本文關(guān)鍵詞：承銷商聲譽、IPO抑價與創(chuàng)業(yè)板市場風險研究　出處：《吉林財經(jīng)大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 二級市場風險 IPO抑價率 承銷商聲譽 風險投資 IPO公司特征

【摘要】：自2009年創(chuàng)立至今，我國創(chuàng)業(yè)板市場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。我國創(chuàng)業(yè)板市場具有上市門檻相對低、IPO公司成長性高等特征。因此相較于其他板塊，創(chuàng)業(yè)板市場的二級市場風險更為復雜。此外，由于多數(shù)創(chuàng)業(yè)板IPO公司上市交易時間尚短，信息披露和風險監(jiān)控尚不完善等客觀原因，多數(shù)投資者對投資于創(chuàng)業(yè)板市場IPO公司的股票持徘徊和觀望的態(tài)度。這就可能導致證券交易所成交量的萎靡和市場的不景氣。在眾多的創(chuàng)業(yè)板IPO公司中，投資者如何能夠通過有限的信息和資料在短時期內(nèi)對IPO公司的二級市場風險進行分析和判斷，并最終做出投資決策，這是本文所要研究的問題。 本文通過對一級市場交易數(shù)據(jù)和發(fā)行公司的IPO特征與二級市場短暫交易歷史數(shù)據(jù)進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市場風險因素。在回歸結(jié)果中我們發(fā)現(xiàn)：IPO抑價和二級市場風險顯著正相關(guān)；承銷商聲譽與二級市場風險顯著負相關(guān),即雇傭高聲譽承銷商進行IPO股票承銷工作的公司，其二級市場風險相對較低；風險投資水平與二級市場風險的相關(guān)性不明顯，但在回歸模型中卻增強了模型的解釋能力。我們得出在IPO后一定段時期內(nèi)存在風險投資支持公司的二級市場風險較低的結(jié)論。但隨著時間的流逝，存在風險投資對于IPO公司二級市場風險影響不再明顯；公司的二級市場風險與公司自身特征和IPO時發(fā)行狀況存在廣泛的相關(guān)性。 通過對一級發(fā)行市場的各項指標和IPO公司特征和IPO特征等因素的回歸分析，可以探究我國創(chuàng)業(yè)板市場上市公司在IPO后一段時間內(nèi)二級市場風險的影響因素，為投資者在二級市場進行風險判斷和識別提供重要參考。
[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.
【學位授予單位】：吉林財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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