创业板新股估值基础改变了吗?

Has the Fundamentals on IPO Valuation of GEM Changed

根据新股发行制度改革引起的IPO暂停与重启,将创业板IPO公司划分为2009年10月至2012年10月,2014年1月至2015年7月,2015年12月至2016年12月底三个发行上市阶段。采用Abel和Eberly公司估值模型,实证检验创业板上市公司不同发行制度背景下估值基础的变化。实证结果表明:创业板IPO公司估值基础在不同时间段存在差异,其估值主要推动因素是利润总额,同时依靠承销商声誉。其中第二阶段上市的创业板公司估值更为显著的受到所有者权益账面价值,以及行业带来的未来增长机会的正向影响。

According to the suspension and restart of the IPO caused by the reform of the IPO system,the GEM IPO company is divided into three phases：October 2009 to October 2012,January 2014 to July 2015,December 2015 to the end of December 2016.Abel Eberly（2005） valuation model was used to test the change of valuation basis under different background of public system.The empirical results show that the valuation basis of the GEM IPO company is not the same at different period.The main driver is the total profit,while relying on the underwriter＇s reputation.Meanwhile,thevaluation of the GEM company publicat the second phase has been more positively influenced by the owner＇s equity book value and the industry＇s future growth opportunities.