创业板IPO折价实证研究设计论文.docVIP

优秀本科毕业设计（论文）汇编 创业板 IPO折价实证研究 财务管理专业余浩（069104100）指导教师：章铁生副教授 摘 要：IPO折价在世界股票市场中普遍存在，但 IPO折价成因的研究仍无定论，被学界称为“IPO 折价之谜”。中国创业板市场首批 28家上市公司以股票累计交易量首次达到该公司可流通股数当日 收盘价计算的折价率平均高达 83%，若以上市首日收盘价计算折价率平均更高达 106%。中国创业板 市场何以出现如此高的 IPO折价率？目前关于 IPO折价成因的研究主要针对成熟的主板市场，研究 创业板市场的几乎没有，本文拟对此做一研究。 本文以我国创业板首批 28家上市公司为研究对象，从发行人、承销商和投资者三个方面研究了 我国创业板 IPO折价问题，通过多元回归模型实证分析发现，反映发行人质量的主营业务收入增长 率、总资产周转率和资产负债率与 IPO折价成负相关关系，从而一方面揭示了中国 IPO折价与上市 公司质量有显著的关系，上市公司质量越高，定价越合理， IPO折价程度越低，另一方面，反映投 资者对低风险公司的偏爱；承销商声誉与 IPO折价成正相关关系，验证了承销商声誉理论在我国创 业板市场具有一定的解释力，同时，投资者也青睐于与高承销商合作的发行人，导致 IPO折价程度 的提高；最后，由于“逐名现象”现象的存在，投资者情绪严重影响股价的波动，投资者为获得高额 回报而愿意承担高额成本，造成了 IPO的高折价率。 关键词：IPO折价；创业板；发行人质量；承销商声誉；投资者情绪 Abstract：IPO discount is a prevalent phenomenon in the world stocks markets, but the causes of IPO discount are not certain, to be scholars as “IPO Underpricing Puzzle”. China’s first batch of 28 GEM listed companies stock to the cumulative trading volume for the first time the number of outstanding shares of the company’s closing price the day of the average discount rate is 83%. If listed closing price on the first day , the average discount rate as high as 106%. Why does China GEM appear so high discount rate? Discount on the causes of the current IPO research board for the mature markets , few for the GEM, this paper will have to do a study. This article studying the first batch of 28 Chinese Venture Capital companies to study, from issuers, underwriters and investors in three studies the issue of GEM IPO discount, through the empirical analysis shows that the indexs reflecting the quality of the main business of the issuer, such as the total asset turnover 、income growth and asset-liability ratio , are positively negative related to IPO discount rate. On the one hand , the quality of listed companies have a significant relationship between the IPO discount rate and the quality of listed company, the higher of the quality, the more reasonable pricing, the