本文關(guān)鍵詞： IPO抑價(jià) 持股鎖定期 投資者情緒 承銷商因素　出處：《浙江工商大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：IPO高抑價(jià)率的存在會(huì)引起國內(nèi)大量資金非正常的涌入并集中在一級(jí)市場(chǎng),借以賺取高額收益,進(jìn)一步推漲了IPO的高抑價(jià)現(xiàn)象,使得整個(gè)市場(chǎng)將IPO高抑價(jià)視為一種巨額的無風(fēng)險(xiǎn)利益攫取方式,在整個(gè)證券市場(chǎng)上甚至形成了所謂的“新股申購專業(yè)戶”,降低了證券市場(chǎng)的資源配置功能,也很大程度的破壞了整個(gè)證券市場(chǎng)的公平性。 有別于國外,我國的IPO網(wǎng)下配售具有3個(gè)月的鎖定期,這就使得在這3個(gè)月的鎖定期內(nèi)大大增加了整個(gè)市場(chǎng)對(duì)于新股的投機(jī)氛圍,同時(shí)也意味著在IPO首日上市流通的只有部分流通股,因此從這個(gè)角度而言,我國的IPO抑價(jià)在測(cè)度及分析時(shí)與國外普遍的測(cè)度研究具有較大區(qū)別。 在這樣的背景下,結(jié)合我國3個(gè)月持股鎖定期的基本“國情”,所進(jìn)行的對(duì)于我國IPO抑價(jià)程度及因素的研究就具有重要的現(xiàn)實(shí)意義。由于我國創(chuàng)業(yè)板相對(duì)主板市場(chǎng)而言不存在國有股,整個(gè)市場(chǎng)的上市企業(yè)基本基于高科技、高風(fēng)險(xiǎn)的中小型企業(yè),且區(qū)別于主板市場(chǎng)一開始為國有企業(yè)籌資的計(jì)劃因素,而是切實(shí)的根據(jù)公司的發(fā)展需要而進(jìn)行融資,是市場(chǎng)經(jīng)濟(jì)的產(chǎn)物。因此對(duì)創(chuàng)業(yè)板的企業(yè)進(jìn)行IPO抑價(jià)的研究具有重大意義,能夠更準(zhǔn)確的通過研究找出影響我國IPO抑價(jià)的原因和影響因素,可以使我們對(duì)IPO抑價(jià)有更進(jìn)一步的認(rèn)識(shí),也為下一階段我國實(shí)行注冊(cè)制后的證券市場(chǎng)的抑價(jià)情況提供一定借鑒及參考,具有一定的理論與實(shí)際意義。 本文通過選取自2009年10月30日至2012年5月8日為止的313家創(chuàng)業(yè)板上市公司作為研究樣本,并將網(wǎng)下配售股鎖定期這一“國情”結(jié)合到我國的IPO抑價(jià)研究中,在借鑒國內(nèi)外研究成果的基礎(chǔ)上,從信息不對(duì)稱、投資者情緒、承銷商因素三個(gè)方面,運(yùn)用多元回歸并結(jié)合VAR及脈沖響應(yīng)等方式,對(duì)我國新股IPO抑價(jià)率作了重新測(cè)度及具體影響因素的探究,發(fā)現(xiàn)以我國創(chuàng)業(yè)板的整體抑價(jià)為23.38%,與國外的資本市場(chǎng)整體屬于同一水平,而具體影響因素中投資者的抑價(jià)預(yù)期影響十分顯著。有鑒于此,本文認(rèn)為應(yīng)當(dāng)進(jìn)一步推進(jìn)我國資本市場(chǎng)注冊(cè)制進(jìn)程,發(fā)揮機(jī)構(gòu)者與承銷商各自的專業(yè)能力,并同時(shí)投資者的投資專業(yè)能力。
[Abstract]:The existence of high underpricing rate of IPO will cause a large amount of capital to pour in and concentrate in the primary market in order to earn a high profit and further push up the phenomenon of high underpricing of IPO. It makes the whole market regard the high underpricing of IPO as a huge risk-free way of seizing profits, and even forms the so-called "professional new shares requisition" in the entire securities market, which reduces the resource allocation function of the securities market. It also undermines the fairness of the entire securities market to a large extent. Different from foreign countries, the IPO placing in our country has a three-month lock-up period, which greatly increases the speculative atmosphere of the whole market for new shares during the three-month lock-up period. At the same time, it also means that only some circulating shares are listed on the first day of IPO. Therefore, from this point of view, our country's IPO underpricing is quite different from the common measurement research abroad when it comes to measurement and analysis. Against this background, Combined with the basic "national conditions" of China's three-month shareholding locking period, the research on the degree and factors of IPO underpricing in China is of great practical significance. Since there are no state-owned shares in the gem relative to the main board market, The listed enterprises in the whole market are basically based on high-tech, high-risk small and medium-sized enterprises, and are different from the main board market in terms of the planning factors for raising funds for state-owned enterprises at the beginning, but actually financing according to the needs of the company's development. Therefore, it is of great significance to study the IPO underpricing of gem enterprises, and to find out more accurately the causes and influencing factors that affect the underpricing of IPO in China. It can make us have a better understanding of IPO underpricing, and also provide some reference and reference for the underpricing situation of China's securities market after the implementation of the registration system in the next stage, which has certain theoretical and practical significance. This paper selects 313 gem listed companies from October 30th 2009 to May 8th 2012 as the research sample, and combines the "national conditions" of off-net placement locking period into the IPO underpricing study in China. On the basis of using domestic and foreign research results for reference, from three aspects of information asymmetry, investor sentiment, underwriter factors, using multiple regression and combining with VAR and impulse response, etc. This paper re-measures the IPO underpricing rate of new shares in China and probes into the specific influencing factors. It is found that the overall underpricing of China's gem is 23.38, which is the same level as the foreign capital market as a whole. In view of this, the author thinks that we should further promote the process of capital market registration system in our country, and give full play to the professional ability of both institutions and underwriters. And at the same time the investment expertise of investors.
【學(xué)位授予單位】：浙江工商大學(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)：1510393