發(fā)布時間：2018-07-14 13:16

【摘要】：新股上市首日收盤價高于發(fā)行價的現(xiàn)象稱為抑價現(xiàn)象。一般來講,新興資本市場新股抑價程度會大于成熟資本市場新股抑價程度。而在我國的創(chuàng)業(yè)板市場上股票抑價程度不僅遠高于發(fā)達國家,也高出新興經(jīng)濟體很多。隨著創(chuàng)業(yè)板市場的擴容壓力的增大,抑價程度有所減輕,甚至出現(xiàn)首日上市破發(fā)的情況,抑價率呈現(xiàn)出前高后低的態(tài)勢,而且抑價率的波動幅度呈現(xiàn)了一定的行業(yè)特性,其中制造業(yè)的波動幅度要明顯高于非制造業(yè),且破發(fā)的新股大多集中于制造業(yè)。因此,有必要通過行業(yè)角度來分析我國創(chuàng)業(yè)板市場IPO抑價現(xiàn)象,找出影響我國創(chuàng)業(yè)板IPO抑價的行業(yè)性因素。 新股上市首日抑價現(xiàn)象在各國資本市場上普遍存在,國內(nèi)外學者對于IPO抑價現(xiàn)象有很多研究,包括理論研究和實證研究。本文在已有文獻基礎(chǔ)上,立足于行業(yè)視角,以2009年10月—2012年11月上市的355家上市公司為研究樣本,分別對制造業(yè)和非制造業(yè)數(shù)據(jù)進行因子分析和多元線性回歸分析。分析結(jié)果表明影響我國創(chuàng)業(yè)板制造業(yè)和非制造業(yè)IPO抑價的指標可以概括為申購股本因子、資金推動因子、資產(chǎn)增長因子、投資者情緒因子、利潤因子和研發(fā)投入因子。投資者情緒和資金推動是影響制造業(yè)與非制造業(yè)IPO抑價的共同因素,而行業(yè)的差異性體現(xiàn)在研發(fā)投入與股本大小更加影響制造業(yè)IPO抑價程度,資產(chǎn)變動情況對于非制造業(yè)IPO抑價程度影響更為顯著。信息不對稱理論對于我國創(chuàng)業(yè)板IPO抑價現(xiàn)象解釋能力不強但已有所改善,且體現(xiàn)出行業(yè)特性。行為會融學的相關(guān)理論能夠很好解釋創(chuàng)業(yè)板市場制造業(yè)和非制造業(yè)IPO抑價的共性因素。 最后,本文結(jié)合實證結(jié)果和新股發(fā)行體制改革相關(guān)政策提出了加強監(jiān)管部門的監(jiān)管力度、根據(jù)行業(yè)特性強化信息披露制度和企業(yè)根據(jù)市場情況靈活選擇融資方式的建議,對抑制我國創(chuàng)業(yè)板IPO抑價現(xiàn)象有一定借鑒意義。
[Abstract]:The phenomenon that the closing price of new shares on the first day of listing is higher than the issue price is called underpricing phenomenon. Generally speaking, the degree of IPO underpricing in emerging capital markets is greater than that in mature capital markets. The degree of underpricing in China's gem is not only much higher than that in developed countries, but also much higher than that in emerging economies. With the increasing pressure on the gem market, the degree of underpricing has been reduced, and even the first day of the market has broken. The underpricing rate has shown a trend of high before and low after, and the fluctuation range of underpricing has shown certain industry characteristics. The fluctuation range of manufacturing industry is obviously higher than that of non-manufacturing industry, and broken new shares are mostly concentrated in manufacturing industry. Therefore, it is necessary to analyze IPO underpricing in China's gem market from the perspective of industry, and find out the industry factors that affect IPO underpricing in gem. The phenomenon of IPO underpricing on the first day of IPO is widespread in the capital markets of various countries. Scholars at home and abroad have a lot of research on IPO underpricing, including theoretical research and empirical research. Based on the existing literature and industry perspective, this paper takes 355 listed companies listed from October 2009 to November 2012 as the research samples, carries on factor analysis and multivariate linear regression analysis to the manufacturing and non-manufacturing data, respectively. The results show that the indexes affecting IPO underpricing in gem and non-manufacturing industries can be summarized as purchase equity factor, capital promotion factor, asset growth factor, investor sentiment factor, profit factor and R & D investment factor. Investor sentiment and capital drive are the common factors that affect IPO underpricing in manufacturing and non-manufacturing industries, while industry differences are reflected in the extent of IPO underpricing in manufacturing, which is more affected by R & D investment and equity. Asset movements have a more significant impact on the underpricing of non-manufacturing IPOs. The theory of information asymmetry has not strong ability to explain IPO underpricing phenomenon in gem, but it has been improved, and it reflects the characteristics of the industry. The related theory of behavioral finance can explain the common factors of IPO underpricing in gem market and non-manufacturing market. Finally, based on the empirical results and the relevant policies of the new issue system reform, the paper puts forward the suggestions of strengthening the supervision of the regulatory authorities, strengthening the information disclosure system according to the industry characteristics and flexibly choosing the financing methods according to the market conditions. It has certain reference significance to restrain IPO underpricing phenomenon of gem in our country.
【學位授予單位】：內(nèi)蒙古工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 曹鳳岐;董秀良;;我國IPO定價合理性的實證分析[J];財經(jīng)研究;2006年06期

2 楊丹,王莉;中國新股發(fā)行抑價:一個假說的檢驗[J];復(fù)旦學報(社會科學版);2001年05期

3 儲燦春;;內(nèi)在價值、市場信息、投資者先驗樂觀情緒與創(chuàng)業(yè)板IPO抑價[J];區(qū)域金融研究;2011年10期

4 張人驥,朱海平,王懷芳,韓星;上海股票市場新股發(fā)行價格過程分析[J];經(jīng)濟科學;1999年04期

5 付雷鳴;萬迪f ;張雅慧;;R&D投入水平影響IPO抑價嗎——基于創(chuàng)業(yè)板上市公司的研究[J];經(jīng)濟與管理研究;2011年11期

6 王晉斌;新股申購預(yù)期超額報酬率的測度及其可能原因的解釋[J];經(jīng)濟研究;1997年12期

7 梁萊歆;金楊;趙娜;;基于企業(yè)生命周期的R&D投入與企業(yè)績效關(guān)系研究——來自上市公司經(jīng)驗數(shù)據(jù)[J];科學學與科學技術(shù)管理;2010年12期

8 陳修德;彭玉蓮;盧春源;;中國上市公司技術(shù)創(chuàng)新與企業(yè)價值關(guān)系的實證研究[J];科學學研究;2011年01期

9 李博,吳世農(nóng);中國股市新股發(fā)行(IPOs)的初始收益率研究[J];南開管理評論;2000年05期

10 盧宇榮;楊琪;;我國創(chuàng)業(yè)板IPO抑價現(xiàn)象的實證研究[J];金融教育研究;2012年06期

，

本文編號：2121772