【作者】 吴苑林；

【导师】 卓德保； 徐韬涛；

【作者基本信息】 上海师范大学 ， 政治经济学， 2008， 硕士

【摘要】 IPO抑价是指股票市场的发行价格低于二级市场价格的现象。此现象在世界所有的股票市场都几乎存在,但是不同国家其抑价程度的差别却各不相同。大量研究表明:发达国家股票市场的抑价程度远远小于一些新兴市场国家和发展中国家。和发达国家几百年的股票市场发展经历相比,我国的股票市场起步较晚,从上世纪90年代初开始到现在仅仅几十年的时间,市场还不成熟,投资者也不理性,对市场的理解与发达国家存在着巨大的差别, IPO抑价现象也具有独特性,对其影响因素的解释也与国外市场不尽相同。本文针对我国股票市场上所存在股权分置的特殊情况,以IPO企业的股权结构为出发点来研究IPO抑价的问题。首先,以现代企业理论和公司治理理论为基础简要地论述了股权结构的基本概念,分析了股权结构对公司价值所存在的影响,并用统计分析的方法简要地描述了从2001年到2007年我国上市公司股权结构的主要特点和变化情况。其次,通过选择从2001年6月到2007年6月在上海证券交易所上市的IPO企业数据,采用实证的方法来分析IPO抑价程度的变化情况和股权结构对其所存在的影响:文章在理论分析的基础之上,选择了具有代表性的多个因素,采用统计分析和回归分析的方法,研究了他们之间的定量关系,揭示了股权结构对我国IPO抑价所存在的影响和各种影响因素在我国股票市场上所表现出的,不同于国外市场研究成果的特殊性。更多还原

【Abstract】 IPO underpricing refers to the phenomenon that Issue price of stock are lower than the prices in the secondary market. This phenomenon nearly exists in the capital markets of many countries, but its degree of underpricing is not the same in different countries. The massive research indicated: the underpricing is graver in the developing countries than in the developed countries. To compare with the developed country’ Stock market of several hundred years, China’s stock market starting is late, started from the early-1990s to present is merely several dozens year, which is still not mature with irrational investors. the understanding has the huge difference to the market in different countries. IPO underpricing phenomenon is unique in china andthe explanation of underpricing was also different to the foreign market In this paper, in view of the special circumstances of the stock market, the IPO business ownership structure is the starting point to examine the issue of IPO underpricing. First, based on the modern theory of the firm and company management, Briefly discusses the basic concepts of ownership structure and analysis the influence of the ownership structure on company value. Second, by choosing IPO enterprises’dates between June 2001 to June 2007, Empirical methods is used to analyze the extent of IPO underpricing changes and ownership structure’impact on the existence of it. Through regression analysis to study the relationship between the quantitative, and reveals the relationship between shareholding structure and various factors in China’s stock markets, which has a different characteristics from the research in the foreign market .更多还原