本文選題：創(chuàng)業(yè)板市場(chǎng) + 定價(jià)效率　； 參考：《廣東工業(yè)大學(xué)》2012年碩士論文

【摘要】：我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)在經(jīng)歷了十年的醞釀之后,于2009年十月在深圳證券交易所開(kāi)板,它的開(kāi)板對(duì)完善我國(guó)資本市場(chǎng)、促進(jìn)新興產(chǎn)業(yè)發(fā)展意義十分重大。但隨著我國(guó)創(chuàng)業(yè)板上市公司數(shù)量的不斷增加,我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)突顯了定價(jià)效率偏低的問(wèn)題。 為解決我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)存在的定價(jià)效率偏低的問(wèn)題,促進(jìn)我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展,本文首先對(duì)國(guó)內(nèi)外有關(guān)IPO定價(jià)效率的研究狀況進(jìn)行綜述和評(píng)價(jià)；然后對(duì)我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)進(jìn)行分析；在結(jié)合我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)特點(diǎn)以及國(guó)內(nèi)外學(xué)者的研究狀況的基礎(chǔ)上,提出從發(fā)行價(jià)與公司內(nèi)部財(cái)務(wù)因素之間關(guān)系以及IPO抑價(jià)影響因素兩個(gè)方面來(lái)分析我國(guó)創(chuàng)業(yè)板IPO定價(jià)效率。并以2009年10月30日至2012年4月30日之間,在我國(guó)內(nèi)地創(chuàng)業(yè)板上市的311家公司為樣本,采用實(shí)證研究的方法,通過(guò)建立多元線性回歸模型,對(duì)影響我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)定價(jià)效率的因素進(jìn)行實(shí)證檢驗(yàn)。以期通過(guò)實(shí)證檢驗(yàn)找到我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)定價(jià)效率偏低的原因。 本文的實(shí)證檢驗(yàn)結(jié)果表明,新股的發(fā)行價(jià)格與反映公司內(nèi)在價(jià)值的財(cái)務(wù)指標(biāo)不存在顯著相關(guān)關(guān)系。IPO抑價(jià)率是反映定價(jià)效率的重要指標(biāo),本文通過(guò)對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)影響因素的實(shí)證分析發(fā)現(xiàn)：首日換手率、發(fā)行市盈率、中簽率、反映公司盈利能力的主成分變量、反映公司發(fā)展能力的主成分變量以及上市首日上證綜指的漲幅是影響我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)的重要因素。在對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)的研究基礎(chǔ)上,本文認(rèn)為造成目前我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO定價(jià)效率偏低的原因是我國(guó)創(chuàng)業(yè)板市場(chǎng)投資者尚不成熟的投資理念、我國(guó)創(chuàng)業(yè)板市場(chǎng)股票供不應(yīng)求的市場(chǎng)狀況以及尚不完善的新股發(fā)行制度。在通過(guò)實(shí)證檢驗(yàn)找到影響我國(guó)內(nèi)地創(chuàng)業(yè)板市場(chǎng)定價(jià)效率偏低的原因后,本文提出了相應(yīng)的對(duì)策和建議。
[Abstract]:After ten years of gestation, the gem in the mainland of China opened in Shenzhen Stock Exchange in October 2009. It is of great significance to perfect the capital market and promote the development of new industries in China. However, with the increasing number of listed companies in the gem, the mainland gem market highlights the problem of low pricing efficiency. In order to solve the problem of low pricing efficiency and promote the healthy development of China's mainland gem market, this paper firstly summarizes and evaluates the research status of IPO pricing efficiency at home and abroad. Then it analyzes the gem market in the mainland of China, and combines the characteristics of the gem market in the mainland of China and the research situation of domestic and foreign scholars. This paper puts forward to analyze the IPO pricing efficiency of gem in China from two aspects: the relationship between the IPO price and the internal financial factors of the company and the influencing factors of IPO underpricing. From October 30, 2009 to April 30, 2012, 311 companies listed on the gem in the mainland of China were selected as samples. The empirical research method was used to establish a multivariate linear regression model. This paper makes an empirical test on the factors influencing the pricing efficiency of China's mainland gem market. The purpose of this paper is to find out the reasons for the low pricing efficiency of China's mainland gem market. The empirical results of this paper show that there is no significant correlation between the IPO price and the financial index reflecting the intrinsic value of the company. IPO underpricing is an important indicator to reflect the pricing efficiency. Based on the empirical analysis of the influencing factors of IPO underpricing in China's gem market, this paper finds that: first day turnover ratio, issue price-earnings ratio, success ratio, which reflect the principal component variables of the company's profitability. The main component variable which reflects the development ability of the company and the increase of the Shanghai Composite Index on the first day of listing are the important factors that affect the IPO underpricing in China's gem market. On the basis of the research on IPO underpricing in China's gem market, this paper holds that the reason for the low IPO pricing efficiency in the gem market is the immature investment idea of the investors in the gem market. China's gem stock market is in short supply and the new issue system is not perfect. After finding out the reasons that affect the pricing efficiency of China's mainland gem, this paper puts forward the corresponding countermeasures and suggestions.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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