【摘要】：創(chuàng)業(yè)板是我國資本市場(chǎng)的重要組成部分，是高新企業(yè)融資的重要渠道，在創(chuàng)業(yè)板上市的公司主要是科技含量高，，成長性好，但成立時(shí)間較短，經(jīng)營具有不確定性的企業(yè)。創(chuàng)業(yè)板進(jìn)入的門檻相對(duì)主板和中小板較低，相應(yīng)的風(fēng)險(xiǎn)也更大。 IPO定價(jià)即首次公開發(fā)行定價(jià)，是創(chuàng)業(yè)板股票上市面臨的首要問題，關(guān)系到股票發(fā)行企業(yè)、投資者和承銷商的利益，關(guān)系到創(chuàng)業(yè)板資源配置功能的正常發(fā)揮。我國的創(chuàng)業(yè)板從2009年10月正式在深圳證券交易所推出，在這三年的運(yùn)行過程中暴露出了一系列問題，尤其是在IPO定價(jià)方面。目前我國對(duì)于創(chuàng)業(yè)板IPO定價(jià)方法的選擇尚無定論，所以IPO定價(jià)相關(guān)研究很有意義。 本文首先闡述論文選題的背景，選題的意義、文獻(xiàn)綜述、研究內(nèi)容、研究方法及本文的創(chuàng)新與不足之處。 然后對(duì)IPO、IPO價(jià)格、IPO抑價(jià)率等相關(guān)概念進(jìn)行界定，并對(duì)IPO定價(jià)常用的四種方法及解釋IPO抑價(jià)的投資銀行壟斷假說、“贏者詛咒理論”等理論進(jìn)行介紹。 隨后，介紹我國創(chuàng)業(yè)板市場(chǎng)IPO相關(guān)情況，主要包括我國股票市場(chǎng)的開端及IPO定價(jià)方式的演變、我國現(xiàn)在IPO定價(jià)情況以及創(chuàng)業(yè)板相對(duì)于主板及中小板市場(chǎng)的特性研究。 第四是本文的主要部分，介紹了數(shù)據(jù)選取的原因，建立回歸模型和因子模型，分析各個(gè)因素對(duì)IPO抑價(jià)率和IPO定價(jià)的影響，并根據(jù)數(shù)據(jù)對(duì)IPO抑價(jià)及定價(jià)的情況給予分析。 最后，根據(jù)前面的分析，給出結(jié)論，并針對(duì)問題給出建議。
[Abstract]:The gem is an important part of the capital market of our country and an important channel for the financing of high-tech enterprises. The companies listed on the gem are mainly enterprises with high science and technology content and good growth, but the establishment time is short and the operation is uncertain. The entry threshold of the gem is lower than that of the main board and the small and medium-sized board, and the corresponding risks are higher. IPO pricing, that is, the pricing of initial public offering, is the primary issue facing the gem stock listing, and is related to the issuing enterprises. The interests of investors and underwriters are related to the normal function of gem resource allocation. The gem of our country was formally launched in Shenzhen Stock Exchange in October 2009, which exposed a series of problems in the course of operation in the past three years, especially in the aspect of IPO pricing. At present, there is no final conclusion on the choice of IPO pricing method in gem in China, so the research on IPO pricing is of great significance. This paper first describes the background, significance, literature review, research content, research methods, innovation and deficiency of this paper. Then it defines the related concepts such as IPO price and IPO underpricing rate, and introduces four common methods of IPO pricing and the theories of investment bank monopoly hypothesis and winner-curse theory which explain IPO underpricing. Then, the paper introduces the related situation of IPO in China's gem market, including the beginning of China's stock market and the evolution of IPO pricing mode, the current IPO pricing situation in China and the characteristics of gem relative to the main board and the small and medium-sized market. The fourth part is the main part of this paper, which introduces the reasons of data selection, establishes regression model and factor model, analyzes the influence of each factor on IPO underpricing and IPO pricing, and analyzes the underpricing and pricing of IPO according to the data. Finally, according to the above analysis, the conclusion is given, and some suggestions are given.
【學(xué)位授予單位】：四川師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 曹鳳岐;董秀良;;我國IPO定價(jià)合理性的實(shí)證分析[J];財(cái)經(jīng)研究;2006年06期

2 徐蕾;;我國企業(yè)IPO發(fā)行價(jià)格的影響因素研究[J];國際商務(wù)財(cái)會(huì);2010年05期

3 雷潔;;公司治理與IPO抑價(jià)研究[J];當(dāng)代經(jīng)濟(jì);2008年09期

4 劉春玲;;我國A股市場(chǎng)IPO定價(jià)影響因素的實(shí)證分析[J];海南金融;2009年03期

5 張人驥,朱海平,王懷芳,韓星;上海股票市場(chǎng)新股發(fā)行價(jià)格過程分析[J];經(jīng)濟(jì)科學(xué);1999年04期

6 周孝華;唐健;陳婭莉;;創(chuàng)業(yè)板公司估值模型研究[J];經(jīng)濟(jì)與管理研究;2009年08期

7 陳工孟,高寧;中國股票一級(jí)市場(chǎng)發(fā)行抑價(jià)的程度與原因[J];金融研究;2000年08期

8 鄭紅梅;趙紅巖;;基于隨機(jī)前沿方法的我國創(chuàng)業(yè)板IPO定價(jià)效率分析[J];中國市場(chǎng);2010年Z2期

9 劉春玲;;我國A股市場(chǎng)IPO定價(jià)影響因素實(shí)證分析[J];上海市經(jīng)濟(jì)管理干部學(xué)院學(xué)報(bào);2009年03期

10 吳江林;唐健;周孝華;;增長期權(quán)理論下創(chuàng)業(yè)板公司IPO估值模型研究[J];統(tǒng)計(jì)與決策;2010年06期

本文編號(hào)：2179044