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ID:36464483
大小:2.80 MB
页数:73页
时间:2019-05-10
《深圳中小企业板市场IPO抑价研究及实证分析》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、西南交通大学硕士学位论文深圳中小企业板市场IPO抑价研究及实证分析姓名:李金花申请学位级别:硕士专业:会计指导教师:朱宏泉20070601西南交通大学硕士研究生学位论文第lI页AbstractIPOs(InitialPublicOfferings)isabehaviorthatacompanysellsitsstocks(commonstocks)publiclytoinvestorsonthestockmarketforthefirsttime.AnalysisindicatesthatIPOunderpricingisacommonphen
2、omenonallOVerthestockmarketofvariouscountries.·OnthemorningofJune25也,2004,shenzhenstockexchangebecamethefocusofchinesecapitalmarket,along、析mthelistingofthefirsteightcompanies,111eSmallandMediumEnterprise(SMES)Boardfinallystartupafterwaitingforalongtimebythemarket.Itsactivepr
3、ovidesfinancingchannelsforSMES,andgivesmanynewinvestmentopportunitiestoinvestors.Duetothedifferenceofoperationpoliciesandlistedcompanies’characteristics,thepricefluctuation.andlongrunperformanceofIPOshavedisparatefeaturesontheSMESBoardandmainboard.So,ontheguidanceofIPOunderp
4、ricingtheories,researchingfortheaffectingfactorsandreasonsofIPOunderpricing,whichCallhelpUSmakesometargetsuggestionsforruducingthedegreeofIPOunderpricing,andoffersomepohcyreferencetothehealthydevelopmentofSMESBoard.Atfirst,thearticleretrospectedfindingsofdomesticandforeignre
5、searchersaboutIPOunderpficing,elaboratedpeculiaritiesandcurrentsituationofSMESBoard.Onthebaseoftheoreticalresearch,collectingwithunderpricingfactorsonmainboardandowncharacteristiconSMESBoard,皿1epaperanalyzedthedifferentunderpricingreasonsofthetwoBoards.Thearticlealsomadeanem
6、piricalstudyonSMESBoardIPOinitialprofitmargin,throughthet-valuetest,WeverifiedthatthereareIPOunderpricingphenomenononSMESBoard.Accordingtotheexsistedresultsonmainboard,weusevariablessuchastimeintervalfromissuingtolisting、totalsharesafterlisting、firm’SagebeforeIPO、proportiono
7、fcurrentshares,firstdaytradingratioandetctoanalyzeIPOunderpricingphenomenononSMESBoard.Afterresearchingandempiricalstudy,wefoundtheexcessivelyhighttLrBOVerontheinitial-dayisthemostkeyfactorwhichaffectsIP0underpficingonSMESBoard.西南交通大学硕士研究生学位论文第1ll页Long咖underperformanceisoneo
8、fthemostimportantempiricalphenomenonrelatedtoIPO.Forlearningthepricechangeo
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