我国IPO抑价影响因素分析——基于创业板的市场数据

An Analysis of the Factors Influencing IPO Underpricing in China——Based on the GEM Market Data

IPO抑价是资本市场的研究热点,也是不解之谜。通过对我国创业板市场进行实证研究,发现投资者情绪对我国创业板IPO抑价影响较为明显,其次是信息不对称因素。而承销商声誉和信号理论则影响并不显著。文章提出了完善证券市场、突出承销商的保荐责任、加强发行人的监管、投资者要加强风险意识等方面的建议。

IPO underpricing is a focus of the research of the capital market as well as a mystery. Based on the empirical research on China＇s growth enterprise market, the paper finds out that investor sentiment plays an obvious role in affecting China＇s GEM IPO underpricing, and the second influential factor comes to the information asymmetry~ whereas the influence of the underwriter＇s reputation and signal theory is not significant. Based on an indepth analysis of China＇s securities market, this paper proposes a series of sug gestions concerning the perfection of securities market, highlighting the underwriter＇s sponsor responsibili ty, strengthening the supervision of the issuers, and raising investors＂ awareness of risk.