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论文编号：	701
作者编号：	2120061971
上传时间：	2008/6/20 13:00:27
中文题目：	上市前业绩和IPO抑价关系e
英文题目：	The Research on the Relationsh
指导老师：	刘志远
中文关键字：	询价制;IPO抑价;IPO定价发售机制
英文关键字：	Inquiry System;IPO Underpricin
中文摘要：	首次公开发行抑价（IPO Underpricing）是世界证券市场普遍存在的现象，也是近些年金融学的热点问题。不同的证券市场制度会对IPO抑价产生不同的影响。因此，研究我国的IPO抑价就必须考虑到我国特殊的制度背景。2005年4月中国证监会颁布了《关于上市公司股权分置改革试点有关问题的通知》，标志着我国股权分置改革的开始，也意味着新股发行和再融资的暂停。2006年5月，中国证监会颁布了《上市公司证券发行管理办法》，中国股权分置改革后的新股发行才重新得以启动。在此管理办法颁布之后，我国证券市场的证券发行制度、新股发行定价机制、市场上投资者构成和监管方式均发生了相当大的转变。因此，在这一制度背景下研究IPO抑价必然和以往的研究有很大变化，得出的结果和结论一方面是对新制度施行效果的解释和检验，另一方面则会对未来政策和制度的改革完善做出贡献。 本文采取实证研究与规范研究相结合的研究方法，得出IPO公司上市前业绩和IPO抑价之间正相关的结论。本文首先回顾了国内外研究IPO抑价现象的理论，并指出了现行IPO抑价研究的盲点，明确了研究要解决的问题。之后，本文基于信息不对称理论、制度经济学理论和行为金融理论，结合了中国证券市场的特点，分析了IPO抑价现象的制度背景和进行询价制改革的原因，并从现行定价发售机制出发解释IPO公司上市前业绩与IPO抑价的关系。在此基础上，本文用实证的方法研究询价制之后我国A股市场IPO抑价现象并验证IPO公司上市前业绩和IPO抑价之间的正相关关系，得出研究结论和文章的政策性建议。 本文的创新之处主要在于，一方面研究了IPO抑价和发行公司上市前业绩之间的正相关关系，并结合制度背景给出了产生这种关系的理论解释；另一方面，本文分析了股权分置改革之后的询价制度对IPO抑价的影响，找出现行制度存在的问题，为如何提高一级市场和二级市场效率提出建议。
英文摘要：	IPO Underpricing is the world's securities market phenomenon and is also a hot finance issue in recent years. Different security market systems will produce different effects on IPO underpricing. Therefore, the study of China's IPO underpricing must take into account of China's special systems. April 2005 the China Securities Regulatory Commission promulgated the "Listed Companies on the Split Share Structure Reform-related Issues Notice," which signifies that China's split share structure reform and also means that new stock issues and refinancing are suspended. May 2006, the China Securities Regulatory Commission promulgated the "Management of Listed Companies to Issue Securities" which re-activated the issuance of new shares after the Chinese non-tradable share reform. After the promulgation, China's securities market of securities issuing system, the pricing mechanism for new share issues and the market investors constitution changed a lot. Because of these changes, IPO underpricing behaviors are quiet different from the previous. And the findings and conclusions in the new system may contribute to improving the reform. This paper took the combination research method of both empirical research and normative research and reached the conclusion that the IPO underpricing is positively related to the history financial performance of the company. The author firstly reviewed the studies of domestic and international IPO underpricing and pointed out the blind spot of the current IPO underpricing study. Then the author analyzed the system background of domestic IPO underpricing and the reason of Inquiry system reform, basing on the characteristic of Chinese security market and the theories of asymmetric information, institutional economics theory and the behavioral finance, explained the relationship of IPO underpricing and the history financial performance from the aspect of current IPO pricing and issuing mechanism. The paper used empirical research method to study the IPO underpricing after the reform and verified the positive correlation between the performance before IPO of listed companies and IPO underpricing. Finally, the author reached the conclusion, summed up the limitations and made policy recommendations. One main innovation of this paper is the discovery and the theoretical explanation of the relationship between IPO underpricing and the history financial performance of the company, anther innovation is the analysis on the impact on IPO underpricing of the current inquiry system after the shareholder structure reform to identify the problems and make recommendations to improve the primary market and secondary market efficiency.
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