本文選題：IPO抑價 + 創(chuàng)業(yè)板��； 參考：《天津商業(yè)大學(xué)》2014年碩士論文

【摘要】：IPO(Initial Public Offering)抑價現(xiàn)象是指新股發(fā)行上市首日的收盤價大大高于股票一級市場的發(fā)行價格，形成新股首日上市出現(xiàn)超額回報率的異象。不論是上世紀(jì)九十年代建立證券市場時就存在的我國A股主板市場，還是僅僅開板不到五年的創(chuàng)業(yè)板市場均存在著不同程度的新股IPO抑價，并且總體來看我國新股抑價程度要遠(yuǎn)高于國外發(fā)達(dá)市場的抑價程度。過高的新股IPO抑價會降低新股發(fā)行效率和上市企業(yè)在一級市場融資的效率，同時若長期存在新股首發(fā)上市高抑價現(xiàn)象則會助長市場中的投機(jī)氣氛，不利于股票市場的健康正常發(fā)展。由此看來，IPO抑價這一新股發(fā)行上市的異象需要對其探索和研究，尋找形成這種異象的機(jī)制和影響因素，并試圖尋求有效的解決方案，以減弱其對證券市場的不良影響，具有一定的理論意義和現(xiàn)實意義。 我國創(chuàng)業(yè)板市場如今尚還處于起步期，還存在著很多體制、規(guī)則、監(jiān)管等各方面的缺陷和漏洞，種種情形造就了我國創(chuàng)業(yè)板IPO抑價率異常之高的現(xiàn)象。我國創(chuàng)業(yè)板市場的抑價幅度一度高達(dá)200%以上，如此之高的抑價幅度促使了本就存在大量非理性散戶投資者的追捧，形成新股發(fā)行市場的火爆局面。這種局面下股價不會發(fā)揮其價格發(fā)現(xiàn)功能，市場自身的調(diào)節(jié)作用也得不到發(fā)揮�？梢�，對我國創(chuàng)業(yè)板IPO抑價現(xiàn)象的研究具有特殊的重要意義。本文就是從創(chuàng)業(yè)板市場IPO抑價現(xiàn)象著手并對其進(jìn)行理論與實際相結(jié)合的研究分析，探尋引起這一現(xiàn)象的影響因素，將相關(guān)因素轉(zhuǎn)化為實證研究的變量，定量與定性相結(jié)合，運(yùn)用統(tǒng)計學(xué)的實證方法進(jìn)行實證研究，最終根據(jù)實證分析結(jié)果得出結(jié)論并提出合理有效的對策建議。 首先，本文回顧梳理了國內(nèi)外對IPO抑價現(xiàn)象研究的文獻(xiàn)，在對現(xiàn)已存在的研究結(jié)果和理論進(jìn)行總結(jié)歸納的基礎(chǔ)上，分析以往研究成果并尋找其缺陷和遺漏之處，逐漸形成自己的觀點(diǎn)。然后借鑒以往學(xué)者研究形成的理論尋找到支持本文觀點(diǎn)的兩點(diǎn)理論基礎(chǔ)，即中介機(jī)構(gòu)聲譽(yù)假說與投資者情緒假說。隨后運(yùn)用這兩種理論對本文的觀點(diǎn)進(jìn)行解釋和推導(dǎo)，形成并提出本文的假設(shè)：聲譽(yù)高的承銷商會降低IPO抑價程度；會計師事務(wù)所的聲譽(yù)與IPO抑價程度正相關(guān)；新股中簽率越低，IPO抑價現(xiàn)象越嚴(yán)重；新股上市首日換手率越高，IPO抑價現(xiàn)象越嚴(yán)重。 其次，根據(jù)本文所提出的假設(shè)設(shè)定研究變量，在分析和借鑒國內(nèi)外學(xué)者對IPO抑價現(xiàn)象研究的模型的基礎(chǔ)上，形成本文的實證模型，收集與變量相關(guān)的研究數(shù)據(jù)并對基礎(chǔ)數(shù)據(jù)進(jìn)行整理。運(yùn)用SPSS統(tǒng)計軟件對所研究變量進(jìn)行多元線性回歸分析，得出實證研究的結(jié)果，對實證研究結(jié)果經(jīng)過系統(tǒng)地整理和分析后報告實證結(jié)果。 最后，，根據(jù)本文的研究結(jié)果得出總體結(jié)論，并結(jié)合我國創(chuàng)業(yè)板市場和整個股票市場的具體實踐提出合理有效的建議對策。 經(jīng)過本文的實證研究，發(fā)現(xiàn)我國創(chuàng)業(yè)板IPO抑價程度與中介機(jī)構(gòu)的聲譽(yù)機(jī)制作用具有很大程度的相關(guān)性，但并不完全符合聲譽(yù)機(jī)制作用。而投資者情緒理論在我國創(chuàng)業(yè)板新股IPO階段則是發(fā)揮了顯著的作用。因此要尋求降低IPO抑價程度，就應(yīng)從這兩方面入手，探索解決辦法。如：改革新股發(fā)行上市體制，深化市場化改革；扶持并壯大中介機(jī)構(gòu)的成熟和發(fā)展；營造良好的證券市場投資氣氛，抑制非理性的投機(jī)行為等。
[Abstract]:The phenomenon of IPO (Initial Public Offering) underpricing means that the closing price of the first day of IPO is much higher than the issuing price of the first level of the stock market, forming the abnormal rate of return on the first day of the new stock market. Whether it is the A stock market in China when the stock market is established in 90s of last century, it is still less than five years. There are different levels of IPO IPO underpricing in the gem, and the degree of IPO underpricing in China is far higher than that of the developed market. The high IPO IPO underpricing will reduce the efficiency of IPO and the efficiency of the listed companies in the first level market financing. As a result, the image of the IPO underpricing is not conducive to the healthy and normal development of the stock market. Therefore, it seems that the anomalies of the IPO listed in the IPO need to explore and study the IPO, find the mechanism and influence factors to form this phenomenon, and try to find an effective solution to weaken its adverse effects on the stock market. It has a certain theoretical and practical significance.
