会计学院知识库

  长久以来，我国股票抑价发行的现象较为常见，新股上市后往往伴随着连续的上涨。因此，在我国股市申购新股常常意味着低风险、高回报，“打新”一直受到广大投资者们的追捧。但在近年来，注册制下的创业板和科创板中的新上市公司开始出现IPO破发现象，且愈发频繁。新股破发现象的产生虽一定程度代表着资本市场的理性回归，但大规模的新股破发势必会为股票市场带来负面影响。新股破发潮的产生使得众多投资者利益受损，影响了破发公司的企业形象，也为后续新上市公司的融资过程产生阻碍，不利资本市场和谐稳定发展。

  基于以上背景，本文主要采用案例分析法，选取2022年初IPO破发最为严重的翱捷科技公司作为研究对象，并运用信息不对称理论、内在价值理论、投资者情绪理论和股票定价理论对案例事件展开研究。首先，对案例发生的背景、翱捷科技企业状况、IPO发行过程及破发过程加以介绍，对案例事件的经过进行梳理。其次，从投资者、发行公司和股票市场三个角度对翱捷科技IPO破发所产生的影响进行分析阐述、说明利害。再次，本文将破发原因分为企业内部和外部因素并加以分析，通过研究发现翱捷科技破发的内部原因主要为IPO定价不合理、市场竞争力不足、盈利能力欠佳、企业存在较为严重的财务风险；外部原因主要为询价新规对定价产生影响、相关行业板块走弱、新股破发较为频繁。最后，针对避免未来大规模破发潮产生、减少IPO破发事件所带来的不良影响，本文从有效识别企业价值、提高上市公司质量、提升承销商专业能力、完善信息披露制度等方面提出相应的风险防范建议。

  本文希望通过对翱捷科技IPO破发的案例研究，探寻案例公司所存在的问题，提出未来针对IPO破发的风险防范建议，以期为相关企业提供参考，并对维护资本市场的稳定发展提供一定的帮助。

  Underpriced Chinese stock issuance has historically been a fairly normal occurrence, and new listings frequently come with ongoing price increases. As a result, applying for new shares on the Chinese stock market frequently entails minimal risk and great reward, and the majority of investors have always been interested in "buying and selling new stocks". The IPOs of newly listed businesses on the ChiNext and STAR Board, however, have started to break through and increase in frequency in recent years. Large-scale IPOs are certain to have a detrimental effect on the stock market, but the development of IPO breakdowns symbolizes the sensible return of the capital market.The appearance of the new stock breaking wave has hurt the interests of many participants, made it more difficult to finance newly listed firms later on, and is not good for the orderly and steady growth of the capital market.

  Based on the above background, This paper mainly adopts the case analysis method, selects ASR Microelectronics Co., Ltd., the most serious IPO breakout in early 2022. As the research object, using information asymmetry theory, internal value theory and other theories to study the case events.First of all, introduce the background of the case, the status of ASR Microelectronics Co., the IPO issuance process and the breaking process, and sort out the case events.Secondly,from the perspective of investors, issuing companies and the stock market, the author analyzes and expounds the consequences of ASR Microelectronics Co.'s IPO break.Thirdly, this paper divides the reasons for breaking into internal and external factors and analyzes them. Through the research, it is found that the main internal reasons for breaking of ASR Microelectronics Co. are unreasonable IPO pricing, insufficient market competitiveness, poor profitability, and serious financial risks of enterprises; the main external reasons are that the new rules for inquiry have an impact on pricing, related industries are weak, and new shares are broken frequently. Finally, aiming at avoiding large-scale breaking tide and reducing the adverse effects caused by IPO breaking phenomenon, this paper puts forward corresponding risk prevention suggestions from the aspects of effectively identifying corporate value, improving the quality of listed companies, improving the professional ability of underwriters, and improving the information disclosure system.

  Through a case study of the IPO of ASR Microelectronics Co., Ltd., this article seeks to examine the issues with the IPO of ASR Microelectronics Co., Ltd., offer pertinent opinions for various market participants, and provide specific assistance for preserving the steady growth of the capital market.