本文關(guān)鍵詞：創(chuàng)業(yè)板上市前業(yè)績(jī)和IPO抑價(jià)關(guān)系研究　出處：《延邊大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 IPO IPO抑價(jià) 詢價(jià)制

【摘要】：IPO(Initial Public Offering)指首次公開發(fā)行,IPO抑價(jià)(IPO Underpricing),指的是首次公開發(fā)行的股票的發(fā)行價(jià)格低于該公司上市首日的收盤價(jià)格的現(xiàn)象。我國(guó)的資本市場(chǎng)經(jīng)過了十年漫長(zhǎng)的發(fā)展,現(xiàn)如今的相關(guān)的法律法規(guī)也正在逐漸的完善和改進(jìn)當(dāng)中,在2009年的10月,我國(guó)也終于有了屬于自己的創(chuàng)業(yè)板。 目前在世界各國(guó)約有創(chuàng)業(yè)板70個(gè),比較有代表性的如美國(guó)的NASDAQ、英國(guó)的AIM、新加坡的SESDAQ、日本的JASDAQ、韓國(guó)的KOSDAQ、我國(guó)香港的GEM等等,其中以美國(guó)的NASDAQ最為成功,像是我們熟知的微軟、因特爾、蘋果都在NASDAQ上掛牌上市,在我國(guó),創(chuàng)業(yè)板上市的公司主要集中于新型能源產(chǎn)業(yè)、傳統(tǒng)制造業(yè)、服務(wù)業(yè)以及新經(jīng)濟(jì)類的產(chǎn)業(yè),而我國(guó)的創(chuàng)業(yè)板營(yíng)運(yùn)狀況如何,一直也是自其開板以來備受關(guān)注的。 本文采用了規(guī)范性研究方法和實(shí)證性研究方法相結(jié)合的方式,在我國(guó)現(xiàn)行詢價(jià)制下研究創(chuàng)業(yè)板中上市公司上市前財(cái)務(wù)業(yè)績(jī)和IPO抑價(jià)率關(guān)系。在理論研究部分,首先,回顧了國(guó)內(nèi)外的文獻(xiàn),從國(guó)外現(xiàn)行的理論為基礎(chǔ),將影響IPO抑價(jià)的相關(guān)理論分別做了詳細(xì)介紹,并回顧了國(guó)外文獻(xiàn)；之后回顧國(guó)內(nèi)相關(guān)學(xué)者對(duì)我國(guó)創(chuàng)業(yè)板的研究；其次,對(duì)于詢價(jià)機(jī)制的制度背景做了深刻的剖析,從我國(guó)的IPO抑價(jià)發(fā)展歷程歸納總結(jié)開始,介紹了目前國(guó)內(nèi)通用的對(duì)創(chuàng)業(yè)板的股票定價(jià)發(fā)售方式；最后,以現(xiàn)行的IPO抑價(jià)理論為基礎(chǔ),對(duì)我國(guó)創(chuàng)業(yè)板一級(jí)市場(chǎng)中的發(fā)行價(jià)格和二級(jí)市場(chǎng)中的收盤價(jià)格與上市公司之前的業(yè)績(jī)做了相關(guān)的理論分析。在實(shí)證研究部分,本文選取了我國(guó)創(chuàng)業(yè)板從2009年10月開板以來一直到2012年10月上市的355家公司的數(shù)據(jù),將在主板主要影響IPO抑價(jià)的決定因素：首發(fā)日市盈率、首發(fā)日募集資金規(guī)模、首發(fā)日中簽率和首發(fā)日公司規(guī)模做了第一次回歸分析,并得出結(jié)論,而后將模型一中這四個(gè)變量作為控制變量并將上市公司上市前的財(cái)務(wù)業(yè)績(jī)指標(biāo)引入模型中,建立模型二,分別從企業(yè)的盈利能力、資產(chǎn)質(zhì)量、債務(wù)風(fēng)險(xiǎn)及經(jīng)營(yíng)增長(zhǎng)性這四個(gè)維度引入四個(gè)主要指標(biāo),分別為凈資產(chǎn)收益率、總資產(chǎn)周轉(zhuǎn)率、資產(chǎn)負(fù)債率、營(yíng)業(yè)利潤(rùn)增長(zhǎng)率,做回歸分析并得出結(jié)論,上市公司的上市前業(yè)績(jī)對(duì)IPO抑價(jià)有一定的影響。
[Abstract]:IPO(Initial Public offering refers to the underpricing of initial public offerings (IPO underpricing). It refers to the phenomenon that the initial public offering price is lower than the closing price on the first day of the company's listing. China's capital market has been developing for a long period of ten years. At present, the relevant laws and regulations are gradually improving and improving. On 2009, October, China finally has its own gem. At present, there are about 70 gem in the world, such as NASDAQ of the United States, AIMB of the United Kingdom, SESDAQ of Singapore and JASDAQ of Japan. Korea's KOSDAQ, China's Hong Kong GEM, and so on, with the United States NASDAQ is the most successful, such as we know Microsoft, Intel, Apple are listed on the NASDAQ. In China, gem listed companies mainly focus on the new energy industry, traditional manufacturing, service industry and new economic industries. Has been since its board since the attention. This article adopts the normative research method and the positive research method unifies the way. Under the current inquiry system in China, the relationship between financial performance and IPO underpricing of listed companies in gem is studied. In the theoretical research part, firstly, the literature at home and abroad is reviewed, based on the current theories abroad. The related theories that affect IPO underpricing are introduced in detail, and the foreign literature is reviewed. Then review the domestic scholars on the gem research; Secondly, it makes a profound analysis of the institutional background of the inquiry mechanism, starting with the summary of the history of IPO underpricing in our country, and introduces the current domestic general pricing and selling mode of gem. Finally, based on the current IPO underpricing theory. This paper makes a theoretical analysis of the issue price in the gem primary market and the closing price in the secondary market and the previous performance of listed companies. This paper selects the data of 355 companies listed in gem from October 2009 to October 2012. The main determinants of IPO underpricing on the main board are listed as follows: the first-day price-earnings ratio, the scale of the funds raised on the first day, the ratio of the first day of receipt and the size of the company on the first day of the first regression analysis, and the conclusion is drawn. Then the four variables in model one are taken as control variables and the financial performance index of listed companies before listing is introduced into the model, and model two is established, respectively from the profitability of enterprises, asset quality. Debt risk and operating growth of these four dimensions introduce four main indicators, respectively, for the return on net assets, total asset turnover, asset-liability ratio, operating profit growth rate, do regression analysis and draw conclusions. The pre-listed performance of listed companies has a certain impact on IPO underpricing.
【學(xué)位授予單位】：延邊大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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本文編號(hào)：1418123