中国股票发行制度与IPO融资相关关系的实证研究  

Empirical Research on the Correlation Between Chinese Issuance System and the IPO Financing

作　　者：杨德勇[1] 刘澄[2] 

机构地区：[1]北京工商大学经济学院 [2]北京科技大学东凌经济管理学院

出　　处：《经济与管理研究》2013年第6期99-104,共6页Research on Economics and Management

基　　金：北京市属高等学校人才强教计划资助项目(0142131301;PHR201006205;PHR201107204);教育部人文社会科学研究项目(10YJA790217);国家自然科学基金项目(71173012)

摘　　要：本文通过实证研究验证了股票发行制度与首次公开发行融资的相关性,并得出如下结论:发行审核制度变迁遵循"阶段式逐步上升"路径;发行方式的进步加剧了企业问对发行资格的竞争;市场化定价同首次公开发行融资负相关的结论,为历史上两次"市盈率定价"回归提供了实证支持。Because stock issuance system is the ＂rule＂ of the IPO finance, a theoretical and logical correlation exists between the issuance system and the IPO financing. The paper validates the relativity through empirical research and teaches the conclusion that vicissitude of issuance auditing system follows the stage-advanced path and the progress in issu- ance method intensifies the competition of issuance price among enterprises. Furthermore, negative correlation of price generated by market and IPO financing provides empirical support for the re-adoption of P/E ration pricing method

关 键 词：首次公开发行融资 股票发行制度 多元回归 

分 类 号：F830.91[经济管理—金融学]