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论文编号：	8412
作者编号：	2120142451
上传时间：	2016/6/10 21:02:32
中文题目：	市场因素、投资者情绪与IPO抑价——基于创业板市场的研究
英文题目：	Market Factors, Investor Sentiment and IPO Underpricing-Based on the GEM Market Research
指导老师：	余娟
中文关键字：	创业板、IPO抑价、市场因素、投资者情绪
英文关键字：	GEM, IPO Underpricing, Market Factors, Investor Sentiment
中文摘要：	随着中国国民经济的持续高速发展，国内的各个领域，包括信息产业、医药产业、互联网金融等对资金的需求越来越大，这对中国资本市场的发展提供了明确的方向：完善多层次资本市场体系，解决大中小高新技术企业融资困境，为企业发展建立良好的证券市场环境。继上交所、深交所主板市场交易以来，中国证券市场先后于2004年迎来中小板的推出、2009年创业板的开板，这两大举措缓解了创业企业、高新技术企业、高附加值企业等的直接融资困难，拓宽了创业企业、高新技术企业的直接融资渠道，为中国企业的迅速发展建立了特色的资本市场。 以创业板市场的高发行市盈率、高发行价格、高募集资金的“三高”现象在研究中国IPO抑价的相关问题上，受到各地学者的广泛关注。创业板市场对于中国资本市场的发展而言，是建立多层次资本市场体系中的一个重要组成部分，但创业板的高抑价问题对于资本市场的完善来讲，却是一大阻碍。通过实证分析数据发现：2009年10月在创业板公开发行上市的第一批股票，其平均IPO抑价率竟然高达100%，此外，截止到2015年底，新股首日收益率平均高达65%，远高于证券市场的正常回报率。 本文是在对国内外关于IPO抑价问题研究理论归纳总结的基础上，结合中国二十多年资本市场的相关研究论述，一方面从理论角度分析中国创业板市场IPO抑价产生的原因，另一方面从实证的角度构建回归模型研究IPO抑价的主要影响因素。本研究结果表明，市场因素的代理变量新增股票账户数量和投资者情绪变量中签率、资金比率、市盈率比率对IPO抑价有显著影响，一方面，市场因素对IPO抑价有显著影响，当市场状况较好时IPO抑价更严重；另一方面，在投资者情绪对IPO抑价显著影响的基础上，市场较好会大大增加投资者的热情，使抑价现象更突出。 综上，针对市场因素、投资者情绪的研究有一定的价值，可以帮助监管部门引导在不同市场情况下的投资者投资，为更好地规范中国资本市场，建立多层次资本市场结构提供参考。
英文摘要：	With the sustained and rapid development of China's national economy, every area in China, including the information industry, pharmaceutical industry, Internet banking and other growing demand for funds, which is the development of China's capital market provides clear direction: improve the multi-level capital market system, solve the financing issues of small, medium-sized and high-tech enterprises, create a good environment in the securities market for the development of enterprises. Since on the Shanghai Stock Exchange and Shenzhen Stock Exchange main board market, China's securities market has in 2004 ushered in the SME board launched, 2009 gem of the board, the two major initiatives alleviated the entrepreneurial enterprises, high-tech enterprises, high additional value enterprises direct financing difficulties, broaden the channels of direct financing for entrepreneurial enterprises, high-tech enterprises, establish the characteristic of the capital market for the rapid development of Chinese enterprises. In the GEM market the high IPO P/E rate, high issue price, high to raise funds for the "three high" phenomenon in the research of the relevant problem of IPO underpricing in China, has attracted wide attention of scholars from around. The growth enterprise market (GEM) is an important part of the development of China's capital market, but the gem high underpricing problem for the perfection of the capital market is a big obstacle. Through the empirical analysis of data found that the October 2009 issued publicly listed on the gem for the first batch of stock, the average IPO underpricing rate is as high as 100%. In addition, until the end of 2015, IPO underpricing is 65%, far higher than the normal return of securities market rate. This article is based on domestic and abroad on the IPO price of the theory, combined with more than 20 years of the Chinese capital market, the study mains to discuss: on the one hand from the angle of theory analysis of Chinese GEM IPO underpricing reason, on the other hand from the perspective of empirical constitutive built regression model for the study of IPO underpricing of the main influencing factors. The research results show that the stock account number of investors and emotional variables success rate, capital ratio, P / E ratio of IPO underpricing has significant effect of new proxy variable of market factors. Firstly, market factors of IPO underpricing has a significant impact, when market conditions better IPO underpricing more serious; Secondly, in investor sentiment on the IPO underpricing significantly affected, the better the market will greatly increase investor enthusiasm, the underpricing phenomenon to be even more pronounced. In summary, in the study of market factors and investor sentiment can help regulatory authorities to guide the investment of investors under different market conditions, in order to better regulate the capital market in China, the establishment of multi-level capital market structure to provide a reference.
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