我国IPO定价与中小投资者利益保护的研究

摘要中小投资者是我国A股市场的主要参与者。同时，他们也是市场中的弱势群体，资金量少，信息缺乏。新股定价的合理与否与中小投资者的利益切身相关。合理的新股定价，有助于充分发挥资本市场在优化资源配置方面的独特功能，为国家的结构调整和转变经济发展方式提供强大的金融支持。本文研究新股的定价问题，为中小投资者利益的保护提供建议。本文在介绍了论文的选题背景和研究意义、研究方法等之后，对IPO定价的有关概念进行了介绍，并对相关研究文献进行了归纳、综述。接着，运用最新的统计数据，对新股的首日涨幅进行分析，分析新股破发的聚集性，首日涨幅的影响因素以及持有新股的收益。进而论述我国的新股发行制度及中小投资者利益的受损现状。最后，在呼吁制度方面改革的同时，对中小投资者投资新股，给出了一些中肯的建议。8213
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 我国IPO定价与中小投资者利益保护的研究:http://www.751com.cn/jingji/lunwen_6455.html