我国内地创业板IPO折价现象实证分析

下载PDF

导出

摘要自从我国创业板从2009年10月建立后，创业板企业的IPO存在显著的折价现象。本文通过对303家在创业板上市的企业进行统计性描述和比较，实证分析了首日抉手率、上市前市盈率、申购中签率、发行规模等方面与IPO折价率之间的相关关系。

作者代东升唐辉王昊

机构地区合肥工业大学经济学院皖西学院数学学院

出处《中国电子商务》 2013年第7期192-192,共1页 E-commerce in China

关键词创业板IPO 折价现象影响因素

参考文献4

1Baker, M., and Stein, J. Market Liquidity as a Sentiment Indicator. Journal of Financial Markets, 2004, (7).271-299.
2Loughran, T., Ritter, I., &Rydquist, K. Initial public offerings.International insights. Pacific - Basin Finance Journal, 1994, (2).165-199.
3Loughran, T. andRitter, J. R. Why Don' t Issuers Get Upset AboutLeavi~g Money on the Table in IPOs?Review of FinanciaIStudies, 2002, (15).413-443.
4徐志坚,叶颖,王全胜.TMT股权与人力资本对投资者估价的影响--基于创业企业IPO市场的实证检验[J].南京社会科学,2010(2):36-43. 被引量：3

1Jonathan D. Arthurs, Robert E. Hoskisson, Lowell W. Busenitz, Richard A. Johnson, (2008), "Managerial Agents Watching Other Agents: Multiple Agency Conflicts Regarding Underpricing In WO Firms", Academy of Managemera Journal, Vol.51, No.2, 277- 294.
2Mark Kroll, Bruce A. Waiters, Son A. Le, (2007), "The Impact Of Board Composition And TOP Management Team Ownership Structure On Post IPO Performance In Young Entrepreneurial Finns", Academy of Management Journal, Vol.50, No.5, 1198 - 1216.
3Richard H. Lester, S. Trevis Certo, Catherine M. Dalton, Dan R. Dalton, and Albert A. Cannella, Jr., (2006), "Initial Public Offeting Investor Valuations: An Examination of Top Management Team Prestige and Environmental Uncertainty", Journal of Small Business Management 44( 1 ), pp. 1 - 26.
4Trevis Certo, S. ,Jeffrey G. Covin, Catherine M. Daily, Dan R. Dalton, (2001), "Wealth and the Effects of Founder Management among IPO-Stage New Ventures", Strategic Management Journal, Vol.22, No.6/7, pp.641-658.
5Wadhwa, Anu, Phelps, Corey, "An Option To Partner: A Dyadic Analysis Of CVC Relationships", Academy of Management Proceedings, 2009, pp. 1 - 6.
6Welboume, T.M., & Andrews, A. O. (1996), "Predicting the performance of initial punic offerings: Should human resources management be in the equation?", Academy of Management Journal, 39:891-919.

中国电子商务

2013年第7期

内容加载中请稍等...