本文關(guān)鍵詞： IPO抑價 抑價理論 醫(yī)藥制造業(yè) 多元回歸分析　出處：《哈爾濱工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：醫(yī)藥制造業(yè)現(xiàn)已成為引領(lǐng)全球發(fā)展的先導(dǎo)產(chǎn)業(yè)之一，也是世界上增長速度最快、競爭最激烈、最有潛力的高新技術(shù)產(chǎn)業(yè)之一。并且近幾年來，我國黨中央及政府將醫(yī)藥產(chǎn)業(yè)的發(fā)展視為戰(zhàn)略發(fā)展重點，頻頻對其發(fā)展做出指示，為醫(yī)藥行業(yè)的發(fā)展提供強(qiáng)有力的政策支撐。然而，，目前對醫(yī)藥行業(yè)IPO的研究工作十分欠缺，這限制了醫(yī)藥行業(yè)股票市場未來的發(fā)展，同時也影響到中國股市未來的發(fā)展。 首先，本文介紹了醫(yī)藥制造業(yè)及IPO抑價的定義，然后分析IPO抑價主要原因，本文認(rèn)為有四方面的理論能夠解釋IPO抑價的原因，接著對我國醫(yī)藥制造業(yè)和其他行業(yè)的IPO情況進(jìn)行分析，對比后發(fā)現(xiàn)，醫(yī)藥制造業(yè)的發(fā)行市盈率、發(fā)行價格和首日換手率都是高于其他行業(yè)的；說明了衡量IPO抑價的兩個指標(biāo)，而本文選取IPO初始報酬率作為衡量IPO抑價的指標(biāo)，刻畫了醫(yī)藥制造業(yè)IPO抑價情況并分析了原因。 基于以上研究，本文的研究樣本是醫(yī)藥制造業(yè)的115只新股，時間區(qū)間為1996年1月1日至2012年12月31日，同時確定了新股上市首日初始報酬率作為因變量，選取的11個IPO抑價的影響因素作為自變量，本文運用的研究方法包括描述性統(tǒng)計分析、多元線性回歸分析等計量應(yīng)用中的相關(guān)方法，本文通過構(gòu)造模型并經(jīng)過實證分析發(fā)現(xiàn)，我國醫(yī)藥制造業(yè)新股發(fā)行上市的抑價率是很高的，新股上市首日抑價率的平均值可以高達(dá)91.67%，同時還發(fā)現(xiàn)新股發(fā)行到上市時間間隔、上網(wǎng)發(fā)行中簽率、募集資金總額取自然對數(shù)、每股發(fā)行費用、首日換手率、上市首日市場回報率等6個解釋變量對醫(yī)藥制造業(yè)IPO抑價有顯著影響。最后以實證分析結(jié)果為依據(jù)，對醫(yī)藥制造業(yè)新股發(fā)行方面提出相關(guān)政策建議。
[Abstract]:The pharmaceutical manufacturing industry has become one of the leading industries leading the global development. It is also one of the fastest growing, most competitive and most potential high-tech industries in the world. The CPC Central Committee and the government of our country regard the development of the pharmaceutical industry as the key point of strategic development, frequently give instructions to the development of the pharmaceutical industry, and provide strong policy support for the development of the pharmaceutical industry. However, at present, the research work on the pharmaceutical industry IPO is very lacking. This limits the future development of the pharmaceutical stock market, but also affects the future development of the Chinese stock market. First of all, this paper introduces the definition of pharmaceutical manufacturing and IPO underpricing, then analyzes the main reasons of IPO underpricing. This paper holds that there are four theories that can explain the causes of IPO underpricing. Then it analyzes the IPO situation of pharmaceutical manufacturing industry and other industries in China, and finds that the distribution price-earnings ratio, issue price and first-day turnover rate of pharmaceutical manufacturing industry are higher than those of other industries. In this paper, the initial rate of return of IPO is chosen as the index to measure the underpricing of IPO, and the underpricing of IPO in pharmaceutical manufacturing industry is described and the reasons are analyzed. Based on the above research, the sample of this paper is 115 new shares in pharmaceutical manufacturing industry, the time range is from January 1st 1996 to December 31st 2012, and the initial return rate on the first day of IPO is determined as a dependent variable. The 11 influencing factors of IPO underpricing are selected as independent variables. The research methods used in this paper include descriptive statistical analysis, multivariate linear regression analysis and other econometric methods. The underpricing rate of the new stock issue in the pharmaceutical manufacturing industry in China is very high. The average underpricing rate on the first day of the new stock listing can be as high as 91.67. At the same time, it is also found that the interval between the new share issue and the listing time, the rate of successful online issuance, and the natural logarithm of the total amount of funds raised. Six explanatory variables, such as issue fee per share, turnover rate on the first day and market return on the first day of listing, have significant effects on the underpricing of IPO in pharmaceutical manufacturing industry. To the pharmaceutical manufacturing industry new issue of the relevant policy recommendations.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F426.72

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