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摘要IPO抑价现象普遍存在于各国证券市场。我国正处于经济转轨时期，资本市场体系相对于西方来说很不完善，IPO抑价率一直偏高。而我国创业板自2009年10月正式开盘，推出不过两年时间，作为新生事物，IPO抑价现象更为严重。研究中国创业板IPO抑价问题，对完善和稳定中国创业板市场体系、提升中小企业融资效率以及改善中国资本市场运营环境都具有很强的理论和实践意义。
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本文主要集中于探讨我国创业板IPO抑价率的影响因素。首先回顾了国内外相关理论成果，并结合我国创业板的背景及市场特征，总结出影响我国创业板IPO抑价的五大因素，即信息不对称，投资者情绪，公司成长性，市场指数和股权集中度。在实证分析环节，选取分别代表这五大因素的12个解释变量对我国创业板IPO抑价率做多元回归分析，并得出结论：发行规模，发行日与上市日时间间隔，上市首日换手率和发行中签率对我国创业板IPO抑价有显著影响。最后对我国创业板发展提出改进信息披露制度，提高市场透明度，加强投资者教育和加快符合条件的创业板上市的步伐，加大新股供应的建议。9899
关键词：创业板 首次公开发行（IPO） IPO抑价 多元逐步线性回归
毕 业 论 文 外 文 摘 要
Title The analysis of the influencing factors of the IPO underpricing in China’s growth enterprise market
Abstract
The phenomenon of IPO underpricing widely exists in the stock market all over the world. China is undergoing economic transition period right now, and the capital market is imperfect compared to the Western market. The IPO underpricing ratio keeps high. The growth enterprise market (GEM) of China officially launched in October, 2009, more or less than 2 years by now. As a fresh thing, the rate is especially high. The research of the IPO underpricing of China’s GEM has a strong theoretical and practical significance. It can improve and stabilize the GEM system, enhance the efficiency of small and middle enterprise financing and improve the operating environment of China’s capital market.
This paper focuses on the influencing factors of IPO underpricing in China’s GEM. First we reviewed the relevant theoretical results at home and abroad, based on which we conclude the five major influencing factors combined with the background and market characteristics of China’s GEM. The five major factors are asymmetric information, investor sentiment, company growth, market index and the ownership concentration. Then ,in the empirical analysis sector, we choose 12 explanatory variables on behalf of the five factors to do the multiple regression analysis of GEM IPO underpricing rate and we got the conclusion that: the issue size, the time interval between the issue date and the listing date, the turnover rate on the first listing day and the issuing success rate have significant effects on China’s GEM. At last we give some suggestions. We believe that improving the information disclosure system and the market transparency, strengthening investor education and quickening the initial public offering of the eligible companies are good for the development of China’s GEM.
Keywords: growth enterprise market(GEM) initial public offering(IPO) IPO underpricing stepwise multiple linear regression
目 次
1 绪论 1
1.1 研究背景和研究意义 1
1.2 研究思路与框架 1
2 国内外IPO抑价研究综述 3
2.1 西方关于IPO抑价的理论研究 3
2.2 国内对IPO抑价现象研究综述 6