本文關(guān)鍵詞：承銷(xiāo)商聲譽(yù)、IPO抑價(jià)與創(chuàng)業(yè)板市場(chǎng)風(fēng)險(xiǎn)研究　出處：《吉林財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 二級(jí)市場(chǎng)風(fēng)險(xiǎn) IPO抑價(jià)率 承銷(xiāo)商聲譽(yù) 風(fēng)險(xiǎn)投資 IPO公司特征

【摘要】：自2009年創(chuàng)立至今，我國(guó)創(chuàng)業(yè)板市場(chǎng)已成為科技型中小企業(yè)和自主創(chuàng)新企業(yè)的重要融資渠道。我國(guó)創(chuàng)業(yè)板市場(chǎng)具有上市門(mén)檻相對(duì)低、IPO公司成長(zhǎng)性高等特征。因此相較于其他板塊，創(chuàng)業(yè)板市場(chǎng)的二級(jí)市場(chǎng)風(fēng)險(xiǎn)更為復(fù)雜。此外，由于多數(shù)創(chuàng)業(yè)板IPO公司上市交易時(shí)間尚短，信息披露和風(fēng)險(xiǎn)監(jiān)控尚不完善等客觀原因，多數(shù)投資者對(duì)投資于創(chuàng)業(yè)板市場(chǎng)IPO公司的股票持徘徊和觀望的態(tài)度。這就可能導(dǎo)致證券交易所成交量的萎靡和市場(chǎng)的不景氣。在眾多的創(chuàng)業(yè)板IPO公司中，投資者如何能夠通過(guò)有限的信息和資料在短時(shí)期內(nèi)對(duì)IPO公司的二級(jí)市場(chǎng)風(fēng)險(xiǎn)進(jìn)行分析和判斷，并最終做出投資決策，這是本文所要研究的問(wèn)題。 本文通過(guò)對(duì)一級(jí)市場(chǎng)交易數(shù)據(jù)和發(fā)行公司的IPO特征與二級(jí)市場(chǎng)短暫交易歷史數(shù)據(jù)進(jìn)行多元回歸分析并建立回歸模型，探究這些變量如何影響二級(jí)市場(chǎng)風(fēng)險(xiǎn)因素。在回歸結(jié)果中我們發(fā)現(xiàn)：IPO抑價(jià)和二級(jí)市場(chǎng)風(fēng)險(xiǎn)顯著正相關(guān)；承銷(xiāo)商聲譽(yù)與二級(jí)市場(chǎng)風(fēng)險(xiǎn)顯著負(fù)相關(guān),即雇傭高聲譽(yù)承銷(xiāo)商進(jìn)行IPO股票承銷(xiāo)工作的公司，其二級(jí)市場(chǎng)風(fēng)險(xiǎn)相對(duì)較低；風(fēng)險(xiǎn)投資水平與二級(jí)市場(chǎng)風(fēng)險(xiǎn)的相關(guān)性不明顯，但在回歸模型中卻增強(qiáng)了模型的解釋能力。我們得出在IPO后一定段時(shí)期內(nèi)存在風(fēng)險(xiǎn)投資支持公司的二級(jí)市場(chǎng)風(fēng)險(xiǎn)較低的結(jié)論。但隨著時(shí)間的流逝，存在風(fēng)險(xiǎn)投資對(duì)于IPO公司二級(jí)市場(chǎng)風(fēng)險(xiǎn)影響不再明顯；公司的二級(jí)市場(chǎng)風(fēng)險(xiǎn)與公司自身特征和IPO時(shí)發(fā)行狀況存在廣泛的相關(guān)性。 通過(guò)對(duì)一級(jí)發(fā)行市場(chǎng)的各項(xiàng)指標(biāo)和IPO公司特征和IPO特征等因素的回歸分析，可以探究我國(guó)創(chuàng)業(yè)板市場(chǎng)上市公司在IPO后一段時(shí)間內(nèi)二級(jí)市場(chǎng)風(fēng)險(xiǎn)的影響因素，為投資者在二級(jí)市場(chǎng)進(jìn)行風(fēng)險(xiǎn)判斷和識(shí)別提供重要參考。
[Abstract]:Since its establishment in 2009, China's gem market has become an important financing channel for technology-based SMEs and independent innovation enterprises. The gem market has a relatively low threshold for listing. IPO company has high growth characteristics. Therefore, compared with other sectors, the secondary market risk of gem market is more complex. In addition, because most gem IPO companies listed and traded time is still short. Information disclosure and risk monitoring are not perfect and other objective reasons. Most investors have a lingering and wait-and-see attitude towards IPO shares in the gem market. This may lead to a slump in trading volume on stock exchanges and a slump in the market. Among the many gem IPO companies, . How can investors analyze and judge the secondary market risk of IPO Company in a short period of time through limited information and data, and finally make investment decision? this is the problem to be studied in this paper. This paper carries on the multivariate regression analysis and establishes the regression model through the multivariate regression analysis of the transaction data of the primary market and the IPO characteristics of the issuing company and the transient trading history data of the secondary market. This paper explores how these variables affect the risk factors in the secondary market. In the regression results, we find that there is a significant positive correlation between the IPO underpricing and the secondary market risk. There is a significant negative correlation between underwriter reputation and secondary market risk, that is, companies employing high-reputation underwriters to underwrite IPO shares have a relatively low secondary market risk. The correlation between the level of venture capital and the risk of secondary market is not obvious. However, in the regression model, the explanatory ability of the model is enhanced. We draw the conclusion that there is a lower risk in the secondary market of the venture capital support company in a certain period after IPO. But with the passage of time. The influence of venture capital on the secondary market risk of IPO company is no longer obvious. The secondary market risk of the company has extensive correlation with the company's own characteristics and the issuing condition of IPO. Through the regression analysis of the indexes of the first-order market and the characteristics of IPO company and IPO, etc. We can explore the influencing factors of the secondary market risk of the listed companies in the gem market in China for a period of time after IPO, and provide an important reference for investors to judge and identify the risk in the secondary market.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 陳工孟,高寧;中國(guó)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

，

本文編號(hào)：1362685