摘要
我国创业板市场存在着明显的IPO抑价现象,并且在其上市的公司背后大都有创业投资机构支持,他们通过协助企业在资本市场上市,实现企业和自身投资活动的增值,创业资本对创业板市场IPO现象存在的影响一直是学术界关注的话题。以2009年10月23日至2010年12月31日间在我国创业板上市的153家公司作为研究对象,对影响创业板IPO抑价度的解释变量进行回归分析,得出结论并提出相关建议。
There is an obvious phenomenon of IPO under-pricing on China＇s Growth Enterprise Market（GEM）.Moreover,most listed companies are backed by venture capital（VC）.The VC institutions help the enterprises listed on the capital market to achieve the value increment of both the enterprises and VC＇s own investments.The effect of VC upon the IPO on GEM has been of constant concern in the academic circle.Based on the data of 153 listed companies of China＇s GEM from October 23,2009 to December 31,2010,this paper takes the STEPLS method to make a regression analysis of explanatory？variants which affect the IPO under-pricing on the GEM.Finally,it draws a conclusion and puts forward the corresponding proposals.
出处
《北京工商大学学报（社会科学版）》
CSSCI
北大核心
2012年第2期84-89,共6页
JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES
基金
国家自然科学基金"复杂环境下我国企业突破性技术创新资源配置优化研究"(71172100)
关键词
创业投资
IPO抑价
创业板上市公司
venture capital（VC）
IPO under-pricing
listed companies on GEM