China's GEM market is still in its initial stage, and there are many defects and loopholes in various aspects, such as system, rules, supervision and so on. All kinds of circumstances have created the phenomenon that the rate of underpricing of IPO in China's gem is very high. In this situation, the stock price will not play its price discovery function, and the regulation effect of the market itself can not be played. It is obvious that the research on the IPO underpricing of China's gem is of special significance. This article is from the IPO underpricing in the GEM market. The research and analysis of the combination of the theory and the practice of it, explore the influencing factors of the phenomenon, transform the related factors into the variables of the empirical research, combine the quantitative and qualitative methods, and use the empirical method of statistics to carry out empirical research. Finally, the conclusion is drawn up and the reasonable and effective countermeasures are put forward according to the empirical analysis. Argumentative.
First, this paper reviews the literature on the study of IPO underpricing at home and abroad. On the basis of summarizing the existing research results and theories, this paper analyzes the previous research results and finds out its defects and omissions, and gradually forms its own viewpoint. The two-point theoretical basis of the point, namely the reputation hypothesis of intermediary institutions and investor sentiment hypothesis, then uses these two theories to explain and deduce the views of this article, forming and putting forward the assumption that the high reputation underwriter reduces the degree of IPO underpricing; the sound reputation of the accounting firm is positively related to the degree of IPO underpricing; The lower the IPO underpricing, the higher the turnover rate on the first day of IPO and the more serious the IPO underpricing.
Secondly, according to the hypothesis set up in this paper, based on the analysis and reference of domestic and foreign scholars on the model of IPO underpricing, this paper forms the empirical model, collects the data related to the variables and collates the basic data, and uses the SPSS statistical software to carry out multiple linear regression analysis of the research variables. After analyzing the results of empirical research, the empirical results are systematically collated and analyzed, and the empirical results are reported.
Finally, according to the results of this paper, we draw a general conclusion, and put forward some reasonable and effective suggestions on the basis of the concrete practice of the gem and the whole stock market in China.
Through the empirical study, it is found that the degree of IPO underpricing in China's gem is closely related to the role of the agency's reputation mechanism, but it does not fully conform to the role of the reputation mechanism. But the investor sentiment theory plays a significant role in the IPO stage of the gem in China. Therefore, it is necessary to seek to reduce the degree of IPO underpricing. Starting from these two aspects, we should explore solutions, such as: reforming the IPO system, deepening the market reform, supporting and expanding the maturity and development of intermediary agencies, creating a good investment atmosphere in the securities market, and restraining irrational speculation.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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本文編號：1983562