本文選題：新股發(fā)行抑價(jià) + 審核制度　； 參考：《河北經(jīng)貿(mào)大學(xué)》2013年碩士論文

【摘要】：縱觀我國股票市場(chǎng)的發(fā)展歷程，新股發(fā)行的高抑價(jià)現(xiàn)象一直是我國滬深A(yù)股市場(chǎng)普遍存在的問題，這也是A股市場(chǎng)最為人所詬病的缺陷之一，由此也導(dǎo)致了資源配置效率低下、市場(chǎng)生態(tài)惡劣、助長(zhǎng)造假和違法違規(guī)行為等諸多問題，而且從最基礎(chǔ)的層次上扭曲了市場(chǎng)結(jié)構(gòu)，決定了股票未來持續(xù)走低的趨勢(shì)，所謂“牛短熊長(zhǎng)”就成為必然。A股市場(chǎng)的高抑價(jià)，早已引起了廣泛關(guān)注，成為學(xué)界研究的熱點(diǎn)，各種理論解釋層出不窮。其中最為人所熟知和認(rèn)可的是信息不對(duì)稱理論，以及在此基礎(chǔ)上提出的“贏者詛咒假說”、“投資銀行假設(shè)”等。然而， A股市場(chǎng)濃重的中國特色，顯然無法用這些根源于西方成熟市場(chǎng)的理論加以解釋。后來，有些學(xué)者試圖用“投機(jī)泡沫假說”、“投資者過度樂觀情緒”等從資本市場(chǎng)的有效性來解釋我國股票市場(chǎng)的高抑價(jià)，然而結(jié)果也是應(yīng)者寥寥。由于我國證券市場(chǎng)發(fā)展起步較晚，加上歷史原因形成的股權(quán)分置改革等帶來的一系列問題，使得我們必須結(jié)合我國的特殊國情，從A股市場(chǎng)的新股發(fā)行制度及發(fā)展沿革方面來對(duì)新股發(fā)行抑價(jià)問題進(jìn)行研究。近年來，隨著中國經(jīng)濟(jì)體制改革的加快推進(jìn)，我國證券市場(chǎng)監(jiān)管層針對(duì)新股發(fā)行制度推出了一系列市場(chǎng)化的改革措施。然而，新股發(fā)行的制度改革能否真正解決我國新股發(fā)行的高抑價(jià)問題？新股發(fā)行制度對(duì)新股發(fā)行抑價(jià)的影響究竟有多大？解決好這些問題對(duì)我國證券市場(chǎng)的健康發(fā)展有著特別重要的意義。 基于此種認(rèn)識(shí)，本文在分析了國內(nèi)外研究現(xiàn)狀的基礎(chǔ)上，從我國的實(shí)際國情出發(fā)，從理論和實(shí)證兩個(gè)方面對(duì)IPO抑價(jià)問題進(jìn)行了研究。從理論上，，首先列舉了新股IPO抑價(jià)的諸多影響因素及相關(guān)關(guān)系，闡述我國新股首次公開發(fā)行抑價(jià)的基本情況，并對(duì)我國新股發(fā)行制度變遷的過程作簡(jiǎn)要回顧；其次運(yùn)用新制度經(jīng)濟(jì)學(xué)的制度變遷理論，分析我國新股發(fā)行制度對(duì)IPO抑價(jià)的影響，其中就三個(gè)方面——新股發(fā)行的審核制度、新股發(fā)行的定價(jià)機(jī)制、新股發(fā)行方式——逐一進(jìn)行了考察；最后得出結(jié)論：我國IPO高抑價(jià)的根本原因就在于我國的新股發(fā)行制度中的非市場(chǎng)化因素，并且指出正是由于近年來監(jiān)管層在新股發(fā)行制度方面推行的市場(chǎng)化改革，才使得我國IPO高抑價(jià)的現(xiàn)象得到了改善。實(shí)證方面，為了驗(yàn)證我國新股發(fā)行制度及其歷次變革對(duì)IPO抑價(jià)的影響，本文選取了1992-2011年A股市場(chǎng)2325個(gè)新股作為樣本，選取新股發(fā)行規(guī)模、新股發(fā)行日與上市首日的間隔期、新股上市首日換手率、發(fā)行費(fèi)用等作為控制變量，構(gòu)建分析模型，通過描述性統(tǒng)計(jì)和方差分析，最后得出結(jié)論——我國新股發(fā)行制度各因素的幾次市場(chǎng)化改革對(duì)我國IPO抑價(jià)的影響是顯著的。在理論和實(shí)證分析的基礎(chǔ)上，本文為解決我國新股發(fā)行的抑價(jià)問題提出了一些政策性建議，以利于我國的股票市場(chǎng)向著健康的方向發(fā)展。
[Abstract]:Throughout the development of China's stock market, the phenomenon of high underpricing of new stock issuance has always been a common problem in Shanghai and Shenzhen A-share market, which is also one of the most criticized defects in A-share market, which also leads to the low efficiency of resource allocation. The market ecology is abominable, fuelling many problems such as counterfeiting, illegal behavior and so on. Moreover, it distorts the market structure at the most basic level and determines the trend of the stock market continuing to decline in the future. The high underpricing of A-share market has already aroused widespread concern and become a hot spot of academic research, and various theoretical explanations emerge in endlessly. Among them, information asymmetry theory and winner-curse hypothesis and investment bank hypothesis are well known and accepted. However, the strong Chinese characteristics of the A-share market clearly cannot be explained by these theories rooted in mature western markets. Later, some scholars tried to explain the high underpricing of our stock market from the efficiency of the capital market by using "speculative bubble hypothesis" and "excessive optimism of investors", but the result was also few. Due to the relatively late development of the securities market in China and a series of problems brought about by the reform of the split share structure formed by historical reasons, we must combine the special national conditions of our country. This paper studies the underpricing of A-share market in terms of the IPO system and its development history. In recent years, with the rapid development of China's economic system reform, China's securities market regulators have put forward a series of market-oriented reform measures for the new issue system. However, can the system reform of new issue really solve the problem of high underpricing of new issue in China? What is the impact of the new issue system on the underpricing of new stock issuance? It is of great significance to solve these problems for the healthy development of China's securities market. Based on this understanding, based on the analysis of the current research situation at home and abroad, this paper studies the problem of IPO underpricing from the theoretical and empirical aspects, starting from the actual situation of our country. In theory, this paper first lists many influencing factors and related relations of IPO underpricing, expounds the basic situation of IPO underpricing in China, and briefly reviews the process of the institutional change of IPOs in China. Secondly, using the institutional change theory of the new institutional economics, this paper analyzes the influence of the new issue system on the IPO underpricing in our country, including three aspects: the audit system of the new issue, the pricing mechanism of the new issue. Finally, the conclusion is drawn that the fundamental reason for the high underpricing of IPO in China lies in the non-market-oriented factors in the new issue system. It is pointed out that the phenomenon of high underpricing of IPO in China has been improved because of the market-oriented reform of the new issue system carried out by regulators in recent years. Empirically, in order to verify the impact of China's new issue system and its successive changes on IPO underpricing, this paper selects 2325 new shares in the A share market from 1992 to 2011 as samples, and selects the size of new share issuance, the interval between the date of new issue and the first day of listing. On the first day of new stock listing, the turnover rate, the issue cost and so on are used as control variables to construct an analytical model, which is based on descriptive statistics and variance analysis. Finally, the conclusion is drawn that the influence of several market-oriented reforms on China's IPO underpricing is significant. On the basis of theoretical and empirical analysis, this paper puts forward some policy suggestions to solve the problem of underpricing of new stock issuance in China, in order to benefit the healthy development of the stock market in China.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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