创业资本、IPO抑价与创业板定价效率

Venture Capital,IPO Under-pricing and GEM Pricing Efficiency

IPO抑价度过高、新股定价效率偏低是目前我国创业板市场存在的突出问题之一。选取2009年10月23日到2013年12月31日创业板数据,采用非参数检验、横截面多元回归等方法,结合我国创业板市场特殊的制度背景,对IPO抑价和新股定价效率进行研究。研究发现我国创业板定价效率近年来有所提高,但总体仍偏低;影响创业板新股定价效率的主要市场因素,包括市场投机气氛、市场热度、市场供求状况、承销商声誉等四个方面。研究结论对治理创业板高抑价、提升IPO定价效率具有一定借鉴意义。

The GEM （Growth Enterprises Market ） pricing efficiency has been improved in recent years, however rather low in general. At present, the curbing effect for GEM companies IPO under - pricing is not apparent, inconsistent with the foreign capital markets research findings. The study reveals the factors that impact significantly on China＇s GEM IPO under -pricing, including the initial turnover rate, the stock index rate of return, the lot winning rate, the total assets size of last year before IPO （Lasset） and the earnings per share. It was found that the pricing efficiency of the GEM is affected mainly by four market factors, including market speculation environment, market heat, the market status of demand and supply, and underwriter reputation. Some policy proposals are put forward so as to deal with highly curbing under - pricing and improve the efficiency of IPO pricing in GEM.