本文選題：創(chuàng)業(yè)板 + IPO抑價(jià)��； 參考：《財(cái)政部財(cái)政科學(xué)研究所》2013年碩士論文

【摘要】：2009年10月30日,中國創(chuàng)業(yè)板歷經(jīng)十年的籌備,終于誕生�；I備之初,創(chuàng)業(yè)板即定位于完善我國多層次資本市場的重要角色,致力于促進(jìn)我國高科技、高成長性企業(yè)和新興行業(yè)的發(fā)展,肩負(fù)著帶動國家經(jīng)濟(jì)結(jié)構(gòu)調(diào)整和改善上市公司治理結(jié)構(gòu)等歷史重任,對于整個國民經(jīng)濟(jì)的可持續(xù)發(fā)展具有意義重大。但在短短四年問,中國創(chuàng)業(yè)板市場的IPO抑價(jià)現(xiàn)象卻已屢見不鮮,引起了不少學(xué)者的關(guān)注。 我國創(chuàng)業(yè)板市場IPO抑價(jià)幅度大且長期居高不下,為中國股票市場乃至國民經(jīng)濟(jì)的持續(xù)健康發(fā)展帶來了極為不利影響：第一,投資者的短期套利行為客觀上提高了新股發(fā)行定價(jià)的風(fēng)險(xiǎn),并進(jìn)一步導(dǎo)致了股票交易市場的非正常波動。第二,由于新股上市不存在發(fā)行風(fēng)險(xiǎn),只要發(fā)行公司獲得上市資格,總能夠順利籌資,就會導(dǎo)致一級市場的資源配置功能喪失。第三,由于資本的逐利性,大量資金從生產(chǎn)流通領(lǐng)域流入到股票一級市場,從新股申購中攫取豐厚的收益,從而加劇了投機(jī)泡沫,降低了資金配置效率。 在創(chuàng)業(yè)板市場首次發(fā)行過程中,主要存在三方利益主體,它們分別是發(fā)行人、承銷商以及投資者。本文便從這三方利益主體之間的關(guān)系入手,深入到一級市場和二級市場的IPO兩個不同階段,系統(tǒng)地研究和分析創(chuàng)業(yè)板IPO抑價(jià)現(xiàn)象的原因,從而為完善我國創(chuàng)業(yè)板市場提供合理的建議和對策。 本文共分為五個章節(jié)。第一章介紹了選題背景和意義、國內(nèi)外關(guān)于IPO抑價(jià)的研究現(xiàn)狀、研究思路和主要內(nèi)容；第二章簡述了IPO抑價(jià)的概念,并指出我國創(chuàng)業(yè)板市場IPO抑價(jià)引發(fā)的問題；第三章先從我國股票市場IPO定價(jià)方式的演變指出引起IPO抑價(jià)的因素,然后從一級市場和二級市場的兩個角度,系統(tǒng)分析了引起我國創(chuàng)業(yè)板市場IPO抑價(jià)的因素；第四章參照美國納斯達(dá)克市場,從首發(fā)標(biāo)準(zhǔn)、發(fā)行審核流程、審核方式和渠道溝通四個方面指出我國創(chuàng)業(yè)板市場應(yīng)該做哪些借鑒；第五章從創(chuàng)業(yè)板IPO發(fā)行方式、定價(jià)方式和優(yōu)化資本市場投資者、承銷商結(jié)構(gòu)三方面提出了解決IPO抑價(jià)的政策建議及改進(jìn)措施。
[Abstract]:October 30, 2009, China gem after ten years of preparation, finally born. At the beginning of preparation, the gem is aimed at perfecting the important role of the multi-level capital market in China, and devotes itself to promoting the development of high-tech, high-growth enterprises and new industries in our country. It is of great significance for the sustainable development of the whole national economy to shoulder the historical responsibility of driving the adjustment of national economic structure and improving the governance structure of listed companies. However, in just four years, IPO underpricing in China's gem market has become a common phenomenon, which has attracted the attention of many scholars. The IPO underpricing in China's gem market is large and remains high for a long time, which has brought great adverse effects to the sustained and healthy development of China's stock market and even the national economy: first, Investors' short-term arbitrage behavior objectively raises the risk of new issue pricing and further leads to abnormal volatility in the stock market. Second, as there is no risk of IPO, as long as the issuing company is qualified for listing, it can raise funds smoothly, which will lead to the loss of the function of resource allocation in the primary market. Third, due to the profit-driven nature of capital, a large number of funds flow into the stock market from the production and circulation field, and grab rich profits from the new stock requisition, thus exacerbating the speculative bubble and reducing the efficiency of the allocation of funds. In the initial issue process of gem, there are three main interest parties, which are issuers, underwriters and investors. Starting from the relationship between the three parties, this paper goes deep into two different stages of IPO in the primary market and the secondary market, and systematically studies and analyzes the reasons for IPO underpricing in the gem. In order to improve the gem market in China to provide reasonable suggestions and countermeasures. This paper is divided into five chapters. The first chapter introduces the background and significance of the topic, the status quo of research on IPO underpricing at home and abroad, the research ideas and main contents, the second chapter briefly describes the concept of IPO underpricing, and points out the problems caused by IPO underpricing in China's gem market. The third chapter first points out the factors that cause IPO underpricing from the evolution of IPO pricing mode in China's stock market, and then systematically analyzes the factors that cause IPO underpricing in China's gem market from the two angles of primary market and secondary market. The fourth chapter refers to the NASDAQ market and points out what the gem market should learn from the four aspects of the first issue standard, issue audit process, audit method and channel communication; the fifth chapter points out how to use for reference from the gem IPO issuance mode. This paper puts forward policy suggestions and improvement measures to solve IPO underpricing in three aspects: pricing mode, optimizing investor and underwriter structure in capital market.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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