本文關(guān)鍵詞： 上市首日溢價(jià) 影響因素 新興信息產(chǎn)業(yè)　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：股票首次公開(kāi)發(fā)行通常會(huì)產(chǎn)生上市首日溢價(jià)現(xiàn)象,表現(xiàn)為新股發(fā)行價(jià)遠(yuǎn)低于新股上市首日收盤(pán)價(jià),從而在上市首日就能獲得超額收益。股票上市首日溢價(jià)己成為新股發(fā)行的典型特征,這種現(xiàn)象不能通過(guò)傳統(tǒng)的金融學(xué)理論分析。研究者一般基于非對(duì)稱(chēng)信息理論、對(duì)稱(chēng)信息理論和行為金融學(xué)理論去解釋股票IPO溢價(jià)現(xiàn)象,形成了IPO溢價(jià)理論的三個(gè)流派。 研究表明股票IPO溢價(jià)現(xiàn)象會(huì)影響經(jīng)濟(jì)和股票市場(chǎng)的健康發(fā)展,因?yàn)镮PO溢價(jià)反映了股票市場(chǎng)資源配置的效率及成本。然而為了應(yīng)對(duì)國(guó)際金融危機(jī)和新一輪的全球信息技術(shù)革命,2010年9月8日,新興信息產(chǎn)業(yè)被國(guó)務(wù)院列為七大“戰(zhàn)略性新興產(chǎn)業(yè)”之一,并被納入“十二五”規(guī)劃。在中國(guó)經(jīng)濟(jì)轉(zhuǎn)型時(shí)期,作為產(chǎn)業(yè)優(yōu)化代表的戰(zhàn)略性產(chǎn)業(yè),新興信息產(chǎn)業(yè)肩負(fù)著“調(diào)結(jié)構(gòu)”的使命,它的健康、可持續(xù)性發(fā)展已成為國(guó)家與學(xué)者共同關(guān)注的重點(diǎn),維護(hù)新興信息產(chǎn)業(yè)的成長(zhǎng)需要各界的共同努力。因此研究影響我國(guó)新興信息產(chǎn)業(yè)股票IPO的溢價(jià)主要因素和原因,對(duì)降低股票IPO溢價(jià)、完善我國(guó)股票市場(chǎng)制度提出相應(yīng)對(duì)策,并對(duì)新興信息產(chǎn)業(yè)的發(fā)展提出建議,是非常有現(xiàn)實(shí)必要性的。 本文介紹了國(guó)外股票IPO溢價(jià)理論的三大流派,整理了國(guó)內(nèi)IPO溢價(jià)的實(shí)證研究。在文獻(xiàn)綜述和相關(guān)理論的基礎(chǔ)上,通過(guò)對(duì)新興信息產(chǎn)業(yè)自身特點(diǎn)以及我國(guó)股票市場(chǎng)現(xiàn)狀的分析,把影響新興信息產(chǎn)業(yè)股票IPO溢價(jià)因素的變量分為三類(lèi),分別為：行為金融學(xué)變量、基于對(duì)稱(chēng)信息與非對(duì)稱(chēng)信息理論的變量以及政策信息虛擬變量。分別研究投資者心理與行為、非對(duì)稱(chēng)信息與制度、政策信息對(duì)新興信息產(chǎn)業(yè)上市首日溢價(jià)的影響。 在描述性統(tǒng)計(jì)之后,文章分別對(duì)該行業(yè)2010年及2009年股票IPO溢價(jià)的影響因素進(jìn)行回歸與解釋。在將2009年的影響因素與2010年相對(duì)比后,發(fā)現(xiàn)我國(guó)新興信息產(chǎn)業(yè)上市首日溢價(jià)的影響因素與解釋變量的類(lèi)型相關(guān),即：政策信息虛擬變量及行為金融學(xué)變量類(lèi)型的解釋變量對(duì)溢價(jià)具有顯著影響；而基于對(duì)稱(chēng)或非對(duì)稱(chēng)信息理論的解釋變量對(duì)上市首日溢價(jià)影響不確定。 實(shí)證結(jié)果說(shuō)明新興信息產(chǎn)業(yè)的上市首日溢價(jià)率受到了2010年4月14日戰(zhàn)略性新興產(chǎn)業(yè)政策發(fā)布的影響,并且政策信息影響了投資者的心理和行為,造成了一定程度上的非理性行為。同時(shí)基于對(duì)稱(chēng)與非對(duì)稱(chēng)信息理論的解釋變量對(duì)上市首日溢價(jià)率影響不確定,在一定程度上說(shuō)明我國(guó)的市場(chǎng)機(jī)制、股市及法律風(fēng)險(xiǎn)制度不夠完善,不存在假設(shè)的有效市場(chǎng)、制度完善的前提。 最后,文章基于國(guó)家層面、證券市場(chǎng)層面、投資者層面對(duì)我國(guó)股票市場(chǎng)的建設(shè)、降低上市首日溢價(jià)率的方法提出了相應(yīng)的政策建議,也基于新興信息產(chǎn)業(yè)和企業(yè)層面對(duì)該行業(yè)的發(fā)展提出了相應(yīng)的建議,以期我國(guó)的股票市場(chǎng)及新興信息產(chǎn)業(yè)能夠健康、可持續(xù)的發(fā)展。
[Abstract]:Initial public offerings usually result in a first-day premium, which is manifested in the fact that the IPO price is well below the closing price on the first day of the IPO. The premium on the first day of stock listing has become a typical feature of new stock issuance, which can not be analyzed by traditional financial theory. Researchers generally base on asymmetric information theory. Symmetric information theory and behavioral finance theory explain the phenomenon of stock IPO premium, forming three schools of IPO premium theory. The research shows that the phenomenon of stock IPO premium will affect the healthy development of economy and stock market. Because the IPO premium reflects the efficiency and cost of resource allocation in the stock market, but in response to the international financial crisis and the new global information technology revolution, in September 8th 2010, The emerging information industry has been listed by the State Council as one of the seven "strategic emerging industries" and has been included in the 12th