本文選題：借殼上市　切入點(diǎn)：IPO定價(jià)　出處：《暨南大學(xué)》2013年碩士論文

【摘要】：國(guó)內(nèi)外大量學(xué)者都對(duì)股票IPO定價(jià)影響因素做出了研究。近年來(lái)，隨著我國(guó)證券市場(chǎng)的發(fā)展，借殼上市這種并購(gòu)重組方式伴隨著市場(chǎng)的發(fā)展也開(kāi)始層出不窮。關(guān)于借殼上市的研究之前都集中在借殼前后的績(jī)效變化、借殼上市的動(dòng)因以及借殼上市存在的法律財(cái)務(wù)風(fēng)險(xiǎn)上。但是專門針對(duì)借殼上市借殼成功后的首次公開(kāi)發(fā)行上市的股價(jià)影響因素的研究卻比較少，，本文正是針對(duì)這個(gè)特定的研究對(duì)象進(jìn)行的研究。 本文結(jié)合內(nèi)在價(jià)值等理論基礎(chǔ)，歸納出借殼上市IPO股價(jià)影響的財(cái)務(wù)性和非財(cái)務(wù)性因素，將非財(cái)務(wù)性因素進(jìn)行定性分析，對(duì)財(cái)務(wù)性因素則運(yùn)用因子分析法與回歸分析法相結(jié)合的定量分析方法進(jìn)行研究。在上述研究的基礎(chǔ)上分析出借殼上市IPO股票定價(jià)的影響因素與普通上市的區(qū)別，并在此基礎(chǔ)上提出能夠更加合理地考慮借殼上市IPO股票定價(jià)格影響因素的政策建議。其研究結(jié)論主要是：借殼上市IPO股價(jià)與普通IPO股價(jià)的影響因素都主要是體現(xiàn)公司內(nèi)在價(jià)值的一系列財(cái)務(wù)指標(biāo)，但是二者又存在差別。本文的研究發(fā)現(xiàn)借殼上市IPO的影響因素中行業(yè)這個(gè)因素（特別是房地產(chǎn)業(yè)）的影響效果被放大；借殼前后企業(yè)的經(jīng)營(yíng)范圍等可能會(huì)發(fā)生變化，因此借殼公司自身的盈利和經(jīng)營(yíng)狀況的影響作用相應(yīng)降低。在研究結(jié)論的基礎(chǔ)上，本文提出包括加強(qiáng)對(duì)于中介機(jī)構(gòu)和上市公司財(cái)務(wù)信息的審批監(jiān)管、規(guī)范并指導(dǎo)過(guò)熱行業(yè)的發(fā)展等政策建議,包括用政策手段抓對(duì)借殼重組的監(jiān)管、加強(qiáng)信息披露與改革發(fā)行體制、加強(qiáng)參與者教育與加大投入、結(jié)合多項(xiàng)因素完善借殼上市IPO定價(jià)制度。以此為借殼上市IPO股價(jià)的制定提供更準(zhǔn)確合理的信息進(jìn)而促進(jìn)其股價(jià)的合理制定。
[Abstract]:A large number of scholars at home and abroad have made research on the influencing factors of stock IPO pricing.In recent years, with the development of China's securities market, the merger and reorganization of backdoor listing with the development of the market began to emerge in endlessly.Before the research on backdoor listing, it focuses on the change of performance before and after backdoor listing, the motivation of backdoor listing and the legal and financial risks of backdoor listing.However, there are few researches on the influencing factors of the initial public offering (IPO) after the successful backdoor listing. This paper is just the research on this particular research object.Based on the theoretical basis of intrinsic value, this paper sums up the financial and non-financial factors that affect the stock price of IPO listed in Lending Shell, and analyzes the non-financial factors qualitatively.The financial factors are studied by the method of factor analysis and regression analysis.On the basis of the above research, this paper analyzes the difference between the factors influencing the pricing of IPO shares listed in the backdoor and the common listing, and puts forward some policy suggestions which can more reasonably consider the factors affecting the fixed price of the IPO shares listed through the backdoor listing.The main conclusions are as follows: the influencing factors of IPO share price and ordinary IPO share price are mainly a series of financial indexes which reflect the intrinsic value of the company, but there are differences between them.In this paper, we find that the effect of industry (especially real estate industry) is magnified among the influencing factors of IPO, and the scope of business before and after the backdoor may change.Therefore, the impact of the profit and operating conditions of the backdoor company is reduced accordingly.On the basis of the conclusion of the study, this paper puts forward some policy suggestions, including strengthening the examination and approval of financial information of intermediary institutions and listed companies, standardizing and guiding the development of overheated industries, and so on, including using policy means to grasp the supervision of backdoor restructuring.We should strengthen information disclosure and reform the issuing system, strengthen participants' education and investment, and improve the pricing system of IPO through backdoor listing combined with many factors.It provides more accurate and reasonable information for the establishment of IPO share price through backdoor listing and promotes the rational formulation of its stock price.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 彭曉潔;;我國(guó)民營(yíng)企業(yè)借殼上市的現(xiàn)狀、動(dòng)因及建議[J];財(cái)會(huì)月刊;2011年12期

2 吳志軍;;房地產(chǎn)上市公司資產(chǎn)重組績(jī)效的實(shí)證分析[J];經(jīng)濟(jì)管理;2006年10期

3 何小鋒,王國(guó)強(qiáng);買殼上市的成本效益分析[J];經(jīng)濟(jì)科學(xué);2000年04期

4 林艷;;淺談我國(guó)民營(yíng)企業(yè)借殼上市[J];經(jīng)濟(jì)論壇;2010年06期

5 張劍峰,金鼎;新股發(fā)行定價(jià)的財(cái)務(wù)影響因素分析——上海股票市場(chǎng)的一個(gè)實(shí)證研究[J];遼寧大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2004年03期

6 張小兵;;對(duì)上證A股股票收益影響因素的實(shí)證分析[J];內(nèi)江師范學(xué)院學(xué)報(bào);2007年02期

7 梁立;;我國(guó)房地產(chǎn)企業(yè)借殼A股上市的理論研究[J];商場(chǎng)現(xiàn)代化;2010年23期

8 羅蘭;借殼上市比較分析[J];湘潭師范學(xué)院學(xué)報(bào)(社會(huì)科學(xué)版);2003年03期

9 葉育甫,沈衛(wèi);借殼上市與風(fēng)險(xiǎn)控制[J];學(xué)術(shù)論壇;2002年05期

10 黃建歡;尹筑嘉;;證券公司借殼上市:模式、成本和收益比較[J];證券市場(chǎng)導(dǎo)報(bào);2007年07期

本文編號(hào)：1716217