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论文编号：	6406
作者编号：	2120122592
上传时间：	2014/6/9 22:41:43
中文题目：	大股东控制权和风险披露对我国IPO抑价影响的研究—以股权分置改革为例
英文题目：	The Impacts of Large Shareholders’ Control and Risk Disclosure on IPO Underpricing — Based on the Split-share Structure Reform
指导老师：	张晓农
中文关键字：	大股东控制权；风险披露；IPO抑价；股权分置改革
英文关键字：	Large shareholders’ control; Risk disclosure; IPO underpricing；Split-share structure reform
中文摘要：	我国首次公开募股发行抑价严重，严重阻碍我国股票市场的发展，而大股东控制权和风险披露是影响IPO抑价的重要因素，但我国对此研究较少。随着中国对中小股东保护力度的增加和对发行公司风险披露要求的加强，大股东控制权和风险披露将对IPO抑价愈加重要。2006年我国完成的股权分置改革，股权分置改革规定把非流通股变为流通股，并要求上市加强公司信息披露。这个改革不仅影响了股票市场上的上市公司，对首次发行市场也产生了一定影响。这是因为股权分置改革改变了我国股票市场的大股东控制权和风险披露状况，这会影响我国IPO抑价水平。因此，股权分置改革是分析大股东控制权和风险披露对我国IPO抑价影响的一个很好切入点，通过分析改革前后IPO抑价水平的变化探究大股东控制权和风险披露变化如何影响IPO抑价以及与IPO抑价的关系。本文选取2000年1月至2014年1月沪深A股市场1646只股票为研究样本，以发行人与投资者之间信息不对称理论为基础，建立五个多元线性回归模型分别验证股权分置改革、大股东控制权以及风险披露对IPO抑价的影响。本文实证结果表明股权分置改革后IPO抑价水平显著降低，改革对抑制IPO抑价起到积极作用。大股东拥有控制权的控制权越强，IPO抑价程度越高，但在改革后这种正向关系有所减弱。风险披露数量与IPO抑价在股权分置改革后显著正相关，中国风险披露状况有所改善。
英文摘要：	In China the fact of serious IPO underpricing impedes the development of stock market. Though large shareholders’ control and risk disclosure have a great effect on IPO underpricing, the researches in China are less. With the more attention on protection of smaller investors and risk disclosure of listed companies, large shareholders’ control and risk disclosure will play more important role in IPO underpricing. In end of 2006, China completed split-share structure reform, and the reform required that non-tradable shares into tradable shares and listed companies disclosed more risk. Split-share structure reform is important to large shareholders’ control and risk disclosure and then affects the IPO underpricing. Thus, split-share structure reform can be a good place to start to analyze the effects of large shareholders’ control and risk disclosure on IPO underpricing. By analyzing the changes of IPO underpricing during the reform, we can explore how large shareholders’ control and risk disclosure affect IPO underpricing and the relationship with the IPO underpricing. The article draws sample from the population of initial public offerings of equity in China between January 2000 and January 2014, bases on information asymmetry theory and sets up five multiple linear regression to analyze respectively the impact of split-share structure reform, large shareholders’ control and risk disclosure on IPO underpricing. Our study provides evidence that IPO underpricing significantly reduced after split-share structure reform. And the stronger control the large shareholders have, the more underpricing IPO will be, but after reform this kind of positive relationship weakened. At last, after reform the quantity of risk disclosure is positively related with IPO underpricing.
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