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论文编号：	3170
作者编号：	2120092405
上传时间：	2011/6/3 10:18:11
中文题目：	基于一级市场参与方资源优势的创业板IPO抑价研究
英文题目：	Study on the GEM IPO Underpricing based on the Participants’ Resource Advantage in Primary Market
指导老师：	黄老师
中文关键字：	一级市场;资源优势;创业板;IPO抑价
英文关键字：	Primary Market;Resource Advantage;GEM;IPO Underpricing
中文摘要：	IPO抑价是指公司首次公开发行股票时，股票发行价格明显低于其上市首日收盘价的现象。这种现象在全球证券市场普遍存在，Ibboston等学者将其称为“IPO抑价之谜”。我国创业板于2009年10月30日成立以来，已有逾两百家公司上市，创业板公司保持了比主板企业和中小板公司更高的抑价率，这一方面使发行公司损失了大量财富，另一方面加剧了一级市场的投机偏好，不利于整个市场的稳定。 针对IPO抑价现象，传统的研究理论多是根植于西方资本市场，用来解释我国的实际情况并不理想。本文从战略管理理论中的资源优势理论出发，结合现有的IPO抑价理论和我国的市场环境，对IPO过程中各参与方是否存在基于自身利益，利用各自的资源优势影响IPO抑价的情况进行分析，从另一个理论视角分析了我国创业板IPO抑价的原因和影响因素。 本文从理性人假设出发，为各参与方建立了短期和长期基于资源优势的利益函数，提出了参与方均衡定价模型，并根据理论分析提出了研究假设，同时就我国目前创业板的发行制度和各参与方的资源优势进行了梳理，并以截止到2010年12月31日上市的153家创业板公司IPO数据为样本，结合提出的资源优势代理变量进行了实证分析，验证了本文提出的假设，并得出了研究结论。 本文理论分析和实证结果表明，我国创业板IPO高抑价率主要来自于一级市场的有意抑价，而非二级市场的炒作和其他影响因素；在创业板IPO过程中，由于各参与方均有一定的资源，他们的确存在利用各自的资源去影响IPO抑价的情况；由于各参与方资源优势不对等，发行方和承销商相对优势明显，对IPO定价权影响更大，机构投资者和风险投资影响有限。本文研究结果，对于我国监管机构完善IPO发行制度，提高IPO定价效率，平衡各方利益，促进证券市场健康发展具有一定的理论和实践意义。本文使用图2幅，表12个，参考文献92篇。
英文摘要：	IPO underpricing refers to the phenomenon that when firm goes Initial Public Offering, its issue price is obviously lower than the closing price listed on the first day. This phenomenon is widespread in the global securities markets, Ibboston and other scholars called it "IPO underpricing mystery". Since October 30, 2009, the China GEM Board set up, more than 200 firms have listed on it, and these firms have higher underpricing than those listed on the Main Board and SME Board, which results in the loss of wealth and increasing the level of speculation preference in the primary market, and is not conducive to the stability of the entire market. For the IPO underpricing phenomenon, traditional theory is based on the situation in Western capital markets, which is not satisfying to explain the actual situation in China. Based on the Resource Advantage Theory, this paper analysis’ whether the participants use their resources to influence the issue price during the IPO process based on their own interests, which proposed the real cause of the IPO underpricing . From the perspective of rational man, this paper builds short-term and long-term interest functions for the participants based on their resources, and also puts forward the balanced pricing model for all participants. Then, it proposed the hypotheses and uses the 153 GEM-listed company IPO data sample deadline to December 31, 2010 to verify them and draw a conclusion. The results show that the deliberate underpricing in the primary market can explain the GEM IPO underpricing rather than the secondary market factors. During the IPO process, the parties do use resources advantages to influence the IPO underpricing. Because not all participants have the equal resources advantages, the issuers and underwriters have greater impact on IPO pricing, institutional investors and venture capital’s influence is limited. This result is helpful for the regulatory authority to improve the distribution system and the efficiency of IPO pricing, balance participants’ interests, which is also helpful to promote the healthy development of securities markets. This article includes 2 figures, 12 tables, 92 references.
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