IPO抑价因素的实证分析:基于创业板视角

An Empirical Analysis of IPO Under-pricing Factors——A Perspective Based on Growth Enterprises Market

笔者立足于刚启动半年的创业板市场数据,通过回归分析探索影响IPO抑价的主要因素,并与主板市场的结论对比,研究结果表明,创业板市场和主板市场的IPO抑价影响因素基本一致,但创业板市场上的发行价格和市盈率均失去解释能力,且非流通股比例与初始收益率负相关而其系数并不显著。要控制IPO抑价应积极推行市场化改革,提高投资者投资水平。

Using the data from the newly erected growth enterprises market, the authors investigate the factors that determine the degree of IPO under-pricing in this market through econometric method referring to some outstanding current researches. A comparison with motherboard shows that the results in both markets share tremendous similarity except that variable issue price and P/E ratio fail to explain IPO under-pricing, and that the rate of non - tradable shares in growth enterprises market displays inverse correlation with the initial return in contrary to that of the motherboard in spite of its weak statistical significance of coefficient. Finally, suggestions are put forward to control the degree of IPO under-pricing such as implementing market - oriented reforms and enhancing the investment ability of the investors in the market.