创业板与主板IPO抑价水平比较研究

A Comparison of IPO Price Constraints’Level Between GEM and Main Board

为了比较研究创业板与主板市场抑价水平,选取创业板首推上市的28家企业和2004年1月1日至2009年12月5号期间所有在主板上市的公司A股,先对其抑价水平是否存在差异进行均值检验,然后建立多元回归模型进一步分析差异产生的影响因素,结果表明我国创业板市场与主板市场发行抑价程度存在较显著差异,创业板市场IPO抑价现象较严重;且影响主板抑价率的因素主要有6个,而影响创业板抑价率的因素主要有4个,分别为首批可流通股份、股本可流通比率、发行后每股净资产以及新股发行价格。

This paper aims to comparing the IPO price constraints’level between GEM and the Main Board through selecting 28 firstly listed enterprises in GEM as well as the public companies which went to the market that range from Jan.1st, 2004 to Dec.5th,2009. Mean tests are introduced here to check whether there exists a difference between the two markets. Multiple regressions are later modeled in order to analysis the factors which contribute to these variances. The results show that there are notable discrepancies lay between the GEM and the Main Board. More severe price constraint situations are found in GEM. 6 and 4 main factors are responsible for the price constraints ratio in Main Board and GEM respectively. The four factors are first circulating shares, floating ratio of shares, net assets after releasing and IPO prices.