本文關(guān)鍵詞：中小板股IPO的初始高收益問(wèn)題研究　出處：《哈爾濱商業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小企業(yè)板 初始高收益 抑價(jià) 溢價(jià)

【摘要】：IPO初始高收益是資本市場(chǎng)存在的一種異�，F(xiàn)象。這種現(xiàn)象不停的在發(fā)達(dá)國(guó)家和非發(fā)達(dá)國(guó)家的股票市場(chǎng)上上演,只不過(guò)發(fā)達(dá)國(guó)家股票市場(chǎng)超額收益率較低而發(fā)展中國(guó)家較高。目前的研究中主要有基于一級(jí)市場(chǎng)抑價(jià)的解釋和基于二級(jí)市場(chǎng)溢價(jià)的解釋。但由于每個(gè)國(guó)家的股票市場(chǎng)特色不同,沒(méi)有一種解釋可以放之四海而皆準(zhǔn)。研究中國(guó)中小板IPO初始高收益的問(wèn)題,也就必須基于中國(guó)特色的市場(chǎng)制度,再?gòu)囊患?jí)市場(chǎng)股票發(fā)行價(jià)格定價(jià)的環(huán)節(jié)以及二級(jí)市場(chǎng)交易價(jià)格形成的環(huán)節(jié)來(lái)研究抑制我國(guó)中小板市場(chǎng)的IPO初始高收益才更加有價(jià)值。 我國(guó)中小企業(yè)板塊于2004年5月17日設(shè)立。由于其板塊發(fā)展時(shí)間較短,雖然市場(chǎng)制度在不斷的完善,但股票數(shù)據(jù)的年份和數(shù)量相對(duì)于主板市場(chǎng)較少；學(xué)術(shù)界針對(duì)中小企業(yè)板的爭(zhēng)論大都停留在定性的范疇,目前很少有學(xué)者選取股改以后的數(shù)據(jù)作為年度觀測(cè)值,對(duì)其進(jìn)行理論探討和實(shí)證研究。鑒于此,以中小企業(yè)板塊自身特點(diǎn)為切入點(diǎn),深入探討中小板IPO初始收益的存在問(wèn)題,對(duì)一級(jí)市場(chǎng)抑價(jià)和二級(jí)市場(chǎng)溢價(jià)及現(xiàn)行的股票市場(chǎng)制度三個(gè)方面現(xiàn)狀進(jìn)行分析,結(jié)合國(guó)內(nèi)外一級(jí)市場(chǎng)抑價(jià)和二級(jí)市場(chǎng)溢價(jià)的相關(guān)理論,以2011年—2012年,在中小板上市的490家公司為樣本,選取代表性的指標(biāo),進(jìn)行實(shí)證分析,證實(shí)中小板市場(chǎng)確實(shí)存在IPO初始高收益現(xiàn)象,并且IPO首日超額收益不僅僅是一級(jí)市場(chǎng)定價(jià)效率的問(wèn)題,同時(shí)也是二級(jí)市場(chǎng)交易效率的體現(xiàn),以及提出使中小板IPO趨于合理化、一級(jí)市場(chǎng)與二級(jí)市場(chǎng)相互調(diào)節(jié)、完善中小板市場(chǎng)信息披露、投資者更加理性化的相關(guān)對(duì)策,促使我國(guó)形成完善的一、二級(jí)股票交易市場(chǎng)。
[Abstract]:The initial high yield of IPO is an abnormal phenomenon in the capital market. This phenomenon is unceasing in the developed countries and non-developed countries in the stock market. Only the developed countries have lower excess returns than the developing countries. The current research mainly includes the explanation based on the primary market underpricing and the secondary market premium. But because of the stock of each country. The market features are different. There is no one explanation that can be used everywhere. To study the problem of initial high income of Chinese small and medium board IPO, we must base on the market system with Chinese characteristics. Then it is more valuable to study the initial high yield of IPO in China's small and medium-sized market from the aspects of the pricing of the issuing price of the primary market and the formation of the trading price in the secondary market. China's small and medium-sized enterprises plate was established in May 17th 2004. Because of its short development time, although the market system is constantly improving, but the number and year of stock data is less than the main board market; At present, few scholars choose the data after the stock reform as the annual observation value to carry on the theoretical discussion and the empirical research. In view of this, few scholars choose the stock reform data as the annual observation value. Taking the characteristics of small and medium-sized enterprises as the starting point, this paper probes into the existing problems of the initial income of IPO in small and medium-sized enterprises. First market underpricing and secondary market premium and the current stock market system in three aspects of the analysis, combined with the domestic and foreign primary market underpricing and secondary market premium related theories. From 2011 to 2012, a sample of 490 companies listed on small and medium sized boards was selected for empirical analysis to confirm the existence of IPO initial high returns in small and medium-sized board markets. Moreover, the first-day excess return of IPO is not only a question of pricing efficiency in the primary market, but also a reflection of the transaction efficiency in the secondary market. The paper also proposes to rationalize the IPO of the small and medium-sized market. The primary market and the secondary market regulate each other, perfect the information disclosure of the small and medium-sized market, and make the investors more rational, and promote the formation of the perfect first and second class stock trading market in our country.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51
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本文編號(hào)：1377161