發(fā)布時間：2018-04-21 10:25

  本文選題：IPO + 新股破發(fā)��； 參考：《遼寧大學(xué)》2014年碩士論文

【摘要】：隨著新一輪IPO的重啟，新股破發(fā)現(xiàn)象越來越引起投資者的關(guān)注，新股破發(fā)現(xiàn)象在最近兩年中已經(jīng)越來越明顯，在目前新股破發(fā)的大環(huán)境下研究新股破發(fā)的原因以及新股破發(fā)對證券市場的影響已經(jīng)成為了一個熱門話題。IPO合理定價可以保證融資籌集到所需資金，而且可以保證投資者獲得紅利，促進(jìn)資本市場的合理配置，促進(jìn)證券市場的健康發(fā)展。不過，在各國的資本市場之中，各國證券的發(fā)行都存在顯著地新股定價太高跡象。導(dǎo)致IPO定價過高的原因有三方面（高發(fā)行價，，高市盈率，超額募股）這三高使得公司的股價遠(yuǎn)遠(yuǎn)超過了實際價值，這也就導(dǎo)致了新股破發(fā)的可能性。我國尚處于資本證券市場發(fā)展階段，各種IPO定價方式還不是很完善，IPO的抑價程度較之其他發(fā)達(dá)國家更甚，由于，一級市場往往被認(rèn)為是無風(fēng)險市場，通過申購新股是很多投資者樂此不疲的投資方式，然而，隨著近幾年資本證券市場的完善與發(fā)展，新股破發(fā)現(xiàn)象也不斷涌現(xiàn)，本文認(rèn)為近兩年新股破發(fā)的原因是估值過程中股票發(fā)行人和承銷商所選擇的的定價方式是不恰當(dāng)?shù)摹１疚膶⒁札嫶蠹瘓F(tuán)這只史上破發(fā)率最高的股票為例對新股破發(fā)產(chǎn)生的原因以及對證券市場的影響進(jìn)行分析。同時，本文還提出了一些建議，希望通過加強(qiáng)資金的管理，提高新的詢價系統(tǒng)，提高對新股發(fā)行制度的不斷完善三個方面的內(nèi)容，解決新股破發(fā)這一現(xiàn)象。
[Abstract]:With the restart of the new round of IPO, the phenomenon of new issue breaking has attracted more and more attention of investors. The phenomenon of new issue breaking has become more and more obvious in the last two years. In the current environment of new shares breaking, the study of the causes of new share breakups and their impact on the securities market has become a hot topic. The reasonable pricing of IPOs can ensure that the necessary funds can be raised through financing. Moreover, it can ensure that investors obtain dividends, promote the rational allocation of capital market and promote the healthy development of securities market. However, there are significant signs of overpricing of new shares in national capital markets. There are three reasons why IPO is overpriced (high offering price, high price-earnings ratio, and over-offering), which makes the company's share price far more than the real value, which leads to the possibility of new shares breaking. China is still in the development stage of the capital securities market, and the underpricing of various IPO pricing methods is not very perfect compared with other developed countries, because the primary market is often regarded as a risk-free market. Through the purchase of new shares, many investors are always happy to invest. However, with the improvement and development of the capital securities market in recent years, the phenomenon of new stock breaking has been emerging. This paper argues that the reason for the new issue break in the last two years is that the pricing method chosen by the issuers and underwriters in the valuation process is inappropriate. This paper will analyze the causes of new share break and its influence on the stock market with the example of Big Group, which has the highest breaking rate in history. At the same time, this paper also puts forward some suggestions, hoping to solve this problem by strengthening the management of funds, improving the new inquiry system, and improving the new issue system in three aspects.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F426.471

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本文編號：1782031