本文關(guān)鍵詞： 創(chuàng)業(yè)板 相關(guān)性分析 IPO抑價(jià)率 IPO定價(jià)效率綜合評(píng)價(jià)模型　出處：《北京林業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月30日,首批28家公司在創(chuàng)業(yè)板首次公開發(fā)行股票并且成功上市,標(biāo)志著我國(guó)創(chuàng)業(yè)板市場(chǎng)正式啟動(dòng)。截至2012年10月30日,創(chuàng)業(yè)板成立三周年之際,共有355家公司在創(chuàng)業(yè)板公開發(fā)行股票并成功上市。然而,三年間在創(chuàng)業(yè)板公開發(fā)行股票并上市的355家公司中,有303家上市首日收盤價(jià)遠(yuǎn)高于發(fā)行價(jià),即出現(xiàn)IPO抑價(jià)現(xiàn)象,平均IPO抑價(jià)率為45.4%,其中金亞科技上市首日IPO抑價(jià)率高達(dá)209.73%,這一抑價(jià)水平遠(yuǎn)高于主板和中小板市場(chǎng),一時(shí)間關(guān)于創(chuàng)業(yè)板IPO定價(jià)效率的問(wèn)題引發(fā)了投資者和學(xué)者們的廣泛關(guān)注。本文研究的主要內(nèi)容就是從理論和實(shí)證兩方面對(duì)創(chuàng)業(yè)板IPO定價(jià)效率進(jìn)行綜合評(píng)判。 理論分析部分,本文首先介紹了創(chuàng)業(yè)板的基本概念,我國(guó)創(chuàng)業(yè)板市場(chǎng)的功能定位和服務(wù)對(duì)象定位,并簡(jiǎn)要分析目前我國(guó)創(chuàng)業(yè)板市場(chǎng)存在的亟待解決的主要問(wèn)題。此外還介紹了目前在首次公開發(fā)行股票定價(jià)時(shí)被普遍采用的幾種定價(jià)方法,并對(duì)股票發(fā)行定價(jià)所需要分析的主要內(nèi)容進(jìn)行介紹,從而為后面章節(jié)中研究指標(biāo)的選取和研究方法的確定提供有效的理論依據(jù)。 實(shí)證分析部分,本文首先運(yùn)用相關(guān)性分析法對(duì)創(chuàng)業(yè)板公司上市首日IPO抑價(jià)率和反映二級(jí)市場(chǎng)波動(dòng)性的各項(xiàng)指標(biāo)分別進(jìn)行相關(guān)性分析,從而判定二級(jí)市場(chǎng)波動(dòng)性是否會(huì)影響創(chuàng)業(yè)板IPO定價(jià)效率。在此基礎(chǔ)上,以截至2012年10月30日在我國(guó)創(chuàng)業(yè)板首次公開發(fā)行股票并在上市首日出現(xiàn)收盤價(jià)高于發(fā)行價(jià)現(xiàn)象的303家公司為研究樣本,從公司盈利能力、運(yùn)營(yíng)能力、償債能力、成長(zhǎng)能力、資本結(jié)構(gòu)和現(xiàn)金流量等方面出發(fā),選取20個(gè)變量作為反映公司自身成長(zhǎng)發(fā)展?fàn)顩r的指標(biāo),另外根據(jù)市盈率定價(jià)法的定義,將發(fā)行市盈率也納入指標(biāo)體系加以研究,并結(jié)合反映二級(jí)市場(chǎng)波動(dòng)性的各項(xiàng)指標(biāo),以公司上市前連續(xù)3年的財(cái)務(wù)指標(biāo)平均值作為數(shù)據(jù)窗口,運(yùn)用因子分析方法建立創(chuàng)業(yè)板IPO定價(jià)效率綜合評(píng)價(jià)模型,通過(guò)對(duì)模型所得創(chuàng)業(yè)板公司IPO定價(jià)效率綜合評(píng)價(jià)得分與公司實(shí)際IPO抑價(jià)率進(jìn)行比較,判斷基于公司自身財(cái)務(wù)狀況和二級(jí)市場(chǎng)波動(dòng)性兩個(gè)方面是否能有效決定創(chuàng)業(yè)板IPO定價(jià)效率。
[Abstract]:On October 30th 2009, the first batch of 28 companies listed on the gem and listed successfully, marking the official start of the gem market in China. As of October 30th 2012, the third anniversary of the establishment of the gem, A total of 355 companies have successfully listed their shares on the gem. However, of the 355 companies listed on the gem in the past three years, 303 have closed well above the IPO price on their first day of listing, that is, the phenomenon of IPO underpricing. The average IPO underpricing rate was 45.4%, of which the IPO underpricing rate reached 209.73 on the first day of Jinya Technology's listing, which was much higher than that on the main and small board markets. The problem about the pricing efficiency of gem IPO has aroused the widespread concern of investors and scholars. The main content of this paper is to comprehensively judge the pricing efficiency of gem IPO from both theoretical and empirical aspects. In the part of theoretical analysis, this paper first introduces the basic concept of gem, the function orientation of gem market and the orientation of service object. The paper also briefly analyzes the main problems existing in the gem market in China, and introduces several pricing methods that are widely used in the initial public offering (IPO). It also introduces the main contents of the analysis of stock issue pricing, thus providing an effective theoretical basis for the selection of research indicators and the determination of research methods in the following chapters. In the part of empirical analysis, this paper firstly uses the correlation analysis method to analyze the correlation between IPO underpricing rate on the first day of gem listing and the indexes reflecting the volatility of the secondary market. So as to determine whether the volatility of the secondary market will affect the efficiency of IPO pricing on the gem. In this paper, 303 companies with initial public offerings of shares on the gem up to October 30th 2012 and the closing price higher than the issue price on the first day of listing are taken as the research samples, from the company's profitability, operating capacity, solvency, growth ability, etc. Starting from the capital structure and cash flow, 20 variables are selected as indicators to reflect the growth and development of the company itself. In addition, according to the definition of price-earnings ratio pricing method, the issue price-earnings ratio is also included in the index system. Combined with the indicators reflecting the volatility of the secondary market, taking the average financial index of three consecutive years before listing as the data window, the comprehensive evaluation model of the IPO pricing efficiency of gem is established by using factor analysis method. By comparing the comprehensive evaluation score of IPO pricing efficiency of gem with the actual IPO underpricing rate, we can judge whether the gem IPO pricing efficiency can be effectively determined based on the company's own financial situation and secondary market volatility.
【學(xué)位授予單位】：北京林業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 游達(dá)明;曾蔚;;創(chuàng)業(yè)資本對(duì)創(chuàng)業(yè)板IPO抑價(jià)度影響的實(shí)證研究[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2012年02期

