创业板新股定价问题研究.docxVIP

本科毕业论文（设计） 论文题目：创业板新股定价问题研究 所在学院 专业班级 金融学 学生姓名 学号 指导教师 职称 完成日期 年 月 日 毕业论文独创性声明 本人郑重声明所提交的毕业论文是本人在指导教师的指导下进 行的研究工作及取得的研究成果。除文中特别加以标注的地方外，论 文中不包含他人已经发表的学术成果或者他人为获得高等院校学位 而使用过的材料，论文中不涉及任何知识产权纠纷。否则，本人将承 担一切责任。 学生签名： 口 期： 创业板市场在经历了近十年的筹备Z后，于2009年10月23 □在深圳证 券交易所正式开板的，是对主板市场的有效补充。由于创业板上市公司所处的 行业的创新性，同时由于公司的经营时间较短，难以准确衡量企业未來发展状 况。另外在定价过程屮又涉及到发行公司、承销商、投资者等利益相关者，由 于信息不对称、承销商自身保护、投资者非理性投资等因素造成我国新股定价 偏高，而股票在一级市场能否被合理定价，关系到二级市场真至整个资本市场 能否稳定发展。 本文采用理论与实证研究相结合方法，在客观分析我国创业板自2009年 首次公开发行以来的定价现状的基础上，探索各种影响因素与新股定价Z间的 关系，并提出改善新股定价的政策建议，以期对我国本轮新股发行制度的改革 起到一定的借鉴和参考作用。 关键词：创业板；定价；影响因素 Abstract GEM is our country has experieneed nearly a decade of preparations, on October 23, 2009 the official opening of the Shenzhen Stock Exchange board, is an effective complement to the Main Board. Listed companies because the market sectors in which innovation, it is difficult to find in the same stage of development, the industrys pricing as a reference object, and because the companys operating time is shorter, mostly in the initial period, it is difficult to measure accurately the companys future development. Also in the pricing process also involves the issuing companies, underwriters, in vestors and other stakeholders, due to in formation asymmetry, the underwriters to protect themselves, investors are irrational investment and other factors contributed to Chinas new stock price high. At present, Chinas Growth Enterprise Market is still in trial and error period, the re leva nt mecha nism is not complete, while the stock market at a reas on able price can be related to the sec on dary market or whether the stable developme nt of the capital market. In this article, the theory and empirical research method combining and the objective analysis of the gem in China since 2009 initial public offering price since status quo, explore various influe nee factors and the relationship between the new pricing, and puts forward some policy Suggestions to improve the new pricing for our country to issue ne