中國A股市場IPO抑價現(xiàn)象研究.pdf

1、目錄摘要1Abstract2一研究背景與研究內(nèi)容311研究背景312研究內(nèi)容4121研究意義一4122研究目的及研究方法一7123研究概述一7二文獻(xiàn)綜述921國外有關(guān)新股抑價的理論9211信息不對稱理論一9212市場信號理論11213所有權(quán)分散理論11214行為金融學(xué)理論l222國內(nèi)有關(guān)新股抑價的理論l3三我國A股市場新股發(fā)行研究1631我國新股發(fā)行市場現(xiàn)狀一1632我國新股發(fā)行制度變遷一18321審核制度變遷18322定價方式的變遷1

2、9323發(fā)行方式2233投資者情緒對于IPo抑價的影響2334假設(shè)的提出一23四實證研究2541檢驗定價方式對首日抑價率的影響2542檢驗審批方式對首日抑價率的影響2643檢驗發(fā)行板塊對首日抑價率的影響2644影響新股首日抑價率因素研究28441變量解釋29442描述性統(tǒng)計33443相關(guān)性檢驗34444回歸結(jié)果36445一級市場和二級市場影響程度研究38五結(jié)論及建議4451本文結(jié)論一4452政策建議一4453本文的創(chuàng)新與不足一45后記4

3、8AbstractIPOunderpricinghasbeenawidespreadphenomenonintheglobalstockmarketIPOunderpricinghasattractedtheattentionofmanyscholarsbecauseitgoesagainsttheEfficientMarketHypothesis(EMH)andreflectsthelackofefficiencyinthestock

4、marketWesternscholarshasworkedhardtofindsomereasonableexplanationforIPOunderpricingSomefamoustheorieshavebeenmade，suchasasymmetricinformationtheory，marketsignaltheory，underwriters’riskaversiontheoryownershipdispersionthe

5、ory，herdingtheoryinvestmentsentimenthypothesisandSOon，whichprovideexplanationfromdifferentperspectivesChinesestockmarkethasstartedtodevelopinrecentyearsBecauseitisnotmatureenough，thesetheoriesCannotfullyexplain1POunderpr

6、icinginChinesemarketItstillrequiresmoreresearchandimprovementMyresearchhastakenAsharelistedcompaniesfrom1992to2012assamplesandfocusedontheprimarymarketandthesecondarymarkettostudythefactorsofIPOunderpricingintheA—sharema

7、rketInthiscontext，analysisofvarianceisusedtoverifythattheapprovalsystemandpricingmethodsofnew—stockissuehaveasignificantimpactonIPOunderpricingThenmultiplelinearregressionequationisusedtofindoutthosefactorsaffectingIPOun

8、derpricingintheprimarymarketandthesecondarymarketfactorsTheconclusionisthattheissuesize，issueexpenserate，PEratio，theturnoveronthefirstdaymarkettrendsandmonth—averagePEratiointhemarkethaveasignificantrelationshipwithIPOun

9、derpricingIalsofindthattheexplanatorypowerhasincreasedundernewapprovalsystemandpricingmethodsFinallyIuseasimpleformulatoseparatetheprimarymarketmispricingandthesecondarymarketmispricingandtesttheirproportioninIPOunderpri

10、cingIfindthattheprimarymarketmispricingdecreasedundernewpricingmethodsThisresearchconfirmsthatChina’SA—sharemarketIPOunderpricingstillexistsNewapprovalsystemandpricingmethodshelpteduceIPOunderpricingrateandtheprimarymark