2 朱元甲;李陽(yáng);;風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)的影響[J];商業(yè)研究;2012年03期

3 曹鳳岐;董秀良;;我國(guó)IPO定價(jià)合理性的實(shí)證分析[J];財(cái)經(jīng)研究;2006年06期

4 鄭瑩;;中小企業(yè)板IPO抑價(jià)現(xiàn)象實(shí)證研究[J];財(cái)會(huì)通訊;2010年20期

5 閆青;杜子平;;基于理性市場(chǎng)的IPO抑價(jià)理論評(píng)述及策略分析[J];財(cái)會(huì)通訊;2010年27期

6 李金棟;王建中;;創(chuàng)業(yè)板IPO抑價(jià)現(xiàn)象研究[J];財(cái)會(huì)通訊;2010年29期

7 賈明琪;朱建華;朱俞潔;;創(chuàng)業(yè)板IPO抑價(jià)及影響因素實(shí)證研究[J];財(cái)會(huì)通訊;2012年18期

8 段清清;;關(guān)于內(nèi)地創(chuàng)業(yè)板IPO定價(jià)效率的實(shí)證研究[J];財(cái)會(huì)月刊;2011年21期

9 朱紅軍;錢友文;;中國(guó)IPO高抑價(jià)之謎:“定價(jià)效率觀”還是“租金分配觀”?[J];管理世界;2010年06期

10 牛霞;何廣文;宋俊艷;;我國(guó)資本市場(chǎng)新股抑價(jià)及其長(zhǎng)期表現(xiàn)實(shí)證研究[J];財(cái)會(huì)通訊;2012年21期

相關(guān)碩士學(xué)位論文 前1條

1 廖俏紅;基于行為金融學(xué)的我國(guó)創(chuàng)業(yè)板首次公開發(fā)行股票抑價(jià)研究[D];湖南大學(xué);2010年

，

本文編號(hào)：1509938