發(fā)布時(shí)間：2018-08-12 10:38

【摘要】：全球股票市場(chǎng)存在一個(gè)普遍的經(jīng)濟(jì)現(xiàn)象,也是金融界和管理界公認(rèn)的難題——新股上市首日交易價(jià)格遠(yuǎn)高于新股發(fā)行價(jià)格,即新股發(fā)行存在抑價(jià)現(xiàn)象。這一現(xiàn)象不僅普遍存在于西方發(fā)達(dá)國(guó)家的成熟資本市場(chǎng),在發(fā)展中國(guó)家的新興資本市場(chǎng)上尤為明顯,我國(guó)也不例外。新股上市首日股價(jià)往往大幅上漲,較高的收益率使得投資者熱情高漲,新股申購(gòu)熱潮不曾衰減。本文基于對(duì)IPO抑價(jià)問(wèn)題的研究,考慮到當(dāng)前經(jīng)濟(jì)環(huán)境和行業(yè)背景,選擇金融市場(chǎng)核心組成部分的商業(yè)銀行作為研究對(duì)象,探討股權(quán)分置改革以來(lái)我國(guó)上市商業(yè)銀行的IPO抑價(jià)現(xiàn)象。 本文的研究思路來(lái)源于已有的研究成果,在充分翻閱國(guó)內(nèi)外相關(guān)文獻(xiàn)、掌握國(guó)際主流觀點(diǎn)和了解我國(guó)研究現(xiàn)狀的基礎(chǔ)上,回顧我國(guó)IPO基本情況、發(fā)行機(jī)制的演變歷程等,清楚認(rèn)識(shí)我國(guó)IPO抑價(jià)現(xiàn)狀以及抑價(jià)過(guò)高的正負(fù)面影響,并著重關(guān)注商業(yè)銀行IPO抑價(jià)問(wèn)題。從理論角度定性分析我國(guó)銀行IPO抑價(jià)的諸多影響因素,包括內(nèi)部因素和外部因素,并以此為據(jù)選取變量和樣本,通過(guò)描述性統(tǒng)計(jì)、相關(guān)性分析、主成分分析和因子分析、回歸分析等一系列計(jì)量方法,建立并檢驗(yàn)多元線性回歸模型,從而再?gòu)膶?shí)證角度定量分析我國(guó)銀行IPO抑價(jià)的主要影響因素。 最后,針對(duì)我國(guó)上市商業(yè)銀行首次公開(kāi)發(fā)行中表現(xiàn)出的抑價(jià)問(wèn)題,結(jié)合前文理論和實(shí)證分析得出的影響因素結(jié)論,對(duì)證券市場(chǎng)監(jiān)管者、新股發(fā)行參與者和商業(yè)銀行管理者都提出了相關(guān)政策建議。這也是本文研究的最終目的和現(xiàn)實(shí)意義所在。
[Abstract]:There is a universal economic phenomenon in the global stock market, and it is also recognized by the financial and management circles that the first trading price of the new shares is much higher than the price of the new issue, that is, there is underpricing in the new stock market. This phenomenon exists not only in the mature capital markets of the western developed countries, but also in the emerging capital markets of the developing countries, and China is no exception. New share prices tend to rise sharply on their first day of trading, with higher yields fuelling investor enthusiasm and unwaning new share requisitions. Based on the research of IPO underpricing, considering the current economic environment and industry background, this paper chooses the commercial banks as the research object, which is the core component of the financial market. This paper discusses the phenomenon of IPO underpricing of listed commercial banks in China since the reform of split share structure. The research ideas of this paper are derived from the existing research results. On the basis of fully reading the relevant literature at home and abroad, mastering the international mainstream views and understanding the current research situation in China, this paper reviews the basic situation of IPO in China and the evolution course of the issuing mechanism, etc. This paper makes a clear understanding of the current situation of IPO underpricing in China and the positive and negative effects of high underpricing, and focuses on the issue of IPO underpricing of commercial banks. This paper qualitatively analyzes many influencing factors of IPO underpricing in Chinese banks, including internal and external factors, and selects variables and samples according to which, through descriptive statistics, correlation analysis, principal component analysis and factor analysis. A series of measurement methods, such as regression analysis, are used to establish and test the multivariate linear regression model, so as to quantitatively analyze the main influencing factors of IPO underpricing in Chinese banks from the perspective of empirical analysis. Finally, aiming at the underpricing problem in the initial public offering of listed commercial banks in China, combining the conclusions of the previous theory and empirical analysis, the paper gives a conclusion to the securities market regulators. New issue participants and commercial bank managers have put forward relevant policy recommendations. This is the ultimate purpose and practical significance of this study.
【學(xué)位授予單位】：西南財(cái)經(jīng)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;F832.33;F830.42

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