美元私募基金对发展我国多层次资本市场的作用——基于创业板的实证研究  

Effect of Dollar Private Equity Fund on Development of China's Multi-layer Capital Market: An Empirical Analysis Based on GEM Board

作　　者：蒋先玲[1] 秦智鹏[1] 李朝阳[1] 

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029

出　　处：《国际商务（对外经济贸易大学学报）》2013年第6期40-48,共9页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金"我国战略性新兴产业政府引导基金及运行机制问题研究"的部分研究成果(批准号12BJY151);"对外经济贸易大学研究生科研创新基金"(项目号:A20110201)资助

摘　　要：本文通过对创业板上市公司的抑价进行研究,分析美元私募基金在我国发展多层次资本市场中所发挥的作用。我们发现虽然现阶段有美元私募基金背景的上市企业抑价率更高,但长期抑价水平呈递减趋势。对相关原因分析后发现:尽管在短期内,我国市场中的美元私募基金未能发挥缓解抑价水平的作用,且"非理性"投资者过激反应效果明显;但随着市场参与方经验的积累,美元私募基金正在推动我国资本市场向一个更加理性和成熟的方向发展。This paper investigates the role of dollar private equity fund in the development of China＇s multi-layer capital market. Although a relationship is found between IPO dollar private equity fund involvement and the IPO under-pricing, the under-pricing effect tend to decline in the long term. Furthermore, it is found that although there is no evidence to support the relative explanations concerning the relationship between IPO under-pricing rate and private equity investment, and the effect of overreaction by ＂irrational＂ investors is obvious, when participants in the market earn their experiences, the dollar private equity fund will be liable to promote the self-correction of China＇s capital market.

关 键 词：美元私募基金 多层次资本市场 抑价 创业板 

分 类 号：F832.51[经济管理—金融学] F224