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dc.contributor.author张亦春
dc.contributor.author洪图
dc.date.accessioned2013-01-10T03:12:11Z
dc.date.available2013-01-10T03:12:11Z
dc.date.issued2012-03
dc.identifier.citation厦门大学学报(哲学社会科学版),2012(3):42-49zh_CN
dc.identifier.issn0438-0460
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/14499
dc.description.abstract创业板市场高发行市盈率与高超募率的现象一直是学术界与实务界极为关注的问题。基于信息不对称及新股发行利益链等理论的分析表明,承销商声誉与私募股权投资是影响创业板IPO市盈率与超募率的潜在重要因素。针对创业板260家公司IPO数据进行的实证研究结果表明:(1)承销商声誉与发行市盈率及超募率均显著正相关;(2)私募股权投资与发行市盈率存在显著正相关关系,但私募股权投资并不显著提高IPO公司的超募率。因此,为解决我国创业板一级市场定价问题及提高创业板投融资效率,相关部门应重视新股发行利益链中的利益分配及行为规制,增强承销商的保荐责任,延长其保荐责任期,支持私募股权的发展,严惩IPO过程中的欺诈行为,加强对各利益群体的引导与监督。The phenomenon of high IPO price earning ( PE) ratios ( PE ratios) and high over-raised capital ( ORC) ratios in the GEM has become a major concern in the circles of academics and entrepreneurs. Based on the theoretical analysis of asymmetric information and IPO interest chain,this study shows that underwriters’reputation and support of private equity are the major factors affecting GEM’s IPO PE ratios and ORC. Our analysis of the IPO data from 260 companies in the GEM indicates that: ( 1) there is a significant positive correlation between underwriters’reputation and IPO PE ratios as well as ORC ratios; ( 2) the investment of private equity fund has a positive correlation with IPO PE ratios,but does not significantly improve ORC ratios. Therefore,in order to solve Chinese GEM’s pricing problems on the primary market and enhance the efficiency of GEM investment and financing,relevant institutions should pay attention to the distribution of benefits and the regulation of behavior in the profit chain of newly issued stocks,enhance the sense of responsibility of underwriters,extend their length of responsibility,support the development of private equity,impose severe punishments for fraud in the IPO process,and strengthen the guidance and supervision of various interest groups.zh_CN
dc.language.isozhzh_CN
dc.publisher厦门大学学报(哲学社会科学版)编辑部zh_CN
dc.subject创业板zh_CN
dc.subject发行市盈率zh_CN
dc.subject超募率zh_CN
dc.subject承销商声誉zh_CN
dc.subject私募股权投资zh_CN
dc.subjectGEMzh_CN
dc.subjectprivate equity fundzh_CN
dc.subjectunderwriter’s reputationzh_CN
dc.subjectover-raised capital ratiozh_CN
dc.subjectIPO price earning ratiozh_CN
dc.title创业板IPO市盈率与超募率的影响因素研究——基于券商声誉及私募股权投资的实证分析zh_CN
dc.title.alternativeAn Analysis of Factors Affecting GEM’s IPO Price Earning Ratios and Over-raised Capital Ratioszh_CN
dc.typeArticlezh_CN


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