本文選題：IPO抑價 + 影響因素　； 參考：《湖南大學》2013年碩士論文

【摘要】：IPO抑價是指發(fā)行上市首日的收盤價明顯高于發(fā)行價，IPO抑價現(xiàn)象普遍存在于世界各國資本市場中，而我國的尤其高的抑價現(xiàn)象更值得關注。由于我國資本市場還不夠成熟，再加上“新股不敗”，承銷商與投資者對發(fā)行公司質(zhì)量不關心，一方面造成承銷商忽視其調(diào)查分析能力，業(yè)務水平長期得不到提升；另一方面，投資者盲目追從新股，加重了市場投機炒作氣氛，，資本市場的資源配置功能降低。因此，本文希望通過理論分析與基于數(shù)據(jù)挖掘技術的分析，尋找我國IPO高抑價的原因及緩解方法，從而構建一個穩(wěn)定有效的資本市場。 本文在前人的研究基礎之上根據(jù)信息不對稱、行為金融學理論與發(fā)行制度等相關理論對IPO抑價現(xiàn)狀及特征進行定性分析，包括不同發(fā)行審核制度、發(fā)行方式、定價方式、行業(yè)與地區(qū)下的IPO抑價情況分析以及我國當前IPO抑價特征的分析；然后對IPO抑價影響因素進行定量分析，以2009年7月16日至2012年6月30日為樣本數(shù)據(jù)，結合粗糙集理論對17個因素進行屬性約簡，并以支持向量機對約簡結果進行分析驗證其合理性。通過與其他研究方法所得結果的對比分析，驗證本文數(shù)據(jù)挖掘方法的可行性與實用性。本文分析得出上市首日換手率、申購中簽率、凈利潤增長率、上市日綜合指數(shù)、發(fā)行與上市時間間隔、應收賬款周轉率、資產(chǎn)負債率、存貨周轉率為影響IPO抑價的主要因素，即公司發(fā)展能力、長期償債能力等財務信息與投資者情緒、上市日市場環(huán)境等非財務信息對IPO抑價率都有重要影響；最后，根據(jù)研究結果，提出幾條有針對性的政策建議。
[Abstract]:IPO underpricing is the phenomenon that the closing price of IPO is obviously higher than the IPO price on the first day of IPO. The phenomenon of IPO underpricing generally exists in the capital markets of various countries in the world, and the phenomenon of especially high underpricing in our country is worth paying more attention to. Because the capital market of our country is not mature enough and "new shares are not defeated", underwriters and investors do not care about the quality of issuing companies. On the one hand, the underwriters ignore their ability of investigation and analysis, and their business level cannot be improved for a long time. Investors blindly pursue from the new shares, aggravated the market speculation atmosphere, capital market resource allocation function reduced. Therefore, this paper hopes to find out the reasons for the high IPO underpricing and the mitigation methods through the theoretical analysis and the analysis based on the data mining technology, so as to construct a stable and effective capital market. On the basis of previous studies, this paper analyzes the current situation and characteristics of IPO underpricing based on information asymmetry, behavioral finance theory and issuance system, including different issuing auditing systems, issuing methods, pricing methods, and so on. The situation of IPO underpricing in industry and region and the characteristics of IPO underpricing in China are analyzed, and then the influencing factors of IPO underpricing are analyzed quantitatively, taking the sample data from July 16, 2009 to June 30, 2012. Based on rough set theory, the attribute reduction of 17 factors is carried out, and the rationality of the reduction result is verified by support vector machine (SVM). The feasibility and practicability of this data mining method are verified by comparing the results with other research methods. In this paper, the main factors influencing IPO underpricing are as follows: first day turnover rate, successful purchase rate, net profit growth rate, comprehensive index, time interval between issuance and listing, account receivable turnover ratio, asset-liability ratio, inventory turnover ratio, etc. That is, financial information, such as company development ability, long-term solvency and investor sentiment, non-financial information such as market environment on the day of listing have important influence on IPO underpricing rate. Finally, according to the research results, several targeted policy suggestions are put forward.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F830.42;TP311.13

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