發(fā)布時(shí)間：2018-05-03 01:23

  本文選題：首次公開發(fā)行 + 破發(fā)��； 參考：《南京理工大學(xué)》2014年碩士論文

【摘要】：2009年10月我國正式推出了創(chuàng)業(yè)板市場,該板塊的推出為解決創(chuàng)業(yè)型、中小型及高科技產(chǎn)業(yè)企業(yè)的融資問題提供了一個(gè)新的平臺(tái)。截至2013年年底,已有355家公司在創(chuàng)業(yè)板成功上市,融資規(guī)模達(dá)2310億。在企業(yè)上市過程中,IPO定價(jià)是極為重要的環(huán)節(jié),合理的IPO價(jià)格能夠確保發(fā)行公司上市過程中新股發(fā)行成功,募集到所需資金；同時(shí)也能保證投資者理性投資,促進(jìn)資本在一、二級(jí)市場的優(yōu)化配置,推動(dòng)證券市場整體健康發(fā)展。 然而,就在創(chuàng)業(yè)板開辦不久,星輝車模就出現(xiàn)上市首日破發(fā)的現(xiàn)象。在已上市的355家公司中,共有52家出現(xiàn)了上市首日破發(fā)現(xiàn)象,破發(fā)比例高達(dá)14.64%,平均破發(fā)深度6.58%。股票市場價(jià)格總是圍繞上市公司的內(nèi)在價(jià)值上下波動(dòng),內(nèi)在價(jià)值的變動(dòng)決定了股票市場價(jià)值的長期走勢。創(chuàng)業(yè)板IPO發(fā)行定價(jià)應(yīng)能夠反映其內(nèi)在價(jià)值,但多家創(chuàng)業(yè)板公司IPO后即出現(xiàn)破發(fā)現(xiàn)象,是否是由于定價(jià)過高導(dǎo)致?這種定價(jià)過高的現(xiàn)象是否在創(chuàng)業(yè)板普遍存在?與此同時(shí),在新股大面積破發(fā)的背景下,多數(shù)公司還存在著首日高額抑價(jià)的矛盾現(xiàn)象。高抑價(jià)的發(fā)行公司相對破發(fā)公司而言,是否其定價(jià)更為合理?新股發(fā)行過程中定價(jià)效率更高? 本文正是在這種背景下,對創(chuàng)業(yè)板IPO破發(fā)現(xiàn)象作深入分析,探討創(chuàng)業(yè)板首發(fā)上市過程中定價(jià)的合理性。本文首先系統(tǒng)歸納了現(xiàn)有的IPO定價(jià)理論和方法,總結(jié)國內(nèi)外首次公開發(fā)行收益的相關(guān)文獻(xiàn)。然后,進(jìn)一步從破發(fā)和抑價(jià)兩方面分析我國創(chuàng)業(yè)板市場IPO定價(jià)現(xiàn)狀,總結(jié)影響創(chuàng)業(yè)板IPO定價(jià)的內(nèi)外因素。接下來,以剩余收益模型為基礎(chǔ)計(jì)算發(fā)行公司股票的內(nèi)在價(jià)值,構(gòu)建隨機(jī)邊界模型和多元線性回歸模型分析我國創(chuàng)業(yè)板上市公司的發(fā)行價(jià)是否與內(nèi)在價(jià)值存在較大偏差,分析導(dǎo)致IPO抑價(jià)或破發(fā)現(xiàn)象的因素。最后,結(jié)合具體的創(chuàng)業(yè)板IPO破發(fā)案例,探究其一級(jí)市場定價(jià)合理性以及導(dǎo)致二級(jí)市場破發(fā)的具體原因。研究結(jié)果表明,定價(jià)效率低并不是導(dǎo)致新股破發(fā)的原因,一級(jí)市場沒有故意抑價(jià),反而存在著高市盈率、高發(fā)行價(jià)的現(xiàn)象,二級(jí)市場出現(xiàn)的高抑價(jià)及破發(fā)現(xiàn)象,是投資者的非理性行為所造成的。 通過理論、實(shí)證和案例三方面的研究結(jié)果,文章最后從制度構(gòu)建、發(fā)行公司及承銷商責(zé)任加強(qiáng)、二級(jí)市場建設(shè)提出了創(chuàng)業(yè)板新股發(fā)行定價(jià)的相關(guān)建議,這也為完善新股發(fā)行定價(jià)的監(jiān)管提供了一定的參考依據(jù)。
[Abstract]:In October 2009, China officially launched the gem market, which provides a new platform for solving the financing problems of entrepreneurial, small and medium-sized and high-tech industrial enterprises. By the end of 2013, 355 companies had successfully listed on the gem, raising 231 billion. In the process of enterprise listing, IPO pricing is an extremely important link. A reasonable IPO price can ensure the successful issuance of new shares and raise the necessary funds during the listing process of the issuing company. At the same time, it can also ensure that investors can invest rationally and promote the capital in the first place. The optimal allocation of the secondary market promotes the overall healthy development of the securities market. However, in the gem not long after the launch, star car models appear on the first day of the market breaking phenomenon. Of the 355 companies listed, 52 had a break-up on the first day of the market, with an average breaking depth of 6.58. The stock market price always fluctuates around the internal value of the listed company, and the change of the intrinsic value determines the long-term trend of the stock market value. Gem IPO issue pricing should be able to reflect its intrinsic value, but a number of gem companies after the emergence of breakage phenomenon, is it due to excessive pricing? Is this phenomenon of overpricing prevalent in the gem? At the same time, under the background of large area breaking of new shares, most companies still have the contradiction of high underpricing on the first day. Is the high underpricing issuer more reasonable than the breakout company? Higher pricing efficiency in the process of issuing new shares? Under this background, this paper makes an in-depth analysis of the IPO breakage in the gem and discusses the rationality of pricing in the IPO process of the gem. This paper first summarizes the existing IPO pricing theory and methods, and summarizes the domestic and foreign literature on IPOs. Then, the paper analyzes the current situation of IPO pricing in gem market from two aspects of breakage and underpricing, and summarizes the internal and external factors that affect the pricing of gem IPO. Then, based on the residual income model, the intrinsic value of the issuing company stock is calculated, and the stochastic boundary model and the multiple linear regression model are constructed to analyze whether there is a big deviation between the IPO price and the intrinsic value of the gem listed companies. The factors leading to IPO underpricing or breakage were analyzed. Finally, combining with the specific gem IPO breaking case, the paper probes into the rationality of its primary market pricing and the specific reasons leading to the secondary market breaking. The research results show that the low pricing efficiency is not the cause of the IPO break. Instead of deliberately underpricing, the primary market has the phenomenon of high price-earnings ratio, high issue price, high underpricing and breaking in the secondary market. Is caused by the irrational behavior of investors. Through the theoretical, empirical and case studies, the article finally from the system construction, issuing companies and underwriters to strengthen the responsibility, secondary market construction of the gem IPO pricing recommendations. This also provides a certain reference basis for improving the regulation of new issue pricing.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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