文档介绍：对外经济贸易大学
硕士学位论文
我国创业板IPO抑价现象研究
姓名:曾晖
申请学位级别:硕士
专业:金融学
指导教师:潘红宇
2010-09
摘要

IPO(Initial Public Offerings),即首次公开发行,即发行公司向非指定
的广大投资者首次公开销售公司股份的行为。研究表明,在各国证券市场上,IPO
抑价现象是普遍存在的。
2009 年 10 月,深圳证券交易所设立了创业板。创业板对完善我国多层次的
资本市场以及推进我国中小企业发展起着及其重要的作用。创业板是否也存在
IPO 抑价?造成 IPO 抑价原因是否与主板、中小企业板相同?是本文研究的目的。
本文结合西方 IPO 抑价理论,国内学者对主板、中小板IPO 抑价现象的研究
结果,创业板自身特点,选取解释变量对创业板 IPO 抑价原因进行实证研究。一
级市场的低中签率,二级市场高换手率是影响创业板高抑价率的主要因素。低中
签率在主板、中小板、创业板都存在,但是低中签率是 IPO 抑价原因仅在创业板
存在,这是因为创业板发行制度——核准制有别于其他两个板块的保荐制;而高
换手率在三个板块中都是造成高抑价的原因,说明我国二级市场上存在高投机现
象。而来自创业板自身特点的变量对IPO 抑价来看并没有显著影响,这是因为管
理层已从中小板获得经验,对创业板风险加以防范和控制,同时核准制也进一步
降低了风险。

关键词:创业板,IPO 抑价,主板,中小企业板
Ⅰ
Abstract

IPO (Initial Public Offerings) is a behaviour that pany sells its stocks (common
stocks) publicly to investors on the stock market for the first time. Analysis
indicates that IPO underpricing is mon phenomenon all over the stock market of
various countries.
Growth Enterprise Board was set up in Shenzhen Stock Exchange in Oct., 2010,
which would make great contribution to optimize multiple levels of capital market
and growth of small and medium enterprises in our country. Is there IPO
underpricing in Growth Enterprise Board as well? Are reasons caused its IPO
underpricing different from those in Main Board or Small and Medium Enterprises
(SMES) Board? These are research objectives of this paper.
Consulting the IPO underpricing theories of the West, the findings of Main Board and
SMES board of domestic scholars and specialties of Growth Enterprise Board itself,
this paper selects explanatory variables and positive analyses the reasons caused IPO
underpricings in Growth Enterprise Board. Low allocation rate in primary market
and high turnover rate in secondary market are major reasons. Low allocation rate
mon in Main Board and SMES Board, but it is only in Growth Enterprise
Board that low allocation rate is the reason causing high underpricing