本文選題：IPO周期 + 股市擴容��； 參考：《華東理工大學(xué)》2014年碩士論文

【摘要】：IPO市場主要實現(xiàn)證券市場的融資功能,企業(yè)IPO上市后進入證券交易市場流通。IPO市場與證券交易市場相輔相成,之間存在較強的互相影響關(guān)系。在針對IPO市場對證券市場影響的研究方面,基于供求理論,認為股市擴容是一種利空消息,巨額融資將導(dǎo)致市場的單邊下跌。同時,證券交易市場對IPO市場的影響方面,基于IPO周期理論,認為大額融資往往出現(xiàn)在牛市階段,而二級市場走勢較好的時候融資節(jié)奏也會加快。 本文通過建立VAR模型和使用脈沖響應(yīng)函數(shù)分析等方法,對中國IPO市場與證券交易市場間互相影響關(guān)系進行分析,并以美國市場作為比較。中美由于發(fā)行制度,市場特點等不同,在一二級市場互相影響方面也存在較大差異,我們通過進行牛熊市分段研究發(fā)現(xiàn),在一級市場對二級市場影響方面,在熊市階段中國股票市場存在“擴容魔咒”,而在牛市階段不顯著,美國市場牛熊市融資額都未對指數(shù)造成影響；在二級市場對一級市場影響方面,牛市階段,中國二級市場走勢顯著影響一級市場,而在熊市階段,影響卻不顯著,而美國市場情況恰好相反。
[Abstract]:The IPO market mainly realizes the financing function of the securities market, the enterprise IPO enters the stock exchange market and enters the stock exchange market after the listing of the.IPO market and the securities trading market, which has a strong mutual influence. The amount of financing will lead to a unilateral decline in the market. At the same time, the impact of the stock market on the IPO market, based on the IPO cycle theory, believes that large financing tends to appear in the bull market, and the financing rhythm will be accelerated when the two level market is better.
In this paper, the relationship between the Chinese IPO market and the stock exchange market is analyzed by means of the VAR model and the use of impulse response function analysis. Niu Xiong market segmentation study found that in the first level market impact on the two level market, in the bear market, the Chinese stock market has "expansion magic", but in the bull market stage is not significant, the financial amount of the bull and bear market in the US market has not affected the index; in the two level market to the first level market, the bull market, China's two level market trend. Significant impact on the primary market, while in bear market, the impact is not significant, while the US market is just the opposite.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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本文編號：1928043