rates vary from industry to industry, such as biomedical, big data cloud computing and cultural media industries, which have broad prospects for development and are sought after by market investors. The premium rate on the first day of the market is on the high side as a whole, reaching 82.45% and 76.92% respectively, which is significantly higher than that of other industries. By contrast, industries in the sunset stage have a lower market-making premium. In the descriptive statistics based on the time of enterprise market making, it is found that in 2015, when the new third board developed fastest and the whole Chinese stock market appeared bubble, the degree of issuing premium on the first day of enterprise market reached its peak, and the average premium rate was 74%. In 2016, when the overall Chinese stock market was weak, the premium rate for the first day of trading fell significantly, to 51.066. In this paper, we select net profit, net interest rate, rate of return on net assets, growth rate of income, growth rate of net profit, size of company assets, market value, P / E ratio. The number of shares in circulation and the proportion of circulating shares to the total number of shares in the company, the degree of concentration of equity, the number of market-makers owned by market making enterprises are the explanatory variables, and the fictitious variables are set up according to whether the industry in which the company is located belongs to the high growth industry, Stata software is used for statistical analysis. The empirical results show that the net profit, profit margin and profit growth rate are positively correlated with the first-day premium rate, and there is a significant positive correlation between the sum of the top ten shareholders' shareholdings and the premium rate. However, the number of market-makers owned by enterprises is negatively correlated with the first-day premium, and the industry factors are also correlated with the first-day premium. Finally, in order to make the market premium rate of the new three boards more reasonable, this paper puts forward the following suggestions according to the current situation of the new third board market: first, strengthen the construction of the supervision system to promote the healthy development of the market. Second, improve the trading system of market makers and expand the team of market makers.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

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本文編號(hào)：1887640