發(fā)布時間：2018-07-09 09:43

  本文選題：IPO首日超額收益 + 投資者情緒��； 參考：《湖南大學》2013年碩士論文

【摘要】：IPO具有較高的首日超額收益是一個在全球市場普遍存在的現(xiàn)象，歷來都有不少的國內(nèi)外學者對其進行研究，并且提出了很多理論和模型但是在中國這個新興市場中出現(xiàn)的極高的IPO首日超額收益現(xiàn)象吸引了許多國內(nèi)外學者對其進行研究對IPO首日超額收益的研究具有非�，F(xiàn)實意義，驗證影響其的因素有助于規(guī)范我國的新股發(fā)行市場以及保護中小投資者的利益在過去的研究中，學術(shù)界主要有兩種理論對IPO首日高收益給予解釋：即一級市場的抑價理論和二級市場的溢價理論 而我國由于已經(jīng)在2005年對新股發(fā)行采用全面市場化的機制，這種機制在理論上是可以降低IPO的高折價率，但是中國的新股發(fā)行市場在經(jīng)歷改革之后依然有著很高的折價水平所以本文試著從二級市場的角度來解釋中國出現(xiàn)的IPO首日超額收益過高的現(xiàn)象 本文共分為五個部分，第一章主要闡述了論文的研究背景，研究內(nèi)容和文獻綜述，提出了研究思路和技術(shù)路線，并且提出了文章的創(chuàng)新點第二章首先介紹了一些行為金融理論中關(guān)于投資者情緒的研究主題，然后利用國外理論模型解釋了投資者情緒影響是如何影響資產(chǎn)價格第三章首先介紹了我國投資者主要的情緒表現(xiàn)，并綜合我國實際對IPO如此高的超額收益現(xiàn)象進行分析，提出二級市場可能是造成如此現(xiàn)狀的原因，，接著提出研究假設第四章為實證研究，利用多變量線性回歸的方法檢驗了投資者情緒和IPO折價之間的相關(guān)關(guān)系，研究各個因素和IPO折價之間的關(guān)系和影響方向，對假設結(jié)果給出合理解釋第五章得出結(jié)論和觀點，提出一些具體的政策性意見，并且提出了研究的不足
[Abstract]:IPO has a high first day excess return is a common phenomenon in the global market. There have always been a lot of scholars at home and abroad, and many theories and models have been put forward, but the high IPO first day excess returns in the emerging market in China have attracted many domestic and foreign scholars to study it. The study of IPO's first day excess returns is of great practical significance. It is helpful to verify the factors that affect the new issue market in China and to protect the interests of small and medium investors in the past. There are two main theories in the academic circle to explain the high returns of the first day of IPO: the theory of underpricing in the first level market and the two level market. Premium theory
But China has adopted a comprehensive market mechanism in 2005, which can reduce the high discount rate of IPO in theory, but China's new issue market still has a high discount level after the reform. So this paper tries to explain the first day of China's IPO from the angle of the two level market. Excessive excess returns
This article is divided into five parts. The first chapter mainly expounds the research background, the research content and the literature review, puts forward the research ideas and technical route, and puts forward the second chapters of the article, which first introduces some research topics about the investor sentiment in the behavioral finance theory, and then uses the foreign theoretical model to explain it. The third chapter introduces the main emotional performance of the investor in the third chapter of the investor's emotional impact, and analyzes the phenomenon of such high excess returns in China, and puts forward that the two level market may be the cause of this situation. Then the author puts forward the research hypothesis in fourth chapters as an empirical study and uses the multivariable. The method of linear regression tests the relationship between investor sentiment and IPO discount, studies the relationship and direction between various factors and IPO discount, and gives a reasonable explanation of the hypothesis results in fifth chapters and draws conclusions and views, and puts forward some specific policy opinions, and puts forward the lack of research.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F224

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