创业板为何超募问题频出?--资金超募影响因素的实证分析  

Why Do Overfunding Issues of GEM Occur Frequently?--Empirical Analysis on Influencing Factors of Overfunding

作　　者：郭净 郝潞航 彭暮玮 GUO Jing;HAO Lu-hang;PENG Mu-wei(School of Finance and Investment,Hebei Finance University,Baoding Hebei 071051)

机构地区：[1]河北金融学院金融与投资学院,河北保定071051

出　　处：《湖南财政经济学院学报》2022年第4期34-43,共10页Journal of Hunan University of Finance and Economics

基　　金：河北省教育厅人文社科研究重大课题攻关项目“金融科技‘负责任创新’及其监管体系研究”(项目编号:ZD202019);河北省高层次人才资助项目“战略性社会责任视域下农村数字普惠金融实践困境化解路径研究”(项目编号:A202102015);国家级大学生创新创业训练计划项目“科技赋能背景下软信息在信用贷款产品创新中的价值体现及作用提升研究”(项目编号:22E50164D);河北省科技厅大中学生科技创新能力培育专项项目“信用信息对银行小微信贷产品创新能力及效率的影响研究”(项目文号:河北省教育厅[2021]36号文)。

摘　　要：自我国创业板设立以来,给中小企业融资提供了便利,但其高发行价、高超募比率、高市盈率的“三高”现象也受到广泛关注,其中高超募是我国新兴转轨资本市场上的一个特有现象。收集自2009年10月创业板开板以来至2021年12月31日共计1072支股票IPO数据,构建回归模型探究资金超募的影响因素,研究结果表明:国家政策即创业板试点注册制对抑制超募现象影响最为显著;中介机构与机构投资者会由利益驱使推高发行价格;散户对创业板股票的情绪态度与资金超募比率呈正相关。据此提出降低超募比率的相关建议,以促进我国创业板良性发展。Since the establishment of China's GEM,it has provided convenience for the financing of small and medium-sized enterprises,but the“three high”phenomenon of high issuance price,high overfunding rate and high P/E ratio has also been widely concerned and questioned by all sectors of society.As a unique phenomenon in China's emerging transition capital market,the research on high overfunding has important theoretical and practical significance.This paper collects the IPO data of 1072 stocks from the opening of the GEM in October 2009 to December 31,2021,and uses the empirical analysis method to construct regression model to explore the influencing factors of overfunding.The results show that:(1)the national policy,that is,the pilot registration system of GEM,has the most significant impact on restraining overfunding.(2)The intermediaries and institutional investors will be driven by interests to push up the issue price.(3)The emotional attitude of retail investors towards GEM stocks is positively correlated with the overfunding rate of funds.Based on the above conclusions,this paper puts forward relevant suggestions to reduce the overfunding rate and promote the development of GEM.

关 键 词：创业板 超募资金 发行价格 注册制 

分 类 号：F832.5[经济管理—金融学]