创业板新股上市折价率影响因素的实证分析

Empirical Analysis on the Influencing Factors on Discount Rate of GEM IPO

文章选取创业板市场上的有关样本,对高折价率的影响因素进行了多元回归实证分析,结果表明:发行规模、换手率、发行市盈率、中签率等变量可在一定程度上解释我国创业板新股上市折价的现象。

With the related enterprises in GEM as samples, this paper made an empirical multiple regression analysis for the factors leading high-discount rate. The result shows that the discount of GEM IPO can be partly explained by these variables： issue size, turnover-rate, issue price-earnings ratio, success rate and etc.