创业板IPO抑价的影响因素实证分析

The Empirical Analysis on the Influencing Factors of the GEM IPO Underpricing

IPO抑价现象在世界各地证券市场上普遍存在。研究表明,新兴市场的IPO抑价显著高于成熟证券市场IPO抑价。奉研究选取我国创业板市场中两个主要行业计算机应用和电气设备行业共96家上市公司的股票,实证分析了创业板不同行业公司首次公开招股IPO抑价影响因素的不同之处,研究表明影响我国创业板IPO抑价的因素有市场发行期模、中签率、净资产收益率、换手率等,并且在不同行业中这些因素对于抑价率的影响是不同的。

The phenomenon of IPO underpricing pricing major i widespread world, research shows in emerging markets is significantly higher than that in mature securities markets. In that IPO under- this paper, two ustries of the GEM market in China, the computer applications and electrical equipment, a total of 96 companies＇ stock are selected to analysis different sectors of the IPO underpricing in different industries. Re- search shows that the ers, and the impact of factors affecting these factors in China＇s GEM IPO underpricing are the fund, lot, roe, turnover and oth- different industries is different.