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论文编号：	4107
作者编号：	2120102351
上传时间：	2012/5/23 9:07:35
中文题目：	我国创业板上市公司股权对IPO抑价影响的实证研究
英文题目：	An empirical research of equities belongs to our countries’ GEM companies to the influence on IPO underpricing
指导老师：	李亚
中文关键字：	创业板，股权变动，券商直投，IPO抑价
英文关键字：	GEM, equity change,broker straight investment,IPO underpricing
中文摘要：	我国创业板自2009年10月30日在深圳交易所开板以来，从第一批的28家上市公司，到截至2012年2月份的287家上市公司，两年多的时间为众多中小企业融资过千亿元，充分发挥了融资与促进中小企业发展的作用。 IPO抑价现象是包括发达国家、发展中国家股票市场中都普遍存在的一个未解之谜，只是抑价程度有所不同而已。还有学者（Loughran等人）研究发现发展中的股票市场IPO抑价幅度更显著。我国创业板市场在这两年不断成长、完善的过程中，也表现出了较高IPO抑价现象。287家创业板上市公司最高抑价率将近210%，平均抑价率也达到了37.454%。 本文选用我国创业板2009年10月30至2012年2月1日期间在深交所上市的287家A股公司，剔除39家不合格的样本，余下的248家作为研究样本。从上市前的一级市场与上市首日的二级市场两个视角及其股权结构和股权变动的角度切入，选取了共计12个自变量、5个控制变量，构建多元线性回归，利用STATA分析软件，运用普通最小二乘等计量方法实证检验了股权结构、股权变动对IPO抑价率的影响。 为更透彻探究IPO高抑价之谜，本文分别从一级市场发行价格的制定与IPO上市首日收盘价格的形成两个角度，引入券商直投、股权累计变动比例、流通股比率等解释变量分解造成IPO较高抑价的影响因素。 实证检验结果发现一级市场上我国创业板上市公司的IPO抑价率与发行公司上市前机构投资者持股比例正相关，与实际控制人是否在发行公司董事长与总经理两职兼任情况正相关；与发行公司上市前券商直投持股比例、实际控制人持股比例、配售比例以及股权累计变动比例显著负相关；在上市首日的二级市场上IPO抑价率与发行公司流通股比率正相关,与社会公众实际发行认购比例正相关，与员工实际发行实际认购比例正相关，与战略投资者实际发行认购比例正相关，IPO 抑价与发行公司IPO上市首日基金实际发行认购比例负相关。
英文摘要：	China Growth Enterprise Market was set up on October 30th, 2009 in Shenzhen Stock Exchange.From the first batch of 28 Listed companies to 287 by the time of February 2012, China Growth Enterprise Market has assistanted small and medium-sized enterprises finance one hundred billion yuan over the two years,which successfully play the role of financing as well as boosting small and medium-sized enterprises. IPO underpricing is still an unsolved mystery which appears at times in either developing or developed countries’ stock markets but different in degree of underpricing. Some scholars like Loughran and others found that IPO underpricing is more obvious in those developing ones. China Growth Enterprise Market also shows such high IPO underpricing phenomenon, during the past two years when GEM processes grown-up and perfects itself constantly.The highest underpricing among 287 GEM listed companies is almost 210%, while the average reaches at 37.454 % . This article chooses 287 GEM listed companies that were IPO on Shenzhen Stock Exchange from October 30th, 2009 to February. 1st, 2012.Eliminating 39 unqualified samples,we take the rest 248 ones as our samples. From the perspectives of the security primary market, security secondary market , the ownership structure and equity change,we select a total of 12 independent variables and five controlled variables,based on which we build the multiple linear regression. With the help of STATA analysis software and methods of measurement such as OLS,etc, we have an empirical test on the influence of the ownership structure and equity change on the IPO underpricing. In order to explore more thoroughly about the high IPO underpricing, we decompose these influencing factors leading to the phenomenon respectively from the formulation of the issuing price in the security primary market and the forming to the first IPO closing price. The empirical results display that in the security primary market Institutional investors holding ratio before IPO and whether the actual controller fills the both positions of board chairman and general manager in the issuing companies have an positive influence on GEM listed companies .On the other hand, brokers straight investment holding ratio, and the actual controller holding ratio, rationed sale ratio, and cumulative percentage of the changed equity before the issuing companies listed,have a significant negative correlation to the high IPO underpricing.While on the first day when the issuing companies GEM,among the security secondary market,there are positive correlations between the high IPO underpricing and tradable share ratio , the social public subscription proportion, the employees subscription proportion, Strategic investors subscription proportion in the actual issuing; on the opposite, the funds subscription proportion is negatively related to IPO underpricing.
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