我国创业板市场IPO破发影响因素的实证分析
毕业论文关键词：创业板市场 IPO破发 影响因素 多元回归分析 对策建议
Empirical Study on Influences on IPO Break in Chinese GEM
Abstract：IPO break means that the new stock’s closing price at the first day of IPO falls below its offering price. Since a wave of "broken damp" in 2010 and 2011, the break in GEM has been the focus of the debate in academic circles. By 2014, A-share market farewells to the longest IPO pause in the history, and registration system reform is just around the corner ,and the capital market also shows the new features. Under the new situation, IPO break issue remains a concern. This paper takes the 369 shares which went public on GEM between 2010 and 2014 as samples and use the break level to metric the break pressure. Multiple linear regression model is established to analyze the four categories of affecting microeconomic factors, which are the release indicators, the market sentiment, the profitability of listed companies as well as the interest game between underwriters and listed companies. Finally, the recommendations will be put forward respectively for policy makers, underwriters, listed companies and investors.
Key Words：GEM, IPO break, factors, multiple regression analysis, suggestions
目 录
一、引言 1
（一）选题背景 1
（二）选题意义 2
（三）研究思路 4
二、文献综述 4
（一）IPO折价的研究现状 4
（二）创业板IPO制度的研究现状 5
（三）IPO破发的研究现状 6
（四）IPO破发影响因素的分析模型 7
三、研究设计 8
（一）样本选取及说明 8
（二）变量设定及说明 12
（三）模型设定及说明 13
四、多元回归分析 14
（一）多重共线性检验 14
（二）异方差检验 16
（三）自相关检验 18
五、分析与结论 19
（一）结果分析 19
（二）研究结论 20
吹冰、对策建议 21
（一）针对政策制定者的宏观对策 21
（二）针对承销商和上市公司的微观建议 23
（三）针对投资者的微观建议 24
参考文献 1
附 表 3
一、引言
（一）选题背景
2014年，市场化改革全面启动，资本市场的改革如火如荼。2014年初，告别了史上最长的“休眠期”，IPO终于重新启动；由于刚开闸，IPO堰塞湖现象严重，大批企业预披露受阻；之后证监会对资本市场进行再次整顿，IPO二次重启、步入正轨。进入2015年，政府工作报告对于注册制改革的用词是“实施”，而不再是“推进”。这意着，注册制的实施已然箭在弦上。一旦A股IPO实行注册制，未来在新股IPO过程中，市场将起决定性作用。
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