本文選題：超額配售選擇權(quán)　切入點(diǎn)：港股　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：超額配售選擇權(quán)，是承銷商與公司或原始股東達(dá)成協(xié)議，當(dāng)有意承購者的需求量多于承銷數(shù)量時(shí)，承銷商可以直接向其購買所需的差額。承銷商可在股票發(fā)行之后的一定期間內(nèi)，，向發(fā)行公司按照發(fā)行價(jià)格再次購買該次發(fā)行數(shù)量的15%，作為穩(wěn)定市場的工具。若股票市價(jià)高于發(fā)行價(jià)，主承銷商可要求發(fā)行人增發(fā)不超過包銷數(shù)額15%的股票，并將此股票分配給提出認(rèn)購申請的投資者；若股票市價(jià)低于發(fā)行價(jià)，主承銷商不使用該期權(quán)并從集中競價(jià)市場購買所發(fā)行的股票。 對承銷商來說,超額配售選擇權(quán)降低了股票發(fā)行的風(fēng)險(xiǎn)；對發(fā)行人來說,使用超額配售選擇權(quán)增加了其融資額；對市場來說,超額配售選擇權(quán)減小了股票上市后價(jià)格的劇烈波動(dòng)。 超額配售選擇權(quán)最早在我國B股市場被廣泛使用。但是,這種新股發(fā)行的方式一直沒有在A股市場上得以廣泛的應(yīng)用，這是由于我國A股的IPO抑價(jià)率顯著高于國外成熟的資本市場,承銷商發(fā)行新股幾乎沒有風(fēng)險(xiǎn)。直到2006年工商銀行在IPO時(shí)第一個(gè)使用了超額配售選擇權(quán)，這種機(jī)制才第一次在A股市場上應(yīng)用。 本文通過對香港股票市場2009年到2011年以來超額配售選擇權(quán)應(yīng)用效果進(jìn)行實(shí)證檢驗(yàn),驗(yàn)證了該機(jī)制對香港股票市場穩(wěn)定性及定價(jià)效率兩方面的效果并借此來分析超額配售選擇權(quán)能否在A股市場上發(fā)揮其理論效果。同時(shí)，本文也闡述了在此過程中可能出現(xiàn)的信息披露不及時(shí)和影響市場不公平行為，提出了加強(qiáng)信息披露，完善新股發(fā)行制度，完善超額配售選擇權(quán)的配套機(jī)制等政策建議。
[Abstract]:The overallotment option is an agreement reached between the underwriter and the company or the original shareholders, when the demand of the prospective underwriter exceeds the underwriting amount, The underwriter may purchase the required difference directly from him. The underwriter may within a certain period of time after the issue of the stock, Buy again from the issuing company 15% of the amount of the issue at the issue price as an instrument to stabilize the market. If the market price of the stock is higher than the issue price, the lead underwriter may require the issuer to issue additional shares not exceeding 15% of the underwriting amount, If the market price of the stock is below the issue price, the lead underwriter does not use the option and buys the issued stock from the centralized bidding market. For underwriters, the overallotment option reduces the risk of a share issue; for an issuer, the use of an overallotment option increases the amount of money raised; and for the market, The overallotment option reduces the volatility of the stock price after listing. The option of over-allotment was first widely used in the B-share market in China. However, this way of issuing new shares has not been widely used in the A-share market. This is because the IPO underpricing rate of China's A-shares is significantly higher than that of foreign mature capital markets, and there is little risk for underwriters to issue new shares. Until 2006, ICBC was the first to use the overallotment option in IPO. This kind of mechanism just applies in A-share market for the first time. This paper makes an empirical test on the application effect of excess allotment option since 2009 to 2011 in Hong Kong stock market. The effect of this mechanism on the stability and pricing efficiency of Hong Kong stock market is verified, and the theoretical effect of over-allotment option in A-share market is analyzed. This paper also describes the possible information disclosure in this process and affects the unfair behavior of the market, and puts forward some policy suggestions, such as strengthening information disclosure, perfecting the new issue system, and perfecting the matching mechanism of over-allotment option.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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