IPO論文：市場(chǎng)化發(fā)行下的IPO抑價(jià)研究

1、IPO 論文：市場(chǎng)化發(fā)行下的 IPO 抑價(jià)研究【中文摘要】IPO 抑價(jià)(IPO un der-prici ng) 現(xiàn)象是指首次公開發(fā)行的股票上市后的市場(chǎng)交易價(jià)格遠(yuǎn)高于發(fā)行價(jià)格,導(dǎo)致首次公開發(fā) 行的新股上市存在較高的超額收益率。IPO 抑價(jià)現(xiàn)象是目前全球新股 發(fā)行市場(chǎng)普遍存在的問題。長(zhǎng)遠(yuǎn)來看，過高的抑價(jià)率對(duì)發(fā)行企業(yè)和對(duì) 投資者都會(huì)產(chǎn)生不良影響，同時(shí)對(duì)整個(gè)證券市場(chǎng)的發(fā)展也會(huì)產(chǎn)生不良 影響。我國股票市場(chǎng)相對(duì)西方發(fā)達(dá)國家來說起步比較晚，屬于新興市場(chǎng)，因此國外的一些成熟的理論體系對(duì)我國 IPO 抑價(jià)的研究可能并不 適用。我國的 IPO 抑價(jià)研究需要結(jié)合我國股票市場(chǎng)的具體情況，從我 國的IPO 發(fā)行定價(jià)制

2、度入手。市場(chǎng)化發(fā)行定價(jià)制度是我國證券市場(chǎng)定 價(jià)制度的改革方向，是在證券發(fā)展史上具有重大意義的事件，因此本 文以市場(chǎng)化發(fā)行制度為的背景，研究 IPO 抑價(jià),具有重要的理論和現(xiàn) 實(shí)意義。本文試圖以 2006年初到 2010年底我國新股發(fā)行采用的市場(chǎng) 化發(fā)行制度為大的，以 2008 年 9 月 IPO 暫停 9 個(gè)月,2009 年 7 月 IPO 又重新啟動(dòng)這一事件為分界線，。選用了八個(gè)變量分別對(duì) A 股 IPO 重 啟前和 IPO 重啟后的抑價(jià)進(jìn)行回歸，然后比較分析 IPO 重啟事件前后 的 IPO 抑價(jià)程度和變量對(duì)其影響程度。研究結(jié)果顯示，IPO 重啟前投 資者投資新股關(guān)注的變量非常集中，主要是

3、關(guān)注市盈率和中簽率；IPO 重啟之后投資者的投資理念更加成熟，投資者投資新股關(guān)注的變量指 標(biāo)明顯增加，越來越重視公司的內(nèi)在價(jià)值，并且抑價(jià)程度在 IPO 重啟 之后明顯降低。這充分說明我國的證券市場(chǎng)化改革是有意義的，并取得了初步成效，證券市場(chǎng)發(fā)展也逐漸成熟。因此我國應(yīng)繼續(xù)堅(jiān)持市場(chǎng) 化改革,進(jìn)一步降低 IPO 抑價(jià)率?！居⑽恼縄PO un der-pric ing is the stock market pricemuch higher than the offering price, resulting in an initial public offering.IPO is a highe

4、r rate of excess return. IPO under-pricing is one of thecommorproblems of the world s IPO market. In the long run, too highunder-pricing rate has a n egative impact on whether the issu ing enterprise or the inv estors, eve n in flue nces the developme nt of securitiesmarket. Compari ng to the develo

5、ped coun tries, the IPOun der-pric ing level is much higher tha n the average. Chinas stock market started relatively later tha n the Western developedcountries, so it is an emerging market. Therefore, some of the foreig nmature theoretical systems do not fit for the research of China s IPOunder-pri

6、cing, it need a comb in ati on of the specific situatio nof China sstock marketto get started from the IPO offer ing price system.Market-oriented issue pricing system is the aim of China ssecurities market pric ing system reform ing and it means much to thehistory of security developme nt, therefore

7、, usingmarket-oriented issue pricing system as the background to study theimpact on IPO under-pricing has an important theoreticalmeaning.This paper will attempt to expand the analysis on this theme.From the beg inning of 2006 until 2010, Chi na has bee n using amarket-orientedissue pricing system,

8、and in September2008 IPO suspe nded, while after 9 mon ths the system did not restart until July 2009. The restarti ng of IPO is a big eve nt to the stock market,marking that another round of IPO market reform started. The paperchose eight variables to analyze the IPO under-pricing.The analysisof IP

9、O under-pricing before andafter the IPO restarti ng un der the circumsta nces of market-orientedissuing reform that after the restarting of IPO, when the investors investthe stock, he care for not only thePEand Lot ratio but also the quality of the issue company. This conclusiontells that the investor is more and more reality,and the market is more and more mature. So the government should insistthe market of the stock pricing to slow the IPO un der-pric ing.【關(guān)鍵詞】IPO IPO 抑價(jià) 市場(chǎng)化發(fā)