中国创业板IPO首日上市溢价率及其相关因素分析

A Study on the first day listing Premium Rate and related factors of IPO of GEM in China

本文在刚刚推出创业板不久之际,对中国创业板IPO首日上市溢价率及其相关因素进行实证研究。研究的结果表明IPO上市首日股票换手率、发行规模、中签率、发行日与上市日时间间隔等因素会对创业板IPO溢价率产生影响。最后依据实证分析所得的各种结论分别对新股发行制度,政府的监管和个体投资者提出切实可行的建议。

Taking the opportunity afforded by the launch of GEM, this thesis aims to do empirical study on the GEM premium rate of the first day of IPO listing in China and related factors. The research shows that such fac-tors as the stock TR of the first day of IPO listing, the LS, the SR and the LDI will affect the GEM premium rate of IPO. Based on the conclusion by empirical analysis, the thesis offers practical advice to the new shares issuing system, the governmentg supervision and individual investors.