Five-Year Plan. In the period of China's economic transformation, it is a strategic industry represented by industrial optimization. The new information industry shoulders the mission of "adjusting the structure". Its healthy and sustainable development has become the focus of our country and scholars. To maintain the growth of emerging information industry requires the joint efforts of all walks of life. Therefore, this paper studies the main factors and reasons that affect the stock IPO premium in China's emerging information industry, and puts forward corresponding countermeasures to reduce the stock IPO premium and perfect the stock market system in China. And it is very necessary to put forward suggestions for the development of new information industry. This paper introduces the three major schools of foreign stock IPO premium theory, and collates the empirical research of domestic IPO premium. Based on the literature review and related theories, this paper analyzes the characteristics of the emerging information industry and the present situation of the stock market in China. The variables that affect the IPO premium factors in the emerging information industry are divided into three categories: behavioral finance variables, variables based on symmetric information and asymmetric information theory, and policy information virtual variables. The influence of asymmetric Information and system, Policy Information on the first Day Premium of emerging Information Industry. After descriptive statistics, the factors influencing the IPO premium of the industry in 2010 and 2009 were analyzed. It is found that the influencing factors of the first-day premium of China's emerging information industry are related to the types of explanatory variables, that is, the types of policy information virtual variables and behavioral finance variables have a significant impact on the premium; The influence of the explanatory variables based on symmetric or asymmetric information theory on the first-day premium is uncertain. The empirical results show that the first-day premium rate of emerging information industry is influenced by the release of strategic emerging industry policy in April 14th 2010, and the policy information affects the psychology and behavior of investors. At the same time, the explanatory variables based on the theory of symmetric and asymmetric information have uncertain influence on the first-day premium rate, which to some extent explains the market mechanism of our country. The stock market and legal risk system are not perfect, there is no hypothetical effective market, and the premise of system perfection. Finally, based on the national level, the securities market level, the investor level, the paper puts forward the corresponding policy recommendations on the construction of China's stock market and the method of reducing the first-day premium rate. Based on the new information industry and enterprise level, the paper also puts forward the corresponding suggestions for the development of this industry, in the hope that the stock market and the emerging information industry of our country can develop healthily and sustainably.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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