当前世界各国资本市场存在程度各异的 IPO 抑价现象，相关研究表明，发展中国
家市场的IPO抑价率远高于发达国家市场，而我国的创业板IPO高抑价现象尤为突出
过高的 IPO 抑价率会降低市场配置效率，直接损害中小股东的利益。那么是什么因素
影响企业的 IPO 行为呢？作为企业的重大财务战略决策之一，IPO 体现了企业决策层
的治理效率。近年来，学术界研究发现，在企业中具有最终控制权且不被任何人所控
制的终极控制股东大多数具有控制权和现金流权分离的特征，同时加上自身的属性特
征，这种具有隐蔽性的间接控股方式具有较强的掏空企业攫取私人利益的动机，而这
种特殊治理结构下的终极控股股东往往也与企业直接控股股东和决策层具有紧密的联
系，从而会影响企业的治理决策。那么，在非完全有效的市场中，在攫取私人利益动
机的驱使下，终极控制人特征是否会对企业 IPO 行为产生影响，从而提高了上市企业
的 IPO 抑价率？影响机理怎样？又是否存在制约因素呢？因此本文基于上述问题从终
极控制人特征的研究上揭示 IPO 抑价率过高的机理，借此提出能够提高企业治理绩效
和资本市场资源配置效率的对策建议
本文使用规范研究与实证研究相结合的方法。首先回顾了国内外上市公司 IPO 抑
价率的影响因素、终极控制人特征的相关文献并进行总结述评；接着界定了相关的概
念，并结合理论基础做出研究假设；然后选择了创业板上市公司 2010-2015 年间首发
上市的 291 家公司作为样本，从其招股说明书、上市前一年度的年度财务报告和上市
首日股市收益指数中手工搜集、整理、汇总上市股票的市场表现和上市前企业终极控
制人特征，并通过描述性统计、相关性分析、多元回归分析等实证研究方法来研究终
极控制人特征对创业板上市公司 IPO 抑价率的影响
研究结果表明，企业上市前终极控制人两权分离度与 IPO 抑价率呈显著正相关关
系，但是上市前私募股权资本的加入会减弱这种影响，起到了认证监督的作用；同时，
I广东工业大学硕士学位论文
上市前终极控制人的家族控制属性与 IPO 抑价率呈显著负相关关系。最后，结合前文
的研究成果，本文针对性地从政府引导和监管角度提出改进的对策建议，希望能适当
地降低创业板上市公司 IPO 抑价率，从而提高创业板上市公司治理效率，提高创新驱
动绩效，改善我国资本市场环境
关键词：创业板上市公司；IPO 抑价率；终极控制人特征
IIAbstract
Abstract
Since the 1990s, China&39;s capital market has gradually become an important carrier of
corporate finance and investment, along with the continuous progress of the economic
system reformation. With the opening of SMEs board in 2004 and the launch of the GEMs
board in 2009, China has gradually established a multi-level capital market system, which
activate the private capital and promote the small and medium-sized enterprises’ capacity
and scale. What’s more, boost the development of the real economy far-reaching
implications. However, in the process of high-speed development of multi-level capital
market, there are still many deep-rooted problems and structural contradictions, which
reduce the efficiency of market allocation, for example, the high IPO underpricing .
There are different levels of IPO underpricing in capital market in the world. The
research shows that the IPO underpricing rate of the developing country market is much
higher than that of the developed country market, and the IPO underpricing phenomenon of
our country is particularly prominent. The too high level of IPO underpricing will reduce the
market allocation efficiency, which will directly damages the interests of small shareholders.
As one of the major financial strategic decisions, IPO reflects the decision-making efficiency
of the corporate governance. So what is the main factors that led to the corporate IPO
behavior In recent years, the study found that the ultimate controlling shareholder
determine the difference of voting rights and private interests by controlling the pyramidal
structure characteristics and their own attributes through separation of control and cash flow
rights, which affect the company&39;s governance decisions. So will the ultimate controller
characteristics have an impact on the IPO corporate behavior, thereby improving the IPO
underpricing rate in the non-fully effective market What is the affected mechanism
Therefore, based on the above-mentioned problems, this paper reveals the mechanism of IPO
underpricing from the study of the characteristics of the ultimate controller, so as to improve
corporate governance efficiency and improve the efficiency of market resource allocation.
The paper uses the combination of normative research and empirical research. Firstly，it
reviews the influential factors of IPO underpricing rate and the ultimate controller
characteristics in the related domestic and foreign literatures. Secondly, it defines the related
III广东工业大学硕士学位论文
concepts and theoretical basis of this thesis. Then select the 291 companies listed on the
GEM listed in 2010-2015 as a sample. By hand collecting, sorting out and summarizing
from their prospectus, the listing annual financial report of the previous year and the stock
market return index listed on the first day, the paper summarizes the market performance on
the first day of listed stocks and the characteristics of the ultimate controller of the
pre-market enterprises. Then through descriptive statistics, correlation analysis, multiple
regression analysis and other empirical research methods to find what effect the IPO
underpricing rate.
The results shows that there is a significant positive correlation between the degree of
separation of voting rights and private interests between the ultimate controller and the IPO
underpricing, but the pre-IPO venture capital or private equity investment will weaken this
effect. Meanwhile, the ultimate controller family control and IPO underpricing rate was
significantly negative correlation. Finally, based on the above research results, this paper
puts forward the countermeasures from the government level and the enterprise level, hoping
to reduce IPO underpricing rate, improving the quality of listed companies on the GEM，the
innovation-driven performance, and China&39;s capital market environment.
Key words: GEM listed companies；IPO underpricing rate；Ultimate controller
characteristics
IV目录
目 录
摘要.....I
Abstract .......... III
目 录... V
Contents....... VIII
第一章 绪论....1
1.1 研究背景和意义 ......... 1
1.1.1 研究背景 ........... 1
1.1.2 研究意义 ........... 3
1.2 研究方法及框架 ......... 4
1.2.1 研究方法 ........... 4
1.2.2 研究框架 ........... 4
1.2.3 技术路线图 ....... 5
第二章 国内外文献综述........7
2.1 国外 IPO 抑价现象的相关研究 ......... 7
2.1.1 基于信息不对称理论 ... 7
2.1.2 基于行为金融学理论 ... 8
2.2 国内 IPO 抑价现象的相关研究
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