本文選題：承銷(xiāo)商聲譽(yù) + 承銷(xiāo)團(tuán)��； 參考：《西南交通大學(xué)》2017年碩士論文

【摘要】：IPO抑價(jià)(IPO underpricing)現(xiàn)象是指首發(fā)上市新股的發(fā)行定價(jià)價(jià)格遠(yuǎn)遠(yuǎn)低于其上市首日的收盤(pán)價(jià)格,發(fā)行市場(chǎng)與交易市場(chǎng)之間出現(xiàn)巨大的交易價(jià)差,使得新股在上市的第一天就得到較高超額收益的金融現(xiàn)象�！癐PO抑價(jià)之謎”是多年來(lái)一直存在于資本市場(chǎng)中的異常現(xiàn)象,海內(nèi)外的專(zhuān)家學(xué)者紛紛從多個(gè)不同角度對(duì)IPO抑價(jià)現(xiàn)象進(jìn)行分析,得出了多種不同結(jié)論。2009年10月30日,中國(guó)創(chuàng)業(yè)板市場(chǎng)正式成立。經(jīng)過(guò)了七年多的發(fā)展,創(chuàng)業(yè)板市場(chǎng)的IPO抑價(jià)率依舊比較高,這不利于我國(guó)金融市場(chǎng)的長(zhǎng)遠(yuǎn)發(fā)展。同時(shí),企業(yè)決定IPO以后,通常會(huì)有眾多的承銷(xiāo)機(jī)構(gòu)競(jìng)爭(zhēng)IPO的主承銷(xiāo)商地位,企業(yè)往往會(huì)根據(jù)自身實(shí)力、發(fā)行規(guī)模等因素選擇實(shí)力較強(qiáng)、信譽(yù)較好的承銷(xiāo)機(jī)構(gòu)作為自已IPO上市的主承銷(xiāo)商。有些企業(yè)出于減少信息不對(duì)稱(chēng)、降低發(fā)行風(fēng)險(xiǎn)等因素的考量,可能會(huì)組織承銷(xiāo)團(tuán)進(jìn)行承銷(xiāo)。在IPO過(guò)程中,由單一的主承銷(xiāo)商進(jìn)行上市承銷(xiāo),進(jìn)而轉(zhuǎn)變?yōu)橛芍鞒袖N(xiāo)商牽頭來(lái)組織承銷(xiāo)團(tuán)隊(duì)進(jìn)行承銷(xiāo)的趨勢(shì)明顯增強(qiáng),承銷(xiāo)團(tuán)能否在IPO過(guò)程中扮演比單一承銷(xiāo)商更重要的角色,是否對(duì)減少信息不對(duì)稱(chēng)性、降低發(fā)行風(fēng)險(xiǎn)以及有更加合理的IPO抑價(jià)率,目前國(guó)內(nèi)對(duì)這一領(lǐng)域的研究還很少。本文在借鑒參考中外文獻(xiàn)和各種理論分析的基礎(chǔ)上,從承銷(xiāo)商聲譽(yù)和承銷(xiāo)商團(tuán)角度出發(fā),分析承銷(xiāo)商聲譽(yù)和承銷(xiāo)團(tuán)這兩個(gè)因素對(duì)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)率的影響。通過(guò)分析并在得出結(jié)論的基礎(chǔ)上,為創(chuàng)業(yè)板市場(chǎng)IPO首發(fā)抑價(jià)問(wèn)題提出一些解決思路和建議。這在一定程度上能夠豐富我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)的研究理論,也能夠從一個(gè)全新的角度即承銷(xiāo)團(tuán)視角對(duì)IPO抑價(jià)現(xiàn)象進(jìn)行分析,具備一定的理論和現(xiàn)實(shí)意義。本文采用創(chuàng)業(yè)板2010到2012年底IPO上市的318家企業(yè)數(shù)據(jù)作為樣本,通過(guò)實(shí)證分析聲譽(yù)機(jī)制下中國(guó)創(chuàng)業(yè)板市場(chǎng)承銷(xiāo)團(tuán)與IPO抑價(jià)的關(guān)系。研究結(jié)果表明承銷(xiāo)團(tuán)是影響IPO抑價(jià)的原因之一,同為高等聲譽(yù)的條件下,采用承銷(xiāo)團(tuán)進(jìn)行IPO的企業(yè)其IPO抑價(jià)率更低,但是中低等聲譽(yù)條件下承銷(xiāo)團(tuán)能降低IPO抑價(jià)的效果還不明顯。
[Abstract]:IPO underpricing (IPO underpricing) is a phenomenon in which the IPO price is far below the closing price on the first day of the IPO, and there is a huge price difference between the issuing market and the trading market. "IPO underpricing mystery" is an abnormal phenomenon that has existed in the capital market for many years. Experts and scholars at home and abroad have analyzed IPO underpricing from many different angles and drawn many different conclusions. On October 30, 2009, the gem market in China was formally established. After more than seven years of development, the IPO underpricing rate of gem market is still relatively high, which is not conducive to the long-term development of our financial market. At the same time, after the decision of IPO, there will usually be a large number of underwriters competing for the lead underwriter status of the IPO, and enterprises will often choose strong strength according to their own strength, issuing scale and other factors. A reputable underwriter acts as the lead underwriter for his IPO. In order to reduce information asymmetry and reduce the risk of issuance, some enterprises may organize underwriting groups to carry out underwriting. In the process of IPO, the trend of single lead underwriter is changed to lead by lead underwriter to organize underwriting team to carry out underwriting, the underwriting group can play a more important role than single underwriter in IPO process. At present, there are few researches on whether to reduce information asymmetry, reduce issuance risk and have more reasonable IPO underpricing rate. Based on the reference of Chinese and foreign literatures and theoretical analysis, this paper analyzes the influence of underwriter reputation and underwriting group on IPO underpricing rate in gem market from the perspective of underwriter reputation and underwriter group. On the basis of analysis and conclusion, this paper puts forward some solutions and suggestions for IPO underpricing in gem market. To a certain extent, it can enrich the research theory of IPO underpricing in China's gem market, and can also analyze the IPO underpricing phenomenon from a new perspective, that is, underwriting group, which has certain theoretical and practical significance. Based on the data of 318 IPOs listed in gem from 2010 to the end of 2012, this paper empirically analyzes the relationship between underwriting groups and IPO underpricing in China's gem market under the reputation mechanism. The results show that underwriting group is one of the reasons that affect IPO underpricing. Under the condition of higher reputation, the underwriting group has lower IPO underpricing rate. But the effect of underwriting group can reduce IPO underpricing is not obvious.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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本文編號(hào)：2013217