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论文编号：	4468
作者编号：	2120102266
上传时间：	2012/6/10 15:08:06
中文题目：	IPO抑价、议价能力与利益一致性研究
英文题目：	Research on IPO underpricing、Ability of bargaining and Consistency of interests
指导老师：	黄福广
中文关键字：	IPO抑价;议价能力;利益一致性
英文关键字：	IPO underpricing;Ability of bargaining;Consistency of interests
中文摘要：	在新股发行定价中，存在着诸多因素都将对IPO抑价（Initial Public Offering Underpricing）产生影响，我国IPO抑价现象的普遍存在，是在多方利益博弈后形成的，并且承销商和发行人等市场主体存在利益一致性，所以分析我国证券市场的IPO抑价与利益一致性，可以从承销商与发行人的议价能力与利益一致性方面进行，从理论上指出我国IPO抑价的原因，对于规范证券市场运行提供借鉴意义。 针对我国股票市场的实际情况，本文运用理论分析、模型分析和实证分析的方法，从承销商和发行人在定价中的议价能力和利益一致性的角度对IPO抑价进行解释和论证。在议价能力的研究中，在一定的假设基础上，本文首先建立了承销商和发行人的决策模型，从理论上证明了承销商和发行人在新股定价中存在利益一致性，二者利益最大化的条件均为抑价。进一步选取相关样本数据，从实证上研究承销商和发行人的议价能力对IPO抑价的影响，实证结果表明承销商的议价能力较强并导致了IPO抑价率的高企。在IPO抑价及利益一致性的实证研究中，本文选取2000年到2011年间上海证券交易所A股市场上市的股票为样本，实证研究结果表明利益一致性和IPO抑价呈显著的正相关关系，发行人想创造较高的后市流动性以有利于价值发现并为再融资做准备，承销商获得经纪业务收入并为将来的再融资承销工作提供便利条件，二者存在抑价发行的共同动机并由此获取利益，验证了上述的模型研究结果。 最后，本文对实证结果做出分析和解释，为揭示我国证券市场目前的高抑价率提供了较为具体的视角，从 IPO发行方式、定价机制等方面提出了缓解利益一致性对IPO抑价影响的政策建议并对今后的研究进行了展望。
英文摘要：	In the IPO pricing, there are many factors that will affect the IPO underpricing. IPO underpricing in China is formed in the interests of many parties after the game, and there is the consistency of interests between the underwriters and the issuer in the market. So the analysis of IPO underpricing of China's securities market can be based on the ability of bargaining and consistency of interests between the underwriters and the issuer. And we can find the reasons of IPO underpricing in theory to provide a reference for regulation of the securities market operation. Based on the situation of China's stock market, the paper use theoretical analysis, modeling and empirical analysis to explain and demonstrate IPO underpricing from the perspective of ability of bargaining and the consistency of interests between the underwriters and issuers. In the study on ability of bargaining, the paper first establish decision-making model of underwriters and issuers based on some certain assumptions. And the paper proved there is consistency of interests between underwriters and issuers in the IPO pricing in theory, and that they both benefit the most from the underpricing. And then the paper select sample data to study how the ability of bargaining of underwriters and issuers affect the IPO underpricing. The empirical results show that the stronger ability of bargaining of the underwriter lead to a high level of IPO underpricing. In the empirical study on the IPO underpricing and the consistency of interests, the paper select the stocks listed on the Shanghai Stock Exchange A-share market from 2000 to 2011 as the sample. And the empirical results show that there is significant positive correlation between the consistency of interests and IPO underpricing. Because the issuer want to create a higher level of after-market liquidity for the benefit of the value of discovery and prepare for SEO, the underwriters want to receive brokerage business income and get future SEO underwriting facilities. As a result, two motivation for underpricing are consistent and could obtain benefits from it. So the optimal solution verifies the above model results. Finally, the paper make analysis and interpretation of the empirical results, and provide a more specific perspective to reveal the high underpricing of China's securities market. And then the paper bring forward some suggestions on easing consistency of interests’ effect on the IPO underpricing and the future research outlook.
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