我国IPO定价与中小投资者利益保护的研究
关键词 ： IPO定价机制，抑价发行，发行制度改革，投资者保护
毕 业 论 文 外 文 摘 要
Title Study on IPO pricing and protection of the interests of small and medium-sized investors in China
Abstract
Small and medium-sized investors are major participants in China's A-
share market.At the same time,they are vulnerable groups because they
are lack of fund and information.Whether IPO pricing is reasonable or
not is vital with the interests of small investors.Reasonable IPO
pricing is helpful to the capital macket to better allocate the resource and provide strong financial support for our country's structural reform and transformation of economic development mode.This paper focus on IPO pricing and give recommendations for the protection of investors' interests.
This paper first introduce the topic background,research significance and methods.Then introduce the concept of IPO price,conclude and review relevant research documents.Afterwards,this article use the latest information to analyse the gains of new shares in first day.To analyze the aggregation of IPO break ,factors to influence the first-day rise and benefits of holding new shares .so as to deal with IPO issue mechanism and damage status of the interests of small and medium-sized investors. Finally, while calling for institutional reform, this article give a number of pertinent recommendations to small and medium-sized investors for new shares investment.
Keywords
IPO pricing; IPO under-pricing ; Pricing mechanism reformation ; Investor protection
目 次
1绪论 5
1.1 研究背景和意义 5
1.2 研究内容和研究方法 5
1.2.1 本文的研究内容 5
1.2.2 本文的研究方法 5
1.3 本文的创新与不足 6
1.3.1 本文的创新 6
1.3.2 本文的不足 6
2 相关概念及文献综述 7
2.1 相关概念 7
2.1.1 IPO定价 7
2.1.2 核准制与注册制 7
2.1.3 IPO抑价 7
2.2 文献综述 7
2.2.1 基于一级市场的折价理论 7
2.2.2 IPO抑价的二级市场解释 9
2.2.3 国外理论在国内的适用性 10
3 IPO现状及数据分析 12
3.1 IPO首日涨幅的分布 13
3.2 新股首日涨幅的影响因素分析 14
3.2.1 模型设定及数据说明 14
3.2.2 实证结果分析 14
3.3 持有新股的收益率 15
4 发行制度现状与中小投资者利益的保护 17
4.1 发行制度现状 17
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