中英
1
- Our empirical results show that generally there is negative market reaction for seasoned equity offering , but the market reaction is sometimes positive and sometimes negative for different companies . the market reaction is mainly influenced by issue volume , market value to book value and issue price to market price
研究發(fā)現(xiàn)，總體來說，市場對增發(fā)的反應(yīng)是負(fù)面的，具體到每個(gè)增發(fā)公司，市場反應(yīng)有正有負(fù)，主要受增發(fā)規(guī)模、市場價(jià)值與帳面價(jià)值之比和增發(fā)價(jià)格與二級市場價(jià)格之比幾個(gè)因素的影響。 - Accounting earnings is the key index in all accounting information , which not only reflects the past outstanding achievement , but also forecasts the growing prospect of listed companies combined with other indexes . after the publication of annual financial reporting of listed companies , investors usually evaluate the achievement of different companies by accounting earnings index when they select objects in numerous listed companies . in securities market , legislation and administration institutions value and supervise the whole course from coming into the market to exiting from the stock market by earnings index . recognition of the stock listed company , the confirmation of issuing price , absorbing new capital from market , st and pt , which have osculation connections with earnings index
另一方面,在實(shí)踐中,會(huì)計(jì)盈余指標(biāo)業(yè)是應(yīng)用頻率非常高的財(cái)務(wù)要素,證券分析師和投資者大多會(huì)采用這一指標(biāo)來評價(jià)不同公司間的業(yè)績,并預(yù)測其未來的發(fā)展前景。而在證券市場的監(jiān)管上,立法、行政機(jī)構(gòu)也是廣泛使用會(huì)計(jì)盈余指標(biāo)對公司從招股上市到摘牌下市的全過程進(jìn)行評價(jià)和監(jiān)督,其中股份上市公司的認(rèn)定、上市發(fā)行價(jià)格的確定、上市公司的再融資、股票交易的特別處理、暫停上市和摘牌等都與盈余指標(biāo)有密切的聯(lián)系。 - In order to acquire shares - rationing right , some listing companies may try their best to meet the requirements of china " s securities regulatory commission ( csrc ) by earnings management . in addition , the corporations may also manage earnings for high issuing price of shares - rationing or take measures to gain favorable conditions of financing by the control of the rate of return on owner " s equity ( roe )
一些公司為了取得配股權(quán)自然會(huì)想盡辦法進(jìn)行盈余管理以達(dá)到證監(jiān)會(huì)的配股條件，上市公司為了獲得較高的配股價(jià)格，贏得有利的籌資條件，也可能以盈余管理為手段，通過對凈資產(chǎn)收益率的把握來實(shí)現(xiàn)融資目的。 - With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132 . 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個(gè)部分組成：第一部分介紹新股發(fā)行定價(jià)的估值方法；第二部分對我國的發(fā)行定價(jià)方式和發(fā)行制度進(jìn)行分析，探討不同發(fā)行定價(jià)方式的優(yōu)缺點(diǎn)，以及審批制和核準(zhǔn)制經(jīng)濟(jì)效率分析；第三部分從信息經(jīng)濟(jì)學(xué)角度和其他因素的角度詳細(xì)分析造成新股發(fā)行抑價(jià)的原因，并結(jié)合我國股票市場實(shí)際情況，分析了我國市場的特有因素是否及如何影響一級市場的發(fā)行抑價(jià)程度的；第四部分利用統(tǒng)計(jì)分析軟件spss對我國新股行政化和市場化定價(jià)進(jìn)行實(shí)證分析，主要包括新股發(fā)行行政化和市場化定價(jià)方式的實(shí)施情況和效果分析、新股發(fā)行行政化定價(jià)方式的實(shí)證分析，以及新股發(fā)行行政化和市場化定價(jià)方式的比較實(shí)證分析；第五部分利用統(tǒng)計(jì)分析軟件spss對我國新股發(fā)行審批制和核準(zhǔn)制進(jìn)行實(shí)證分析；第六部分是本論文的主要結(jié)論。本文的主要結(jié)論和建議有： （ 1 ）從實(shí)證分析結(jié)果看，我國新股發(fā)行抑價(jià)與市場環(huán)境、發(fā)行市盈率呈顯著正向關(guān)系，與發(fā)行規(guī)模、申購中簽率等呈顯著反向關(guān)系。 （ 2 ）取消發(fā)行市盈率限制和實(shí)施核準(zhǔn)制等市場化改革措施并沒有降低發(fā)行抑價(jià)的絕對水平，只是由于市場環(huán)境的因素，發(fā)行抑價(jià)的相對水平才有所降低。 - Due to the importance of earnings index in evaluating the managing achievements and gaining ability , some listed companies often manipulate earnings index . for example , the managers color financial reporting in order to enhance issuing price before coming into the market ; the managers manipulate earnings management to obtain share allotment qualification or avoid being deficit in three years ; on the side , the managers tend to manipulate earnings for their interests . the measures and methods of earnings manipulation in public companies are more and more , for example , affirming earnings in advance , altering means of accounting operation , the recombining of assets , related deals . the financing data of earnings reporting cannot reflect the truth , which cannot forecast things in the future . without good quality , the earnings losses reference value . the low quality of earnings will mislead investors and bring them serious lose
因此,本文認(rèn)為我們在進(jìn)行企業(yè)的盈利能力評價(jià)時(shí),不能單一地考察會(huì)計(jì)盈余數(shù)據(jù),還要深入研究會(huì)計(jì)盈余的質(zhì)量問題。因?yàn)殡m然會(huì)計(jì)盈余指標(biāo)可以反映企業(yè)收益的總體水平,但由于它不能反映其具體內(nèi)容構(gòu)成與形成過程,也就無法揭示它的內(nèi)在質(zhì)量。比如,對一個(gè)收益質(zhì)量很差,但卻有較高收益總量的企業(yè)來說,如果投資者僅僅考察其利潤總額數(shù),而忽視了其利潤總額的構(gòu)成,往往就會(huì)被表面假象所迷惑,從而誤認(rèn)為該企業(yè)的經(jīng)營業(yè)績較高;但從收益質(zhì)量上對該企業(yè) - Since the last 90 ' s , rent - seeking behavior is popular in china ' s securities market . it is mainly evinced by securities issue qualification , issue pricing , issue structure in the primary market , and evinced by stock price manipulating , government intervening , untrue information revealing of listed corporation in the secondary market
近年來，我國證券市場尋租行為盛行，主要表現(xiàn)在證券一級市場發(fā)行資格、發(fā)行價(jià)格和發(fā)行結(jié)構(gòu)方面，以及證券二級市場的股票價(jià)格操縱、政府干預(yù)與上市公司信息披露失真等方面。
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