文档介绍：对外经济贸易大学
硕士学位论文
中小企业板IPO抑价实证研究——以询价制和全流通为视角
姓名:杜金金
申请学位级别:硕士
专业:金融学
指导教师:施丹
20080401
摘要
2008 年,中国的纳斯达克——创业板推出在即,我国中小企业板设立的初衷
正是为创业板市场的建设积累经验,因而在这一背景下对中小企业板的研究也就
对我国创业板市场的推出具有重要意义。关于 IPO 抑价理论的研究已经很多,但
多以市场化的背景为前提,考虑我国股市的制度性特征,本文结合 2005 年 3 月
的询价制改革以及 2005 年下半年开始的股权分置改革,首先用 Excel 中的统计分
析工具比较了这些制度变革对中小板 IPO 抑价的影响,发现询价制相对于股权分
置改革,由于对发行定价较强的针对性而明显起到了降低 IPO 抑价的作用,而股
权分置改革这方面的作用并不明显。接着用回归的方法分析了在全流通和询价制
背景下中小企业板 IPO 抑价的影响因素,最后针对显著影响因素提出了政策建议,
肯定市场化改革的正面效应的同时,期望进一步完善相关政策,有效降低 IPO 抑
价,为创业板的推出创造良好的环境。
关键词:IPO 抑价,创业板,中小企业板,询价制,股权分置
I
Abstract
China is going to launch its own NASDAQ Growth Enterprise Market (GEM) in
2008. In light of the purpose of founding Small and Medium-size Enterprise Board,
which was to accumulate experience for Growth Enterprise Market, some research on
Small and Medium-size Enterprise Board would be of great help to build GEM in the
near future. Although there have been many studies on initial public offering (IPO)
under pricing, among which most are based under the Marketed Background, this
paper focuses on some unique factors featured with China stock market, which might
put much influence on IPO under pricing , and analyze how the specific reforms of
related policies especially inquiry practice (started from Mar. 2005) and equity division
reform ( started from the latter half of year 2005) affect IPO under pricing. Through
statistical analysis method by Excel, the study indicates that inquiry system helped
lower IPO under pricing, while equity division reform’s influence seems to be negative.
And then, regression analysis is applied to study the influencing factors of the board
based on inquiry system and full circulation. Lastly, the positive effects of
market-oriented reforms are confirmed and policy suggestions are given according to
the significant influencing factors, expecting to perfect the board, lower IPO under
pricing, and make a better p