制度環(huán)境、企業(yè)所有權(quán)與IPO抑價
發(fā)布時間：2018-09-09 10:55
【摘要】：IPO抑價現(xiàn)象是指,股票在首次公開發(fā)行時的發(fā)行定價顯著低于上市第一日的市場交易價格,從而導(dǎo)致超高收益率的現(xiàn)象。本文將宏觀環(huán)境和企業(yè)微觀特征結(jié)合起來,研究了制度環(huán)境、企業(yè)所有權(quán)與IPO抑價之間的關(guān)系。具體來說,本文對IPO抑價領(lǐng)域的三個未被研究過或尚未達(dá)成一致結(jié)論的問題進(jìn)行了研究。第一個問題是,制度環(huán)境是否能夠?qū)PO抑價產(chǎn)生顯著影響。本文采用中國市場化指數(shù)(NERI)度量各個省(自治區(qū)、直轄市)的制度環(huán)境,并將制度環(huán)境分為三個維度即信貸市場的發(fā)展情況、法律環(huán)境和政府干預(yù)程度,將它們分別作為因變量建立回歸模型,利用我國各個省(自治區(qū)、直轄市)的相關(guān)數(shù)據(jù)進(jìn)行實證研究,研究結(jié)果表明,制度環(huán)境較好的省(自治區(qū)、直轄市)的企業(yè)其IPO抑價較小,且信貸市場的發(fā)展情況、法律環(huán)境和政府干預(yù)程度均分別與IPO抑價呈現(xiàn)顯著負(fù)相關(guān)關(guān)系。第二個問題是,企業(yè)的所有權(quán)性質(zhì)是否能夠?qū)PO抑價產(chǎn)生顯著影響。本文先將IPO企業(yè)分類為國企和民企進(jìn)行研究,研究發(fā)現(xiàn)國企的IPO抑價程度顯著高于民企,之后,又將國企分類為央企和地方國企進(jìn)行研究,研究發(fā)現(xiàn)央企的IPO抑價程度顯著高于地方國企。第三個問題是,制度環(huán)境對央企、地方國企和民企的IPO抑價的影響是否存在顯著不同。研究結(jié)果表明,制度環(huán)境對民企IPO抑價的影響程度最高,其次是地方國企,影響程度最低的是央企。由于過高的IPO抑價將導(dǎo)致一系列問題,如資本市場和整個社會的資源配置效率下降、加劇股市非正常波動、增加系統(tǒng)性風(fēng)險等,因此,結(jié)合研究結(jié)論,本文提出了政策建議:第一,加強地方的制度環(huán)境建設(shè),為企業(yè)融資做好保障;第二,尊重市場的力量,減少政治目的對國企IPO的綁架;第三,推進(jìn)注冊制改革,促進(jìn)證券市場健康發(fā)展;第四,加強信息披露機制建設(shè),完善監(jiān)管體系。
[Abstract]:The phenomenon of IPO underpricing refers to the phenomenon that the issuing price of stocks in the initial public offering is significantly lower than the market price on the first day of the market, which leads to the phenomenon of high yield. This paper combines the macro environment with the micro characteristics of the firm, and studies the relationship between the institutional environment, the ownership of the firm and the underpricing of IPO. Specifically, this paper studies three problems in the field of IPO underpricing that have not been studied or have not reached a consensus conclusion. The first question is whether the institutional environment can have a significant impact on IPO underpricing. This paper measures the institutional environment of various provinces (autonomous regions and municipalities directly under the Central Government) by using China's market-oriented index (NERI), and divides the institutional environment into three dimensions: the development of the credit market, the legal environment and the degree of government intervention. The regression models are established as dependent variables, and the empirical research is carried out by using the relevant data of each province (autonomous region, municipality directly under the Central Government) in China. The results show that the province (autonomous region) with better institutional environment is the province (autonomous region) with better institutional environment. The IPO underpricing of enterprises is small, and the development of credit market, the legal environment and the degree of government intervention are negatively correlated with the underpricing of IPO. The second question is whether the ownership nature of the firm can have a significant impact on IPO underpricing. This paper classifies IPO enterprises into state-owned enterprises and private enterprises, and finds that the degree of IPO underpricing of state-owned enterprises is significantly higher than that of private enterprises, and then the state-owned enterprises are classified as state-owned enterprises and local state-owned enterprises. The study found that the IPO underpricing degree of central enterprises is significantly higher than that of local state-owned enterprises. The third question is whether the influence of institutional environment on IPO underpricing of central enterprises, local state-owned enterprises and private enterprises is significantly different. The results show that the institutional environment has the highest influence on the IPO underpricing of private enterprises, followed by local state-owned enterprises, and the lowest degree of influence is the central enterprises. Too high IPO underpricing will lead to a series of problems, such as the decline of resource allocation efficiency in the capital market and the society as a whole, aggravate the abnormal volatility of the stock market, increase the systemic risk, and so on. This paper puts forward some policy suggestions: first, to strengthen the construction of the local institutional environment to ensure the financing of enterprises; second, to respect the market forces and reduce the political kidnapping of state-owned enterprises (IPO); third, to promote the reform of the registration system. Promote the healthy development of the securities market; fourth, strengthen the construction of information disclosure mechanism, improve the regulatory system.
【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51
本文編號：2232178
[Abstract]:The phenomenon of IPO underpricing refers to the phenomenon that the issuing price of stocks in the initial public offering is significantly lower than the market price on the first day of the market, which leads to the phenomenon of high yield. This paper combines the macro environment with the micro characteristics of the firm, and studies the relationship between the institutional environment, the ownership of the firm and the underpricing of IPO. Specifically, this paper studies three problems in the field of IPO underpricing that have not been studied or have not reached a consensus conclusion. The first question is whether the institutional environment can have a significant impact on IPO underpricing. This paper measures the institutional environment of various provinces (autonomous regions and municipalities directly under the Central Government) by using China's market-oriented index (NERI), and divides the institutional environment into three dimensions: the development of the credit market, the legal environment and the degree of government intervention. The regression models are established as dependent variables, and the empirical research is carried out by using the relevant data of each province (autonomous region, municipality directly under the Central Government) in China. The results show that the province (autonomous region) with better institutional environment is the province (autonomous region) with better institutional environment. The IPO underpricing of enterprises is small, and the development of credit market, the legal environment and the degree of government intervention are negatively correlated with the underpricing of IPO. The second question is whether the ownership nature of the firm can have a significant impact on IPO underpricing. This paper classifies IPO enterprises into state-owned enterprises and private enterprises, and finds that the degree of IPO underpricing of state-owned enterprises is significantly higher than that of private enterprises, and then the state-owned enterprises are classified as state-owned enterprises and local state-owned enterprises. The study found that the IPO underpricing degree of central enterprises is significantly higher than that of local state-owned enterprises. The third question is whether the influence of institutional environment on IPO underpricing of central enterprises, local state-owned enterprises and private enterprises is significantly different. The results show that the institutional environment has the highest influence on the IPO underpricing of private enterprises, followed by local state-owned enterprises, and the lowest degree of influence is the central enterprises. Too high IPO underpricing will lead to a series of problems, such as the decline of resource allocation efficiency in the capital market and the society as a whole, aggravate the abnormal volatility of the stock market, increase the systemic risk, and so on. This paper puts forward some policy suggestions: first, to strengthen the construction of the local institutional environment to ensure the financing of enterprises; second, to respect the market forces and reduce the political kidnapping of state-owned enterprises (IPO); third, to promote the reform of the registration system. Promote the healthy development of the securities market; fourth, strengthen the construction of information disclosure mechanism, improve the regulatory system.
【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51
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