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论文编号：	6348
作者编号：	2120122543
上传时间：	2014/6/8 23:35:26
中文题目：	询价制下承销商利益最大化行为对IPO破发影响研究
英文题目：	A Study of the Effect of the Underwriters Interest Maximizing Behavior on IPO overpricing under Inquiry
指导老师：	陆宇建
中文关键字：	IPO破发；询价制；承销商；利益最大化；IPO定价
英文关键字：	IPO overpricing；inquiry；underwriters；maximum interest；IPO Pricing
中文摘要：	“新股不败”曾经是我国IPO发行市场永恒的定律，但2009年IPO重启之后，这一神话一次次被打破，并且有愈演愈烈的趋势。在此背景下，新股破发现象开始引起学术界的关注。 本文则主要从承销商追求利益最大化行为出发解释我国IPO破发现象。 本文从理论和实证两个方面对承销商利益最大化行为对IPO是否破发和IPO破发程度的影响进行了研究。本文首先基于理性经济人假设，从理论层面分析承销商在权衡自身直接收益成本，发行人、机构投资者对其利益影响的基础上选择的行为如何影响IPO破发。在此基础上，本文选取2010-2012年深证中小板和创业板IPO首日破发的116只股票与1：1配对的非破发股作为样本，运用Logistic回归模型，检验承销商利益最大化行为对IPO是否破发的影响。研究结果显示：承销商定价时会关注自身短期利益（发行费用）、发行人（IPO发行规模）的影响，而忽视长期利益（承销商声誉）和机构投资者（网下有效配售比例）的影响。这一权衡结果会促使承销商最终选择推高发行价格，进而引起IPO破发。接着本文选取2010-2012年深证中小板和创业板IPO首日相对破发的99只股票作为样本，运用普通多元回归模型，检验承销商利益最大化行为对IPO破发程度的影响，结果和IPO是否破发一致。 这一结果说明目前我国一级市场定价制度还不完善，存在承销商“短视机会主义行为”，发行人和承销商勾结，声誉对承销商机会主义行为制约有限，询价中机构投资者制衡功能缺位等问题。最后本文对改善这些问题提出了一些政策建议。
英文摘要：	Once "IPO undefeated" was the eternal law of the IPO market, but after the 2009 IPO restarted, this myth was broken again and again. In this context, IPO overpricing phenomenon began to attract academic attention. This thesis try to explain the IPO overpricing phenomenon based on the theory of underwriters’ pursuit of maximizing the benefits. Specifically, this thesis analyzes the effects of the underwriters’ trade-offs behaviors on (1) IPO overpricing; (2) the extent of IPO overpricing based on both the theory and the demonstration. In theory, according to hypothesis of rational man, this paper analyzes how the underwriters’ trade-offs behaviors which is decided after weighing the cost and benefits effect IPO overpricing. In order to investigate (1) IPO overpricing, this essay selects the 116 IPO shares overpricing on the first day of listing and the 116 non- IPO overpricing shares as samples. Then on the basis of theoretical analysis, this paper chooses 9 variables to engage in the following empirical analysis. The results show that: when finally deciding the pricing behavior, the underwriters are concerned about their short-term interest (underwriting fee), the issuers’ effects (IPO issue size), while ignoring their long-term interests (underwriter reputation) and institutional investors’ impact. The trade-offs results will lead underwriter to push the issue price, thereby causing IPO overpricing. In order to study (2) the extent of IPO overpricing, this essay selects the 99 IPO shares overpricing on the first day of listing as samples and 9 variables as influence factors. Results are consistent with the study (1), indicating that the empirical results robust. This results show current the IPO pricing market in China is not perfect, there are various problems. Such as underwriters "short-sighted opportunism behavior", issuers and underwriters collusion, absence of reputation mechanism, absence of institutional investors’ constraint functions and so on. Finally, to improve these issues this essay puts forward some suggestions and opinions.
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