本文選題：模仿　切入點(diǎn)：IPO　出處：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：IPO市場(chǎng)中的承銷商是股票發(fā)行市場(chǎng)的中介,作為市場(chǎng)的重要參與者,其行為對(duì)股票發(fā)行市場(chǎng)的健康繁榮發(fā)展起著重要作用。本文的寫作目的是要提供一篇關(guān)于在新股首次公開上市發(fā)行中,目標(biāo)企業(yè)如何受到模仿影響來選擇承銷商的實(shí)證分析論文,重點(diǎn)在于研究模仿的定義、重要性及不同的模仿模式是如何對(duì)承銷商的選擇決策起作用的。針對(duì)我國上市企業(yè)在IPO活動(dòng)中如何選擇承銷商的現(xiàn)狀,本文以1990年至2012年滬深兩市A股上市公司IPO事件為初始樣本,考察上市公司IPO中承銷商選擇的模仿行為。 本文旨在豐富在資本市場(chǎng)中選擇承銷商行為研究的內(nèi)容,加深對(duì)模仿行為的理解。為此,文章將從理論闡述開始,通過三種模仿模式來實(shí)證總結(jié)我國的上市公司在IPO活動(dòng)中選擇承銷商的行為,最終形成比較全面的認(rèn)識(shí)。通過以實(shí)證為基礎(chǔ)的理論分析,本文分析了三種不同的模仿模式：頻率模仿(指組織會(huì)模仿之前已經(jīng)有很多組織采取過的行為活動(dòng))、特征模仿(指組織會(huì)采用帶有某些特征的公司所采取的行為,特征可以是大規(guī)模等等)、結(jié)果模仿(指組織會(huì)模仿給其他組織帶來良好結(jié)果的行為,回避會(huì)帶來惡劣結(jié)果的行為)。在IPO活動(dòng)中,承銷商選擇的決策和三種模仿模式之間都存在著一定的相關(guān)關(guān)系：當(dāng)上市企業(yè)在選擇承銷商時(shí),(1)如果某家承銷商在之前上市公司IPO中被聘用的頻率越高(或次數(shù)越多),那么當(dāng)前上市公司在IPO時(shí)聘用此承銷商的可能性越大；(2)如果某家承銷商在之前上市公司IPO活動(dòng)中承銷的上市公司規(guī)模越大,那么當(dāng)前上市公司IPO時(shí)聘用此家承銷商可能性越大；最后,如果某家承銷商在之前上市公司IPO活動(dòng)中承銷的IPO抑價(jià)率越低,那么當(dāng)前上市公司IPO時(shí)聘用此家承銷商的可能性越大,其次預(yù)測(cè)了能夠調(diào)節(jié)這些模式的不確定性因素。 根據(jù)本文的研究結(jié)論,我們可以認(rèn)識(shí)到在新股上市發(fā)行過程中利用模仿理論來選擇一家優(yōu)秀的承銷商的重要性,從而可以加大對(duì)國內(nèi)承銷商行為研究的深度與廣度,為提升理論水平做出貢獻(xiàn),同時(shí)也在實(shí)踐上為我國上市公司如何做出選擇承銷商的決策提供了有益啟示。
[Abstract]:The underwriters in the IPO market are the intermediary of the stock issuing market, as the important participants in the market. Its behavior plays an important role in the healthy and prosperous development of the stock market. How the target enterprise is affected by imitation to select the empirical analysis paper of underwriters, the emphasis is on the definition of imitation. The importance and how different imitation models play an important role in the selection of underwriters. In view of the current situation of how to select underwriters in the IPO activities of listed enterprises in China, Based on the IPO event of A-share listed companies in Shanghai and Shenzhen stock markets from 1990 to 2012, this paper investigates the imitation behavior of underwriters' selection in IPO of listed companies. The purpose of this paper is to enrich the content of the research on the behavior of underwriters in the capital market and to deepen the understanding of imitation behavior. This paper empirically summarizes the behavior of China's listed companies choosing underwriters in IPO activities through three kinds of imitation models, and finally forms a more comprehensive understanding. This paper analyzes three different modes of imitation: frequency imitation (which refers to the behavior that has been taken by many organizations before the organization will imitate, and the characteristic imitation, which refers to the behavior that the organization will adopt with certain characteristics of the company. Characteristics can be large-scale and so on, result imitation (refers to the organization will imitate the behavior that brings good results to other organizations, avoid the behavior that will bring bad results.) in IPO activities, There is a correlation between the choices of underwriters and the three modes of imitation: when a listed firm selects an underwriter, the more frequently an underwriter is hired in the IPO of a previously listed company (or the number of times). The more, then the more likely the current listed company is to hire this underwriter at the time of the IPO.) the larger the size of the listed company underwriting a previous IPO activity of the listed company, the more likely it is that the underwriter will underwrite the underwriter. The more likely the current listed company is to hire this underwriter when it comes to IPO; finally, the lower the underpricing rate of IPO underwritten by an underwriter in a previous IPO activity of a listed company, Then the more likely the current listed company is to hire the underwriter when it comes to IPO, the second is the uncertainty that can be adjusted to these models. According to the conclusion of this paper, we can realize the importance of using imitation theory to select an excellent underwriter in the process of IPO, so as to increase the depth and breadth of the research on the behavior of domestic underwriters. It contributes to the improvement of theoretical level and provides useful enlightenment for Chinese listed companies to make decisions on how to select underwriters in practice.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F274;F832.51

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