创业板IPO抑价影响因素的实证研究.doc

PAGE PAGE 1 毕业设计（论文） 题 目 创业板IPO抑价影响因素的实证研究 姓 名 任亚琼 学 号 专业班级 金融0703 所在学院 商学院 指导教师（职称） 袁静（讲师） 二○○九 年 五 月 一 日 浙江大学城市学院毕业论文 摘要 PAGE 32 创业板IPO抑价影响因素的实证研究 【摘要】 本文通过对2009年10月30日至2010年12月31日之间我国深圳创业板发行上市的153只股票为样本，以上市时公司所公布的信息和上市当日证券市场的基本情况为数据来源，运用多元线性回归分析法，对这些新上市公司IPO抑价的多种影响因素进行分析，并做出实证检验。结果表明：我国创业板IPO发行抑价主要与发行价、发行规模、发行市盈率和交易总金额有关。对此，应合理制定发行价，尝试摆脱市盈率的定价模式，结合公司的成长性和盈利能力来进行定价，以满足投资者不同投资偏好的需求，从而降低首日抑价水平；预防证券市场过热，引导投资者理性看待新股上市，同时也为拟在创业板上市的公司以及政府监管部门等提供一些参考与借鉴。 【关键词】 发行价，IPO抑价，超额收益，市盈率 浙江大学城市学院毕业论文 Abstract 城市学院计算分院毕业论文 Abstract An Empirical Research on Influence Factors of IPO Underpricing on the GEM 【Abstract】 Using the 153 issued stocks of the Shenzhen GEM from October 30, 2009 to December 31, 2010 as samples as well as the information announced by the companies when they listed on the stock market and the basic information of the stock market on the day of going public as the data source. The paper uses multiple linear regression analysis to analyze variety factors of the IPO underpricing to the newly listed companies and makes empirical test. The result showed that: IPO underpricing on the GEM in China is mainly related to the issue price, issue size, issue price-earnings ratio and the total amount of the relevant transaction. In this regard, the listing price should be reasonable, try to get rid of the price-earnings ratio of the pricing model. Make the price combined with the companies’ growth and profitability to meet the different investment preferences, thereby reducing the level of underpricing on the first day; prevent the stock market to be overheating, and guide the investors to be rational towards the IPO as well as provide references to companies and government supervision department which are proposed to be listed on the GEM. 【Key Words】 issue price，IPO underpricing，