导　　师： 萧松华

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 国内外大量学者都对股票IPO定价影响因素做出了研究。近年来，随着我国证券市场的发展，借壳上市这种并购重组方式伴随着市场的发展也开始层出不穷。关于借壳上市的研究之前都集中在借壳前后的绩效变化、借壳上市的动因以及借壳上市存在的法律财务风险上。但是专门针对借壳上市借壳成功后的首次公开发行上市的股价影响因素的研究却比较少，本文正是针对这个特定的研究对象进行的研究。 本文结合内在价值等理论基础，归纳出借壳上市IPO股价影响的财务性和非财务性因素，将非财务性因素进行定性分析，对财务性因素则运用因子分析法与回归分析法相结合的定量分析方法进行研究。在上述研究的基础上分析出借壳上市IPO股票定价的影响因素与普通上市的区别，并在此基础上提出能够更加合理地考虑借壳上市IPO股票定价格影响因素的政策建议。其研究结论主要是：借壳上市IPO股价与普通IPO股价的影响因素都主要是体现公司内在价值的一系列财务指标，但是二者又存在差别。本文的研究发现借壳上市IPO的影响因素中行业这个因素（特别是房地产业）的影响效果被放大；借壳前后企业的经营范围等可能会发生变化，因此借壳公司自身的盈利和经营状况的影响作用相应降低。在研究结论的基础上，本文提出包括加强对于中介机构和上市公司财务信息的审批监管、规范并指导过热行业的发展等政策建议,包括用政策手段抓对借壳重组的监管、加强信息披露与改革发行体制、加强参与者教育与加大投入、结合多项因素完善借壳上市IPO定价制度。以此为借壳上市IPO股价的制定提供更准确合理的信息进而促进其股价的合理制定。 Many scholars make research on factors affecting IPO price fixting.Theseyears,accompaning with the development of our security market,back-listing as one kind ofM/&A come forth more and more.Study on back-listing focused on performance before and aferthis activity,cause of back-listing,legal and financial risk on back-listing.Apart from these,specialresearch on factors affcting the back-listing IPO Price in China is little.This document is justabout this special object. Basing on Inner Value Thoey,this article summarize all factors as financial and nonfinancial.Non financial factor is studied by qualitative analysis and financial factor is studied byquantitative analysis which include Factor analysis method and Regression analysis.Basing onall these that refered,we conclude the discriminative factors affecting both back-listing IPO andnormal IPO.And we bring forward policy recommendations to standardize and rationalise pricemaking of back-listing IPO. The research conclusion of this article is: IPO stock price of back-listing and normalcompanies are both reflected by financial indexs which can weigh inner value,but there are stillsome differences between the two.We find that industry can affect a lot.Profit and state ofoperation of shell company affet less because of business scope changed before and afterback-listing. On the foundation of research conclution, the essay put forward a set of policyrecommendations include strengthening the regulatory approval for intermediaries and listedcompanies' financial information, Standardizing and guiding the development of overheatedsectors. With these measures, it can provide a more accurate and reasonable justification for theformulation of the backdoor listing IPO price.

关 键 词： 借壳上市 定价 因子分析 回归分析

分 类 号： [F832.51]

领　　域： [经济管理]