城市品牌对企业IPO抑价的影响研究-政治经济学专业论文.docxVIP

基于现有文献对城市品牌的研究，本文提出城市品牌由城市品牌的生成体系和城 市品牌的传播体系组成，其中，生成体系包含一个城市的地理资源、经济水平、 人居环境和投资环境四个方面，传播体系包含口碑传播、纸媒传播、电视传播和 互联网传播四个方面。同时，鉴于生成体系部分指标数据的可得性和科学性，本 文参考了社科院发布的《中国城市竞争力报告 No.10》中的相关指标数据，并以 报告中我国主要的 52 个城市为样本，对它们的品牌价值进行量化分析，最终得 出 2011 年我国主要的 52 个城市的品牌价值。 其次，选取 2010-2012 年上市的 544 家企业为样本，利用这些企业的 IPO 数 据并运用二层线性模型实证分析城市品牌对 IPO 抑价的影响。本次的研究结果 表明：城市品牌与企业的 IPO 抑价负相关，即城市的品牌价值越高，城市内企 业的 IPO 抑价越低，相反，城市的品牌价值越低，城市内企业的 IPO 抑价越高； 并且，城市品牌对企业 IPO 抑价的影响是通过其作用于企业资产负债率和企业 属行业结构而间接产生的。 一个城市 IPO 抑价程度的高低，反映了该城市股票市场资源配置的有效性的 高低，IPO 抑价越低，股票市场资源配置的有效性越高，反之，IPO 抑价越高， 股票市场资源配置的有效性越低。所以，当地政府可以通过塑造良好的城市商业 形象即城市品牌来提高当地股票市场资源配置的有效性，从而促进城市的经济发 展，缩小与经济发达区域之间的经济差距。 关键词：IPO 抑价率；区域差异；城市品牌 论文类型：实证研究 II Abstract IPO(Initial Public Offerings)，which is the first time for public offering, is the first time of the Share Ltd for public offering to the public, and the Share Ltd can achieve its purpose of financing through the way. IPO underpricing is the phenomenon that the closing price on the first day is far higher than the issue price in the primary market. The phenomenon of IPO underpricing exists in the stock markets of the world, but compared with western developed countries, the phenomenon of IPO underpricing is particularly significant in our country, and there are obvious regional differences. To the phenomenon of IPO underpricing, the scholars of our coutry make a lot of research, but their reseach is based on the theories of western scholars, lack of combining with the Chinas actual conditions and lack of studying on Chinas IPO underpricing regional differences. In order to improve the reseach on the IPO underpricing of domestic scholars, I willl study the phenomenon of IPO underpricing from the regional commercial image that is called city brand. Theory, this paper based on win a curse hypothesis proposed by Rock (1986) ,that IPO underpricing is compensation for non informed investors on the market, and the degree of information asymmetry between informed investors and non informed is h