摘要
我国创业板IPO自开板以来表现出较高的抑价率,其影响因素较多。本文首先从公司内在价值、市场信息和投资者先验乐观情绪三方面对影响创业板IPO抑价的因素进行了理论分析;然后建立了不同的回归模型进行实证检验。结果发现市场信息和投资者先验乐观情绪是抑价率的主要影响因子,公司的内在价值在抑价上较少得到体现。IPO首日换手率较高,股票的流动性较强,但存在一定的操控性因素。
IPO has shown a higher rate of underpricing since China opened the GEM board,and which has many impact factors.In this paper,firstly,we have a theoretical analysis of the GEM IPO underpricing from three factors： the intrinsic value of the company,market information and investor＇s prior optimism sentiment.And then establish different regression models to empirical test.We find that market information and investor＇s prior optimism Sentiment are the main factors of the underpricing,the company＇s intrinsic value is less reflected on.The turnover is so high on the first trading day,which shows that the stock liquidity is so strong,but also reflects that there exist some control factors.
出处
《区域金融研究》
2011年第10期39-44,共6页
Journal of Regional Financial Research
关键词
创业板
抑价
市场信息
投资者先验乐观情绪
GEM Board
Underpricing
Market Information
Investor＇s Prior Optimism Sentiment
