本文選題：借殼上市　切入點：IPO定價　出處：《暨南大學(xué)》2013年碩士論文

【摘要】：國內(nèi)外大量學(xué)者都對股票IPO定價影響因素做出了研究。近年來，隨著我國證券市場的發(fā)展，借殼上市這種并購重組方式伴隨著市場的發(fā)展也開始層出不窮。關(guān)于借殼上市的研究之前都集中在借殼前后的績效變化、借殼上市的動因以及借殼上市存在的法律財務(wù)風(fēng)險上。但是專門針對借殼上市借殼成功后的首次公開發(fā)行上市的股價影響因素的研究卻比較少，，本文正是針對這個特定的研究對象進(jìn)行的研究。 本文結(jié)合內(nèi)在價值等理論基礎(chǔ)，歸納出借殼上市IPO股價影響的財務(wù)性和非財務(wù)性因素，將非財務(wù)性因素進(jìn)行定性分析，對財務(wù)性因素則運用因子分析法與回歸分析法相結(jié)合的定量分析方法進(jìn)行研究。在上述研究的基礎(chǔ)上分析出借殼上市IPO股票定價的影響因素與普通上市的區(qū)別，并在此基礎(chǔ)上提出能夠更加合理地考慮借殼上市IPO股票定價格影響因素的政策建議。其研究結(jié)論主要是：借殼上市IPO股價與普通IPO股價的影響因素都主要是體現(xiàn)公司內(nèi)在價值的一系列財務(wù)指標(biāo)，但是二者又存在差別。本文的研究發(fā)現(xiàn)借殼上市IPO的影響因素中行業(yè)這個因素（特別是房地產(chǎn)業(yè)）的影響效果被放大；借殼前后企業(yè)的經(jīng)營范圍等可能會發(fā)生變化，因此借殼公司自身的盈利和經(jīng)營狀況的影響作用相應(yīng)降低。在研究結(jié)論的基礎(chǔ)上，本文提出包括加強對于中介機(jī)構(gòu)和上市公司財務(wù)信息的審批監(jiān)管、規(guī)范并指導(dǎo)過熱行業(yè)的發(fā)展等政策建議,包括用政策手段抓對借殼重組的監(jiān)管、加強信息披露與改革發(fā)行體制、加強參與者教育與加大投入、結(jié)合多項因素完善借殼上市IPO定價制度。以此為借殼上市IPO股價的制定提供更準(zhǔn)確合理的信息進(jìn)而促進(jìn)其股價的合理制定。
[Abstract]:A large number of scholars at home and abroad have made research on the influencing factors of stock IPO pricing.In recent years, with the development of China's securities market, the merger and reorganization of backdoor listing with the development of the market began to emerge in endlessly.Before the research on backdoor listing, it focuses on the change of performance before and after backdoor listing, the motivation of backdoor listing and the legal and financial risks of backdoor listing.However, there are few researches on the influencing factors of the initial public offering (IPO) after the successful backdoor listing. This paper is just the research on this particular research object.Based on the theoretical basis of intrinsic value, this paper sums up the financial and non-financial factors that affect the stock price of IPO listed in Lending Shell, and analyzes the non-financial factors qualitatively.The financial factors are studied by the method of factor analysis and regression analysis.On the basis of the above research, this paper analyzes the difference between the factors influencing the pricing of IPO shares listed in the backdoor and the common listing, and puts forward some policy suggestions which can more reasonably consider the factors affecting the fixed price of the IPO shares listed through the backdoor listing.The main conclusions are as follows: the influencing factors of IPO share price and ordinary IPO share price are mainly a series of financial indexes which reflect the intrinsic value of the company, but there are differences between them.In this paper, we find that the effect of industry (especially real estate industry) is magnified among the influencing factors of IPO, and the scope of business before and after the backdoor may change.Therefore, the impact of the profit and operating conditions of the backdoor company is reduced accordingly.On the basis of the conclusion of the study, this paper puts forward some policy suggestions, including strengthening the examination and approval of financial information of intermediary institutions and listed companies, standardizing and guiding the development of overheated industries, and so on, including using policy means to grasp the supervision of backdoor restructuring.We should strengthen information disclosure and reform the issuing system, strengthen participants' education and investment, and improve the pricing system of IPO through backdoor listing combined with many factors.It provides more accurate and reasonable information for the establishment of IPO share price through backdoor listing and promotes the rational formulation of its stock price.
【學(xué)位授予單位】：暨南大學(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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