本文關鍵詞： 創(chuàng)業(yè)企業(yè) 董事會 異質性 新政策 IPO折價　出處：《南京大學》2017年碩士論文　論文類型：學位論文

【摘要】：IPO折價是一種普遍存在于世界各國金融市場上的金融異象,這種現(xiàn)象在中國尤為顯著。IPO折價現(xiàn)象引起了學術界的廣泛關注,學術數(shù)據(jù)庫中已經有很多關于IPO折價現(xiàn)象的論文和書籍。這些學術成果從各個維度對IPO折價現(xiàn)象的內容和成因進行探討,但到目前還沒有一種理論能夠清楚的解釋這種現(xiàn)象。并且各個國家的政策制度以及資本環(huán)境也不盡相同,所以,也不太可能會有一個普適理論對這種現(xiàn)象進行統(tǒng)一詮釋。2013年底,上交所發(fā)布新規(guī),對創(chuàng)業(yè)板上市公司的首日申報價格進行限制,此時,新股首日最高漲44%。在新規(guī)下,中國創(chuàng)業(yè)板市場上依然存在IPO折價現(xiàn)象,對這一現(xiàn)象的研究具有深遠意義。董事會是公司的決策機構,對于公司未來發(fā)展方向有著戰(zhàn)略性的把握。創(chuàng)業(yè)板上市的創(chuàng)業(yè)公司大多處于公司發(fā)展的高成長階段,在這一階段,董事會在公司重大戰(zhàn)略制定以及發(fā)展決策上起著不可替代的作用。投資者在衡量一家上市公司內在價值的時候,往往較多的關注公司的董事會,研究公司披露的董事會成員詳細資料。董事會異質性能夠向投資者傳遞公司質量相關的某些信號。研究董事會異質性對于創(chuàng)業(yè)公司IPO折價水平的影響符合時代背景。本文選取中國創(chuàng)業(yè)板市場215家上市公司作為數(shù)據(jù)樣本,在新政策下,實證研究董事會異質性對中國創(chuàng)業(yè)板市場IPO折價的影響。本文從董事會職能異質性、董事會教育異質性、董事會年齡異質性以及董事會任期異質性4個方面提出假設,利用SPSS19和stata14統(tǒng)計軟件對搜集的樣本數(shù)據(jù)進行了描述性統(tǒng)計分析、相關性分析和多元線性回歸分析。實驗最后,還對本文的實證研究進行了穩(wěn)健性檢驗。實驗結果表明,董事會職能異質性同新規(guī)下中國創(chuàng)業(yè)板市場IPO折價率(之后簡稱IPO折價率)成負向相關關系,董事會年齡異質性同IPO折價率成正向相關關系,董事會任期異質性同IPO折價率成正向相關關系。文章結構如下:第一部分,提出本文研究的問題并闡述理論及研究意義。第二部分,闡述相關概念并對相關研究文獻進行綜述。第三部分,依據(jù)相關理論知識,提出本文進行實證分析的研究假設。第四部分,敘述本文實證分析的因變量、自變量以及控制變量的測量方法。第五部分,對本文研究假設進行假設檢驗與實證分析討論。第六部分,敘述本文的實證研究的主要貢獻以及不足之處,并提出幾點未來的研究方向。
[Abstract]:The discount of IPO is a kind of financial anomaly that exists in the financial markets of various countries all over the world. This phenomenon is especially obvious in China. There are many papers and books on IPO discount phenomenon in academic database. These academic achievements discuss the content and cause of IPO discount phenomenon from various dimensions. But until now, there is no theory that can clearly explain this phenomenon. And the policy system and capital environment of different countries are different, so it is unlikely that there will be a universal theory to interpret this phenomenon uniformly by the end of 2013. The Shanghai Stock Exchange has issued new rules to limit the first day declaration prices of listed companies on the gem. At this time, new shares will rise by up to 44% on the first day. Under the new rules, there is still a IPO discount on the gem market in China. The research on this phenomenon is of far-reaching significance. The board of directors is the decision-making body of the company and has a strategic grasp of the future development direction of the company. Most of the entrepreneurial companies listed on the gem are in the high growth stage of the development of the company. The board of directors plays an irreplaceable role in the major strategic and development decisions of the company. When investors measure the intrinsic value of a listed company, they tend to pay more attention to the board of directors of the company. Study the details of the board members disclosed by the company. Board heterogeneity can send certain signals about the quality of the company to investors. The study of the influence of board heterogeneity on the discount level of IPO of startups is in keeping with the times. In this paper, 215 listed companies in China's gem market are selected as data samples. Under the new policy, the paper empirically studies the influence of board heterogeneity on the discount of IPO in China's gem market. The age heterogeneity of the board of directors and the heterogeneity of the tenure of the board of directors are proposed. The descriptive statistical analysis, correlation analysis and multivariate linear regression analysis of the collected sample data are carried out by using SPSS19 and stata14 statistical software. The experimental results show that the functional heterogeneity of the board of directors is negatively correlated with the discount rate of IPO (hereinafter referred to as the discount rate of IPO) in China's gem market under the new regulations. The age heterogeneity of the board is positively correlated with the discount rate of IPO, and the heterogeneity of the tenure of the board is positively correlated with the discount rate of IPO. The second part, expatiates the related concepts and summarizes the relevant research literature. The third part, according to the relevant theoretical knowledge, This paper puts forward the research hypotheses of empirical analysis in this paper. Part 4th describes the dependent variables, independent variables and measuring methods of control variables in this paper. Part 5th, Part 6th describes the main contributions and shortcomings of the empirical research in this paper, and puts forward some future research directions.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F271
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本文編號：1512397