發(fā)布時間：2018-03-18 02:26

  本文選題：創(chuàng)業(yè)板　切入點：IPO抑價　出處：《廣東外語外貿(mào)大學》2017年碩士論文　論文類型：學位論文

【摘要】：中國的創(chuàng)業(yè)板自2009年成立到現(xiàn)在已7年有余。截至到2016年底,總計共有587家企業(yè)在創(chuàng)業(yè)板上市,募資總金額超3000億元,創(chuàng)業(yè)板企業(yè)總市值已接近60000億元。創(chuàng)業(yè)板的設(shè)立在推動一批高成長的創(chuàng)新型企業(yè)發(fā)展、為投資者分享國民經(jīng)濟發(fā)展的新成果提供關(guān)鍵渠道的同時,也在支持國民經(jīng)濟建設(shè)、深化改革及經(jīng)濟轉(zhuǎn)型升級等國政方針的實施方面發(fā)揮了重要作用。創(chuàng)業(yè)板市場的健康運行已然成為我國資本市場穩(wěn)定向好發(fā)展、國民經(jīng)濟持續(xù)健康增長的重要組成部分。與國外發(fā)達國家的成熟資本市場不同,我國的創(chuàng)業(yè)板市場自開市以來就伴隨著獨有的“三高”現(xiàn)象,即高發(fā)行價格、高發(fā)行市盈率和高超募金額。與“三高”現(xiàn)象并存的還有一個困惑理論及實務(wù)界已久的現(xiàn)象——“高IPO抑價率”。IPO抑價現(xiàn)象在中國的創(chuàng)業(yè)板市場尤為嚴重,近幾年,隨著市場的不斷發(fā)展及一系列改革的深入,IPO抑價率雖有放緩的趨勢,但仍處于世界較高水平。國內(nèi)外學者對此問題曾從信息不對稱、行為金融學等角度進行了研究,但鑒于研究時間段的不同、樣本數(shù)據(jù)的可得性及制度背景的差異等原因,目前尚未得出統(tǒng)一的結(jié)論。在我國IPO審核加速、注冊制呼之欲出及證券法進一步修改等背景下,進一步探究IPO抑價問題有利于明確我國資本市場的改革方向、保障市場的平穩(wěn)健康發(fā)展。在創(chuàng)業(yè)板企業(yè)IPO及上市的過程中,主要的參與方有承銷商、投資者及私募股權(quán)投資機構(gòu)。國內(nèi)外諸多研究也表明,以上各方是影響創(chuàng)業(yè)板企業(yè)IPO抑價率的關(guān)鍵因素。鑒于此,本文以上述各方為切入點,選取了2009-2016年的創(chuàng)業(yè)板市場的數(shù)據(jù),采用多元回歸分析的方法,利用Stata 13.1軟件詳細分析了承銷商聲譽、投資者情緒及私募股權(quán)投資機構(gòu)持股行為對企業(yè)IPO抑價率的影響,并得出了以下結(jié)論,第一,承銷商聲譽能顯著降低IPO抑價率;第二,投資者情緒能顯著影響IPO抑價率,其中:新股上市首日換手率與IPO抑價率顯著正相關(guān),新股網(wǎng)上發(fā)行中簽率與IPO抑價率顯著負相關(guān);第三,私募股權(quán)投資機構(gòu)的介入能顯著提高IPO抑價率,且私募股權(quán)投資機構(gòu)的持股時間越長,IPO抑價率越高。
[Abstract]:More than seven years have passed since the establishment of the gem in 2009. As of end of 2016, a total of 587 enterprises have listed on the gem, raising a total of more than 300 billion yuan. The establishment of the gem has reached nearly 6 trillion yuan. The establishment of the gem not only promotes the development of a number of high-growth innovative enterprises and provides a key channel for investors to share the new achievements of national economic development, but also supports national economic construction. Deepening reform and economic transformation and upgrading have played an important role in the implementation of national policies. The healthy operation of the gem market has become a stable and good development of our capital market. Unlike the mature capital markets of developed countries, the gem market in China has been accompanied by a unique "three high" phenomenon since the opening of the market, that is, high issuing prices. The phenomenon of "high IPO underpricing". The phenomenon of IPO underpricing is especially serious in China's gem market in recent years. With the continuous development of the market and a series of reforms, the IPO underpricing rate is slowing down, but it is still at a high level in the world. Scholars at home and abroad have studied this problem from the angles of information asymmetry and behavioral finance. However, in view of the differences in the time period of study, the availability of sample data and the differences in institutional background, there is no unified conclusion. Under the background of accelerating the IPO audit in our country, the registration system is eager to emerge, and the securities law is further amended, and so on, Further exploring the issue of IPO underpricing will help to clarify the reform direction of China's capital market and ensure the smooth and healthy development of the market. In the process of IPO and listing of gem enterprises, the main participants are underwriters. Investors and private equity investment institutions. Many domestic and foreign studies also show that the above parties are the key factors affecting the IPO underpricing rate of gem enterprises. In view of this, this paper selects the data of gem 2009-2016 as the starting point. Using the method of multiple regression analysis and using Stata 13.1 software, this paper analyzes the influence of underwriter reputation, investor sentiment and the behavior of private equity investment institution on the underpricing rate of IPO in detail, and draws the following conclusions: first, The underwriter reputation can significantly reduce the IPO underpricing rate. Secondly, investor sentiment can significantly affect the IPO underpricing rate. Among them, the first-day turnover rate of new shares and the IPO underpricing rate are significantly positive correlation, and the online issuance rate of new shares is negatively correlated with IPO underpricing rate. Thirdly, the intervention of private equity firms can significantly improve the underpricing rate of IPO, and the longer the holding time of private equity institutions, the higher the underpricing rate.
【學位授予單位】：廣東外語外貿(mào)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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