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| 论文编号： | 730 | |
| 作者编号： | 2120061982 | |
| 上传时间： | 2008/6/21 13:08:49 | |
| 中文题目： | 我国股权分置改革后A股IPO抑价实 | |
| 英文题目： | The A-share IPO under-pricing | |
| 指导老师： | 孙广平 | |
| 中文关键字： | IPO;抑价率;A股市场>| | |
| 英文关键字： | IPO;A-share market;under-prici | |
| 中文摘要： | 在全球的新股发行市场，IPO抑价问题普遍存在，是困扰财务学界的难题之一。在国内外，许多学者都从不同理论和实证的角度对这一现象进行了解释。当前，中国A股市场股权分置改革已经基本完成，新发行的股票完全可以自由流通。然而中国资本市场中，新股的抑价率却远远高于其它资本市场，这一现象成为国内学者所关注的重点。高IPO抑价率使得大量资金在一级市场和二级市场往返进行套利，高IPO抑价率也增加新股定价的难度，这些都加剧了IPO市场的的风险，不利于资本市场的稳定发展。 本文从政府调控、市场参与者和会计信息等角度对中国IPO当前高抑价率的现象进行实证分析。通过对影响因素进行理论分析和对沪市和深市数据展开对比分析，本文得出结论如下：中国资本市场政府行为过多；制度上没有完全实现“公平、公正、公开”的三公原则；市场上的投资者心态趋于“狂热”，投机气氛浓重。 最后，本文在理论分析和实证分析基础上针对我国A股IPO存在的问题，提出相关政策建议。 | |
| 英文摘要： | The problem of IPO under-pricing exists in global new stock markets universally. So far it is still a puzzle in the field of finance. Many native and foreign scholars have studied from many different theories and positive methods to explain this phenomenon. At present, the new shares, that issued after June 2006 when the share-trading reform had been basically completed in A-share market, can be translated for free. Now this phenomenon, which the rate of IPO under-pricing in A-share market is much higher than those in other share market in the world, becomes the focus of domestic scholars. For the reason of high rate of under-pricing, many funds speculate between the primary share-market and the secondary share-market. There are more difficulties in pricing the new share and there is also more risk in the share market. The article tries to find the reasons of the problem from the factors of regulation and control of the government, the behavior of the enterprises, invest-bank and investor, and accounting information. Through the analysis of factors affecting A-share market and the comparative analysis between the Shanghai-market and the Shenzhen-market A-share markets, this paper concludes as follows: First, there is too much government action in Chinese share market. Second, the regulation in Chinese A-share market doesn’t achieve the principle that is fair, just and open. Third, investors are optimistic in the A-share market, and they like speculation more. At last, according to the theoretical analysis and empirical researches, the paper offers the suggestions to the IPO pricing policy. | |
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