创业板市场IPO融资成本的影响因素研究

Research on Influencing Factors of Financing Costs in IPO on GEM

创业板频繁"破发",使其IPO备受关注。本文参考Ritter J.R.融资成本分类方法,以创业板177家公司为样本,从直接和间接融资成本两方面,考察影响创业板IPO成本因素。研究发现:创业板IPO直接成本与公司发行规模、上市前负债率负相关;间接成本与信息不对称程度显著正相关,与公司发行规模、中签率、发行后市盈率负相关。

Much attention has been paid to the IPOs due to the frequent fall in stock price below the IPO prices on the Growth Enterprise Market（GEM）.Referring to the classification methods of financing costs by Ritter J.R.,this study uses 177 listed companies on China＇s GEM as a sample,and examines the factors influencing the IPO costs of GEM companies,from the aspects of both direct and indirect financing costs.The research finds that direct financing cost is negatively related to the IPO scale and pre-IPO debt ratio,and that indirect financing cost is significantly positively related to the degree of information asymmetry and negatively related to the IPO scale,the allocation rate and post-IPO PE ratio.