创业板IPO抑价影响因素的实证研究VIP免费

毕业设计（论文）题目创业板IPO抑价影响因素的实证研究姓名任亚琼学号30705250专业班级金融0703所在学院商学院指导教师（职称）袁静（讲师）二○○九年五月一日创业板IPO抑价影响因素的实证研究【摘要】本文通过对2009年10月30日至2010年12月31日之间我国深圳创业板发行上市的153只股票为样本，以上市时公司所公布的信息和上市当日证券市场的基本情况为数据来源，运用多元线性回归分析法，对这些新上市公司IPO抑价的多种影响因素进行分析，并做出实证检验。结果表明：我国创业板IPO发行抑价主要与发行价、发行规模、发行市盈率和交易总金额有关。对此，应合理制定发行价，尝试摆脱市盈率的定价模式，结合公司的成长性和盈利能力来进行定价，以满足投资者不同投资偏好的需求，从而降低首日抑价水平；预防证券市场过热，引导投资者理性看待新股上市，同时也为拟在创业板上市的公司以及政府监管部门等提供一些参考与借鉴。【关键词】发行价，IPO抑价，超额收益，市盈率AnEmpiricalResearchonInfluenceFactorsofIPOUnderpricingontheGEM【Abstract】Usingthe153issuedstocksoftheShenzhenGEMfromOctober30,2009toDecember31,2010assamplesaswellastheinformationannouncedbythecompanieswhentheylistedonthestockmarketandthebasicinformationofthestockmarketonthedayofgoingpublicasthedatasource.ThepaperusesmultiplelinearregressionanalysistoanalyzevarietyfactorsoftheIPOunderpricingtothenewlylistedcompaniesandmakesempiricaltest.Theresultshowedthat:IPOunderpricingontheGEMinChinaismainlyrelatedtotheissueprice,issuesize,issueprice-earningsratioandthetotalamountoftherelevanttransaction.Inthisregard,thelistingpriceshouldbereasonable,trytogetridoftheprice-earningsratioofthepricingmodel.Makethepricecombinedwiththecompanies’growthandprofitabilitytomeetthedifferentinvestmentpreferences,therebyreducingthelevelofunderpricingonthefirstday;preventthestockmarkettobeoverheating,andguidetheinvestorstoberationaltowardstheIPOaswellasprovidereferencestocompaniesandgovernmentsupervisiondepartmentwhichareproposedtobelistedontheGEM.【KeyWords】issueprice，IPOunderpricing，excessreturn，issueprice-earningratio目录引言..........................................................................................................................................6一、文献回顾..........................................................................................................................7（一）国外IPO抑价相关理论....................................................................................71．信息不对称理论................................................................................................72．市场反馈理论....................................................................................................93．承销商规避风险理论........................................................................................94．从众理论............................................................................................................95．市场气氛理论....................................................................................................96．所有权分散理论................................................................................................9（二）国内IPO抑价的相关研究进展........................................................................10二、实证研究前提准备........................................................................................................11（一）数据来源与样本选择..............................................................................