【作者】 王静；

【导师】 徐志坚；

【作者基本信息】 南京大学 ， 应用统计（专业学位）， 2016， 硕士

【摘要】 2009年,创业板市场正式成立。它的成立拓宽了一些创业企业的融资渠道,扶持了它们的发展,但不幸的是,创业板继承了主板与中小板上新股发行IPO折价率虚高这一隐患,甚至情况更为严峻。IPO折价问题一直是国内外学者研究的热点,几大最被大众接受的主流解释有：信息不对称理论,发行制度理论,以及国内学者认为更加符合我国市场情况的供需矛盾理论。但作为IPO过程的主体——发行企业本身是怎样影响IPO折价的却很少受到关注。本文在对前人的相关文献进行仔细研读的基础上,试图通过对企业内部高层管理团队的质量,即管理能力,与IPO折价率的关系进行实证研究。本文对高管团队质量进行了界定与度量,选取了团队资源、团队经验以及团队稳定性三方面来界定高管团队质量,并选取我国创业板上市公司作为样本,实证研究了高管团队质量这一一级指标对IPO折价的影响。并在此基础上,对衡量高管团队质量的三个二级指标分别如何影响IPO折价进行了深入分析,并提出了四个假设。本文的研究结果表明：高管团队质量对IPO折价率有显著影响,且两者呈负相关,即企业高管团队的质量越高,那它作为一个传递企业经济价值的信号就越强,可以减少企业与外界之间的信息不对称程度,从而降低IPO折价率。而衡量高管团队质量的三个因素之中有两个通过了t检验,即有两个假设成立。高管团队资源没有通过检验,笔者认为这是国内外社会文化与市场发展情况的差异使然。本文共分为六章：第一章主要介绍了本文的研究背景与意义,说明了研究方法与创新之处；第二章对IPO折价原因、高阶理论等相关理论进行了回顾及综述；第三章对高管团队的质量进行了详细地界定,说明了每个变量的测定方法；第四章建立了本文的回归模型并提出假设；第五章给出本文的实证分析结果,详细介绍了假设验证情况；第六章对本文的研究进行了总结,提出了笔者的一些建议,并指出本文的不足之处。更多还原

【Abstract】 In 2009, the GEM was established to broaden the number of venture financing channels for enterprises and support their development. But unfortunately, the rate of IPO underpricing of these GEM listed companies is particularly high, even more than the main market and small plates. So the IPO underpricing has been a hot theme. There are several of the most mainstream interpretations accepted by the public--asymmetric information theory, the theory of issuing system and the theory of the supply and demand in the market. The last one is the most accepted by scholars in our country. But how the enterprise itself, as the body of the IPO process, affects IPO underpricing have received less attention. Based on the careful study on previous literature, this article wants to research the effect between the quality of TMT and IPO underpricing.In this paper, the quality of TMT defines. We selected the resources, experience and the stability of TMT to define the quality of TMT, and use the data of GEM listed companies as samples to research the effect between the quality of TMT and IPO underpricing. On this basis, I expound how the three secondary indicators affect the IPO underpricing. Then we proposed four hypotheses.Results of this study show that quality of TMT is remarkably related to the rate of IPO underpricing and they are negatively correlated. It means with the higher quality TMT will be a signal to reveal an enterprise’s economic value and the stronger signal can reduce the degree of information asymmetry between the enterprise and the outside world, thereby reducing the IPO underpricing. There are two factors of the three factors that measure the quality of TMT verified by the t-test, named the establishment of two assumptions. The factor-stability has not be verified. We think this is because of the social and cultural differences between domestic and the different development level of different coutries.This paper is divided into six chapters. The first chapter introduces the background and significance of researching this question. In addition it also includes the research methods and innovation. The second chapter we review some theories including the higher-order theory, the reasons of IPO underpricing and so on. The third chapter gives a detailed introduction on the quality of TMT and illustrates the determination of each variable. In Chapter IV we established a regression model and propose the hypothesis. In the fifth chapter we use SPSS to analyze the data and get some results. The sixth chapter is the summary of this paper. And in the last chapter we will also propose some suggestions and point out the shortcomings of this article.更多还原