IPO二级市场高溢价影响因素分析

Analysis of the Impact Factors of High Premium on IPO at the Secondary Market

针对新股二级市场高溢价现象,从一级发行市场和二级市场两个方向选择了若干解释变量,并通过主成分分析法从一级发行市场变量中提取了4个因子,结合二级市场解释变量对近3年上海证券交易所IPO的158家公司上市后的超常收益进行了实证分析。发现机构申购报价、每股净资产、发行比以及次新股板块收益率4个因素是导致新股高溢价的主要原因,即机构在申购时的行为和普通投资者的非理性行为加剧了新股高溢价现象。

Aiming at the new two level market high premium phenomenon,select a number of explanatory variables from the level of the publishing market and two markets in two directions,and the issuer from the primary market variables in4factors extracted by principal component analysis,combined with the two market variables explain the abnormal returns after the listing of new shares are the analysis found.Purchase offer,the net assets per share issue,4factors and sub sector shares yield is the main cause of the new high premium,non-rational behavior that the institutions in the purchase of new shares and ordinary investors exacerbated the high premium phenomenon.