我国上市公司IPO融资成本问题研究

摘要

随着我国企业IPO热度持续上升，IPO融资成本也在节节攀升。这不仅会直接增加企业的资本成本，影响企业的融资、投资决策，而且还会在很大程度上损害投资者的利益，增加证券市场的运行成本。

本文基于国外学者对IPO融资成本的划分，将IPO融资成本重新整合成三类：直接成本、间接成本和风险成本；并按照该分类对各项成本的构成进行了全面梳理。再结合我国上市公司IPO融资现状及存在问题，提出影响IPO融资成本的因素；同时以佛慈制药为例，探讨了IPO发行成本的影响因素，最后提出了能够有效控制我国上市企业IPO融资成本的对策及建议。

关键词：首次公开发行；IPO；抑价

Study on IPO financing costs of Listed Companies in China

ABSTRACT

Along with the companies’ IPO has been continued in our country, IPO financing costs are also raising. It will not only increase the capital costs of enterprises, and directly affect the financing and investment decisions of enterprises, impact the value evaluation results of the enterprises and the strategy analyses which based on the results above ; but also will damage the interests of investors, and to a great extent, increase the operation costs of the stock market. This paper integrates the IPO financing costs into three categories: direct cost, indirect cost and risk cost, which based on Ritter’ research. According to the classification, we make a comprehensive analysis and describe for the composition of all costs, and then we combine with the present situations of IPO financing and existing problems of the listed companies in our country, putting forward eight main factors affecting Chinese IPO financing costs. Meanwhile, taking Foci-pharmaceuticals as an example, we discuss the influence factors of IPO financing costs from the micro level, which will provide some references for the IPO financing decisions and the financing costs control. At last, we put forward a number of counter measures and suggestions from the macroscopic and microscopic aspects, which could effectively control IPO financing cost of listed firms in China.

Key words：IPO；financing costs；IPO under pricing；Enterprise Quality；Disclosure of information

目录

1 绪论 (1)

1.1 论文的背景和研究意义 (1)

1.1.1 论文的背景 (1)

1.1.2 研究意义 (1)

1.2 国内外研究现状及分析 (1)

1.2.1 国外研究现状及分析 (1)

1.2.2 国内研究现状及分析 (2)

1.3 论文结构及主要研究内容 (2)

2 IPO 及IPO 融资成本的相关理论 (4)

2.1 IPO 简介 (4)

2.1.1 IPO 的定义 (4)

2.1.2 IPO 的制度演变 (4)

2.1.3 IPO 的发行条件及流程 (5)

2.1.4 对企业IPO 融资方式的评价 (5)

2.2 IPO 融资成本的相关理论 (5)

2.2.1 IPO 融资成本的定义 (5)

2.2.2 IPO 融资成本的构成 (5)

3 IPO 融资成本的相关问题分析 (8)

3.1 我国上市公司IPO 融资现状 (8)

3.2 影响我国企业IPO 融资成本的主要因素 (9)

3.2.1 外在因素 (10)

3.2.2 内在因素 (10)

3.3 我国上市公司IPO 融资成本个案分析——以佛慈制药为例 (12)

3.3.1 佛慈制药及其曲折的上市经历 (12)

3.3.2 佛慈制药IPO 直接成本检验与分析 (13)

3.3.3 佛慈制药IPO 间接成本与风险成本检验与分析 (22)

4 有效控制IPO 融资成本的对策及建议 (25)

4.1 宏观层面 (25)

4.1.1 拓宽企业融资渠道 (25)