论文标题:上市公司股权结构对IPOs影响的实证研究
The Empirical Study on the Influence of Ownership Structure on IPOs
论文作者 冯颖
论文导师 沈艺峰；洪锡熙,论文学位 硕士,论文专业 工商管理
论文单位 厦门大学,点击次数 123,论文页数 68页File Size2816k
2002-02-01论文网 http://www.lw23.com/lunwen_394702037/ 上市公司;股权结构;IPOs
listed companies;ownership structure;Initial Public Offerings
我国股票市场由于历史的原因存在流通股与非流通股的区分，不流通市值占总市值的60％以上，这种独特的股权结构使得我国证券市场中股票的价格表现与西方发达国家相比存在很大的差异。本文是对我国上市公司股权结构与首次公开发行股票(Initial Public Offerings，简称IPOs)价格表现之间的关系进行实证研究。主要由以下内容组成： 首先，本文根据上市公司股权结构现状对我国上市公司的股权结构特点及其产生的后果进行了较为深入的分析，分析结果认为中国上市公司股权结构的缺点主要体现在：同股不同价、国有股比重过高以及国有法人股的非流通性三个方面。 接着简要回顾了国内外关于首次公开发行股票的研究。主要包括二方面的内容：一是关于发行定价偏低及产生原因的研究回顾，二是对IPOs价格表现具有显著影响因素的研究回顾。 然后是本文的重点，即是关于股权结构对首次公开发行股票价格影响的实证研究。本文选取了1993年4月至2000年12月之间在深圳证券交易所上市的374只股票做为样本，采用经市场指数调整后的新股的超常收益率的模型通过实证的方法来研究股权结构对IPOs短期及长期价格表现的影响。研究结果表明：在上市首日，IPOs具有较高的超常收益率，流通股比例对IPOs的超常收益率没有显著影响，两者相互独立，而流通股数量大小则对超常收益率有显著的影响；在长期价格表现方面，IPOs长期市场表现要强于同期市场的整体表现，不同流通股比例及不同流通股数量的IPOs样本组合之间的价格走势均存在明显差异。
Over 60% of all shares in China"s Stock market are not in circulation because of the old economic system. This unique ownership structure has become the key factor behind the sharp contrast of the share prices in China"s stock market- and those in the western countries. This dissertation aims at studying the relation between the ownership structure and the IPOs"return. The paper includes three major parts:First, I analyzed the characteristics of ownership structure of China"s listed companies, The analysis shows that the major defects of the ownership structure of China"s ccompanies, includes: the same shares do not enjoy the same right, state-owned shares dominate the ownership structure and shares owned by state-owned entities cannot circulate.Second, I have a brief review on the domestic & foreign studies on IPOs. It includes two parts: the review on the studies of under-pricing issue and its causes , and the review of the significant factors in the determination of IPOs"return.Last comes the main part of the dissertation, that is, the empirical study on the influence of ownership structure on IPOs. A sampleof the 374 stocks traded on Shenzhen Securities Exchange between April 1993and December 2000 were chosen as the sample. I have adopted a market model for the new stocks, adjusted by the market index, to test the short-term & long-term influence of the ownership structures on the market performances after IPO. The study shows that the abnormal returns are higher on the first day of the IPOs. The circulating shares ratio has no significant influence on the abnormal returns. It is the number of the circulating shares that has significant influence. In the longer term, the market performance of IPOs is better than the average. Different circulation shares ratio and different number of shares combined produce significantly different market trends.
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