股改后我国中小企业板IPO抑价及影响因素实证研究

Research on Under-Pricing of IPO and It's Influence Factors in Our Country's Small-Medium Enterprise Market after Reform of Non-Tradable Shares

采用我国2006年10月股改结束至2009年底在中小企业板进行IPO的公司的数据,描述了该期间各年公司进行IPO其抑价以及相应指标的现状,从理论和实证角度揭示了其新股发行抑价的影响因素,并简单剖析了其与主板以及股改以前的IPO抑价现象的异同及原因.

Data of enterprises is applied in this paper,which have accomplished initial public offerings （IPO） in small-medium enterprise market during the period from October, 2006 （when the reform of non-tradable shares was over） to the end of 2009. Present status of each year＇s under-pricing of IPO and its corresponding index of these enterprises during this period is described. Under-pricing of IPO and it＇s influence factors in our country＇s small-medium enterprise market is revealed from the theoretic and empirical point. At last, simple analysis on similarities and differences as well as its reasons of the under-pricing of IPO is made compared with the period before reform of non-tradable shares, and those IPO in Shenzhen and Shanghai main board market.