中小板与创业板首次公开募股首日溢价的比较分析

Comparative analysis of IPO initial premiums between SME and GEM

对中小板与创业板IPO首日溢价进行了比较,对影响溢价的因素分别进行检验,得出共同因素为换手率,表明二级市场上投机气氛依然较浓.中签率、发行成本、股权集中度和国有股背景对中小板新股溢价的影响较为显著,而创业板则为发行价格和市场气氛.此外,是否有国有股背景对新股发行状况也有一定影响.

This paper compares IPO initial premiums for the small and medium enterprises（SME） board and the growth enterprises market（GEM） board,by testing the factors that influence stock initial premiums,the turnover rate is identified as the common significant factor,which shows that there exists high speculative atmosphere in the secondary market.Next,the demand-to-offer ratio,the cost of raising funds,the concentrative degree of equity and the state-owned background equity are more significant in the SME board,while the issue price and the market sentiment are more significant in the GEM board.Moreover,some significant influences are derived from the state-owned background equity while issuing new stocks.