本文關鍵詞： 創(chuàng)業(yè)板 新股發(fā)行 定價合理性 影響因素　出處：《重慶理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：創(chuàng)業(yè)板市場作為中國多層次資本市場中不可或缺的一部分,其發(fā)展關系到整個資本市場的發(fā)展,而股票首次發(fā)行關系到創(chuàng)業(yè)板市場的健康穩(wěn)定發(fā)展,所以股票首次發(fā)行的過程至關重要。創(chuàng)業(yè)板的成立為中小企業(yè)提供了重要的融資渠道,適當?shù)腎PO定價能保證企業(yè)順利融資,而對IPO定價的研究,核心是對定價合理性和定價影響因素的研究。本文基于創(chuàng)業(yè)板的特點,通過對IPO定價合理性的分析,提出IPO定價不合理的原因是考慮的因素不夠全面,為找出對IPO定價影響顯著的因素,建立了多因素回歸定價模型,在此基礎上提出優(yōu)化創(chuàng)業(yè)板IPO定價的政策建議。本文首先在國內外文獻綜述的基礎上,對我國IPO定價理論進行了梳理,同時分析了IPO發(fā)行及定價制度、創(chuàng)業(yè)板IPO定價現(xiàn)狀,基于此對創(chuàng)業(yè)板IPO定價合理性進行了分析,并從不同階段和不同市場兩個角度進行對比分析。發(fā)現(xiàn)我國創(chuàng)業(yè)板IPO定價不合理的原因是,IPO定價過程中考慮的因素不夠全面。因此將影響IPO定價的因素分為公司因素、一級市場影響因素和二級市場影響因素,以2015年1月至2016年9月在創(chuàng)業(yè)板上市的公司作為樣本,通過建立多元回歸模型,找出對IPO定價影響顯著的因素,為IPO定價模型中影響因素的選擇作參考。通過模型的分析,得到的結論有:首先,我國創(chuàng)業(yè)板一級市場IPO定價具有一定的合理性,新股發(fā)行價格能反映出公司基本財務信息,且受到企業(yè)所在地的影響;其次,新股上市20日平均收盤價也沒有脫離公司內在價值,但與公司價值稍有偏離,且受到企業(yè)所在地和股票發(fā)行情況的影響;第三,IPO發(fā)行價格優(yōu)于IPO市場價格,因為發(fā)行價格比市場價格擬合效果更好,且反映的公司因素更多;最后,IPO高抑價主要是由于二級市場非理性投機造成的,IPO抑價受換手率和機構投資者情緒影響顯著。最后,本文在研究的基礎上提出了三條優(yōu)化創(chuàng)業(yè)板IPO定價的政策建議。首先,應該關注公司價值因素并尋找合適的IPO定價方法;其次需要擴大詢價制的詢價范圍,并加強投資者的教育;最后,需要對信息披露制度進行完善,同時推進IPO注冊制的實施。
[Abstract]:As an indispensable part of China's multi-level capital market, the growth enterprise market is related to the development of the whole capital market, and the initial issue of stocks is related to the healthy and stable development of the growth enterprise market. The establishment of the gem provides an important financing channel for small and medium-sized enterprises, appropriate IPO pricing can ensure the smooth financing of enterprises, and the study of IPO pricing. The core is the study of pricing rationality and pricing influencing factors. Based on the characteristics of gem, this paper analyzes the rationality of IPO pricing, and points out that the reason why IPO pricing is unreasonable is that the factors are not comprehensive enough. In order to find out the factors that have significant influence on IPO pricing, a multi-factor regression pricing model is established, and the policy recommendations for optimizing IPO pricing in gem are put forward. Firstly, based on the literature review at home and abroad. At the same time, it analyzes the issue and pricing system of IPO, the current situation of IPO pricing in gem, and analyzes the rationality of IPO pricing in gem based on the analysis of the pricing theory of IPO in China. And from different stages and different market point of view, we find that the reason why IPO pricing is unreasonable is. The factors that affect the pricing of IPO are not comprehensive enough. Therefore, the factors that affect the pricing of IPO are divided into corporate factors, primary market factors and secondary market factors. Taking the companies listed on gem from January 2015 to September 2016 as samples, the factors that influence the pricing of IPO are found out by establishing a multivariate regression model. Through the analysis of the model, the conclusions are as follows: firstly, the IPO pricing in the gem primary market is reasonable. The IPO price can reflect the basic financial information of the company and is influenced by the location of the enterprise. Secondly, the average closing price of IPO in 20th is not divorced from the intrinsic value of the company, but deviates slightly from the value of the company, and is affected by the location of the enterprise and the situation of the stock issue. The third price is better than the market price of IPO, because the price of IPO is better than the market price, and reflects more factors of the company; Finally, the high IPO underpricing is mainly due to the secondary market irrational speculation caused by the IPO underpricing is significantly affected by turnover rate and institutional investor sentiment. Finally. On the basis of the research, this paper puts forward three policy recommendations to optimize the IPO pricing of gem. Firstly, we should pay attention to the factors of company value and look for the appropriate pricing method of IPO. Secondly, it is necessary to expand the inquiry scope of inquiry system and strengthen the education of investors. Finally, we need to perfect the information disclosure system and promote the implementation of IPO registration system.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

【參考文獻】

相關期刊論文 前10條

1 李聃;馮揚;;我國IPO定價影響因素實證研究[J];中國市場;2016年11期

2 曾振;沈維濤;;創(chuàng)業(yè)板上市公司估值特征及影響因素研究[J];證券市場導報;2016年03期

3 周慧昕;秦濤;李宏洋;;我國創(chuàng)業(yè)板IPO定價合理性實證分析[J];時代金融;2015年27期

4 宋可鑫;徐福寬;;我國創(chuàng)業(yè)板IPO定價影響因素研究[J];商;2015年16期

5 唐珊珊;;我國創(chuàng)業(yè)板IPO定價的多因素分析[J];企業(yè)技術開發(fā);2015年11期

6 陸能;姜知凡;張海壽;;基于聚類與判別分析的新股發(fā)行定價方法初探[J];中國管理信息化;2014年17期

7 曹文彬;史凌云;;中國創(chuàng)業(yè)板IPO定價效率問題研究[J];經營管理者;2014年09期

8 王華;;基于改進Chameleon算法的IPO定價方法研究[J];中國高新技術企業(yè);2014年04期

9 高婷婷;張世龍;;中國創(chuàng)業(yè)板IPO定價效率實證研究[J];時代金融;2014年03期

10 李文穎;馬廣奇;盧世闖;;創(chuàng)業(yè)板IPO折價及其影響因素分析[J];財會月刊;2013年16期

相關碩士學位論文 前3條

1 石志偉;IPO抑價因素研究[D];南京大學;2016年

2 黃雯雯;基于BP神經網絡的中國創(chuàng)業(yè)板IPO定價模型研究[D];華南理工大學;2012年

3 來小華;創(chuàng)業(yè)板IPO定價影響因素分析[D];浙江大學;2011年

，

本文編號：1472366