本文選題：創(chuàng)業(yè)板 + IPO抑價(jià)��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：2009年10月30日隨著首批上市的28家企業(yè),中國創(chuàng)業(yè)板正式上市。至今創(chuàng)業(yè)板已成立3年有余,已有355家企業(yè)在創(chuàng)業(yè)板成功上市,創(chuàng)業(yè)板已成為我國中小企業(yè)融資的重要平臺(tái),更是我國多層次資本市場一個(gè)重要的補(bǔ)充部分。創(chuàng)業(yè)板的推出為我國高新技術(shù)的中小企業(yè)的發(fā)展創(chuàng)造了良好的契機(jī),但是這種契機(jī)是以創(chuàng)業(yè)板的不正常發(fā)展為代價(jià)。這種不正常發(fā)展的一個(gè)最顯著的表現(xiàn)就是創(chuàng)業(yè)板企業(yè)存在嚴(yán)重的IPO抑價(jià)問題,根據(jù)本文數(shù)據(jù)分析,創(chuàng)業(yè)板上市的355家企業(yè)的平均抑價(jià)率達(dá)到34.30%,遠(yuǎn)高于發(fā)達(dá)國家成熟資本市場的平均水平,首批上市的28家企業(yè)抑價(jià)率更是達(dá)到106.23%。除此之外,創(chuàng)業(yè)板自成立之初就被扣上“三高”的帽子,即高發(fā)行價(jià),高市盈率,高超募。 本文運(yùn)用金融學(xué)、計(jì)量經(jīng)濟(jì)學(xué)的相關(guān)知識(shí),以創(chuàng)業(yè)板IPO抑價(jià)率影響因素與創(chuàng)業(yè)板IPO抑價(jià)率的關(guān)系為主線,對(duì)我國創(chuàng)業(yè)板IPO定價(jià)效率影響因素進(jìn)行實(shí)證研究,探究造成我國創(chuàng)業(yè)板目前“三高”現(xiàn)狀的主要原因,并對(duì)如何改善這一現(xiàn)狀提出政策建議。 本文在簡要介紹了國內(nèi)外學(xué)者關(guān)于創(chuàng)業(yè)板IPO抑價(jià)問題的理論研究的基礎(chǔ)上,回顧了我國創(chuàng)業(yè)板“十年磨劍”的曲折歷程,隨后描述了我國創(chuàng)業(yè)板目前的發(fā)展現(xiàn)狀,并由此引出我國創(chuàng)業(yè)板目前存在的主要問題：高發(fā)行價(jià)、高市盈率、高超募、創(chuàng)業(yè)板企業(yè)上市之后業(yè)績下滑和大量高管減持套現(xiàn)問題。在實(shí)證分析部分,本文對(duì)創(chuàng)業(yè)板IPO抑價(jià)率影響因素進(jìn)行了研究,分析得出：發(fā)行規(guī)模和發(fā)行價(jià)格與創(chuàng)業(yè)板IPO抑價(jià)率成負(fù)相關(guān),而上市首日換手率、上市間隔日期和上市首日市盈率與創(chuàng)業(yè)板IPO抑價(jià)率成正相關(guān)。這一結(jié)論顯示出二級(jí)市場對(duì)創(chuàng)業(yè)板IPO定價(jià)效率的影響,首日換手率反映出二級(jí)市場供不應(yīng)求的現(xiàn)狀,這也促使創(chuàng)業(yè)板IPO抑價(jià)率走高。 最后,本文針對(duì)我國創(chuàng)業(yè)板目前存在的問題,結(jié)合實(shí)證分析結(jié)論提出政策建議,認(rèn)為應(yīng)當(dāng)推進(jìn)IPO市場化改革,并同步完善配套投資環(huán)境、信息披露制等,創(chuàng)業(yè)板處在改革的先鋒位置,應(yīng)當(dāng)擔(dān)起改革試點(diǎn)的重任。
[Abstract]:October 30, 2009 with the first batch of 28 listed enterprises, China gem officially listed. Up to now, the gem has been established for more than 3 years, and 355 enterprises have successfully listed on the gem. The gem has become an important platform for the financing of small and medium-sized enterprises in our country, and it is also an important supplementary part of the multi-level capital market in our country. The launch of the gem has created a good opportunity for the development of high-tech SMEs in our country, but this opportunity is at the expense of the abnormal development of the gem. One of the most significant manifestations of this abnormal development is the serious problem of IPO underpricing in gem enterprises. According to the analysis of the data in this paper, The average underpricing rate of 355 enterprises listed on the gem is 34.30, which is much higher than the average level of mature capital markets in developed countries, and the underpricing rate of the first batch of 28 listed enterprises is 106.2333. In addition, gem since its inception was added to the "three high" hat, that is, high price, high price-earnings ratio, superb fund-raising. Based on the relevant knowledge of finance and econometrics and the relationship between the influencing factors of IPO underpricing rate and IPO underpricing rate in gem, this paper makes an empirical study on the influencing factors of IPO pricing efficiency in gem. This paper probes into the main reasons for the present situation of the "three high" in the gem of our country, and puts forward some policy suggestions on how to improve the present situation. Based on the brief introduction of domestic and foreign scholars' theoretical research on IPO underpricing, this paper reviews the tortuous course of "ten years of sword grinding" in China's gem, and then describes the current development situation of gem in China. The main problems of gem in China are: high issue price, high price-earnings ratio, super fundraising, performance decline after gem listing and a large number of senior executives selling cash. In the part of empirical analysis, this paper studies the influencing factors of IPO underpricing rate in gem. The results show that the size and price of gem are negatively correlated with IPO underpricing rate, and the turnover rate is negative on the first day of listing. The price-earnings ratio of gem and the price-earnings ratio on the first day of listing are positively correlated with the underpricing rate of gem IPO. This conclusion shows the influence of the secondary market on the IPO pricing efficiency of the gem, and the first-day turnover rate reflects the current situation that the supply in the secondary market exceeds supply, which also leads to the higher underpricing rate of IPO in the gem. Finally, in view of the existing problems of gem in China, this paper puts forward some policy suggestions based on the empirical analysis conclusion, and holds that we should promote the market-oriented reform of IPO, and simultaneously improve the supporting investment environment, information disclosure system, and so on. Gem is in the vanguard position of reform, should undertake the responsibility of reform pilot.
【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
【分類號(hào)】：F832.51

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