本文選題：首次公開發(fā)行 + 熱銷市場(chǎng)��； 參考：《山東大學(xué)》2013年碩士論文

【摘要】：股票發(fā)行市場(chǎng)是整體股票市場(chǎng)的基礎(chǔ)和重要組成部分,眾多市場(chǎng)主體(包括政府監(jiān)管部門、上市公司、各類中介機(jī)構(gòu)和投資者等)參與其中。發(fā)行市場(chǎng)的高效規(guī)范運(yùn)行關(guān)系到企業(yè)融資渠道的通暢,關(guān)系到資本市場(chǎng)優(yōu)化資源配置功能的有效發(fā)揮,更關(guān)系到股票市場(chǎng)長期健康發(fā)展。而作為股票發(fā)行市場(chǎng)IPO1研究領(lǐng)域三大謎團(tuán)之一的“熱銷市場(chǎng)”現(xiàn)象,是近年來西方學(xué)術(shù)界研究的熱點(diǎn)問題。當(dāng)前國內(nèi)對(duì)IPO“熱銷市場(chǎng)”現(xiàn)象的研究還是比較少的,對(duì)于我國IPO市場(chǎng)是否存在熱銷市場(chǎng)現(xiàn)象仍有爭論。結(jié)合我國國情和市場(chǎng)實(shí)際,研究股票發(fā)行問題,分析我國股市IPO超高首日收益率的成因,探討是否存在“熱銷市場(chǎng)”現(xiàn)象,對(duì)完善發(fā)行制度,搞好股市改革具有重要意義。 首先,本文綜合介紹了對(duì)IPO熱銷現(xiàn)象的研究現(xiàn)狀和理論觀點(diǎn),回顧了研究IPO熱銷現(xiàn)象的各種理論解釋,并綜合分析了抑價(jià)率和新股發(fā)行數(shù)量這兩個(gè)影響IPO熱銷現(xiàn)象的關(guān)健因素。其次,通過對(duì)可能導(dǎo)致我國證券市場(chǎng)中產(chǎn)生IPO熱銷現(xiàn)象的原因進(jìn)行探討,分析并發(fā)現(xiàn)能引起我國證券市場(chǎng)出現(xiàn)IPO熱銷現(xiàn)象的可能因素是我國新股發(fā)行制度。再次,本文利用我國數(shù)據(jù)對(duì)IPO熱銷現(xiàn)象進(jìn)行了實(shí)證檢驗(yàn),根據(jù)我國股市發(fā)行市場(chǎng)快速發(fā)展的實(shí)際以及發(fā)行制度在其中的重要作用,本文選取1994年1月至2012年10月發(fā)行的2492只股票數(shù)據(jù),2分別采用相關(guān)性分析法和單因素方差分析法兩種實(shí)證方法,對(duì)初始收益率與IPO發(fā)行量進(jìn)行分析檢驗(yàn)。兩種實(shí)證研究結(jié)果一致,檢驗(yàn)樣本的初始收益率和IPO數(shù)量以及IPO發(fā)行量的相關(guān)性與顯著性均無法通過檢驗(yàn),實(shí)證結(jié)果表明我國股市“熱銷市場(chǎng)”現(xiàn)象并不顯著。本文最后分析了導(dǎo)致我國股市該結(jié)果的特有原因,并提出相關(guān)政策性建議。
[Abstract]:The stock issuing market is the foundation and important part of the whole stock market. Many market entities (including the government supervision department, the listed company, all kinds of intermediary organizations and investors etc.) participate in it. The efficient and standardized operation of the issuing market is related to the smooth financing channels of the enterprises, the effective exertion of the function of optimizing the allocation of resources in the capital market, and the long-term and healthy development of the stock market. As one of the three puzzles in the field of IPO1 research, the phenomenon of "hot selling market" has been a hot issue in western academic circles in recent years. At present, there are few researches on the phenomenon of "hot market" of IPO in our country, and there is still controversy about whether there is a phenomenon of hot market in IPO market of our country. Combining with the situation of our country and market reality, this paper studies the issue of stock, analyzes the causes of the high first-day return rate of IPO in stock market of our country, and probes into whether there exists the phenomenon of "hot selling market", which is of great significance for perfecting the issuing system and improving the reform of stock market. First of all, this paper introduces the research status and theoretical viewpoints of IPO hot selling phenomenon, reviews the various theoretical explanations of IPO hot selling phenomenon, and comprehensively analyzes the two key factors that affect the IPO hot selling phenomenon: underpricing rate and the number of new shares issued. Secondly, through the discussion of the causes of the phenomenon of IPO hot selling in the securities market of our country, it is found that the possible factor that can cause the phenomenon of IPO hot sale in the securities market of our country is the issuing system of new shares in our country. Thirdly, this paper uses the data of our country to test the phenomenon of IPO hot selling, according to the rapid development of the stock market in our country and the important role of the issuing system in it. In this paper, the data of 2492 stocks issued from January 1994 to October 2012 are analyzed and tested by correlation analysis and single factor variance analysis. The results of the two empirical studies are consistent. The correlation and significance of the initial rate of return and the number of IPO and IPO circulation of the test samples can not pass the test. The empirical results show that the phenomenon of "hot selling market" in Chinese stock market is not significant. At the end of this paper, the author analyzes the special reasons that lead to the result of the stock market in China, and puts forward some relevant policy suggestions.
【學(xué)位授予單位】：山東大學(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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