| Growth Enterprise Market of China was born in October 23,2009,28 companies on the Shenzhen Stock Exchange GEM IPO. Since the founding board opening, all to obtain qualified enterprises listed on the GEM, all successful in raising the funds required, as of October 30,2010 135 companies listed on GEM all ultra-enlistment, the average ratio of funds raised over 188.41%, over a total of 60.906 billion yuan of funds raised. The market did not show a different risk in different industries and business growth and profitability of the resource allocation function. A lot of money into circulation GEM primary market, speculative atmosphere, within the scope of the whole community efficiency of capital allocation had an impact. Social idle funds company IPO on the GEM great enthusiasm, crowding out the real economy the demand for liquidity, which affected social capital allocation efficiency. Meanwhile, the IPO market GEM serious "three high", namely:the high issue price, high price-earnings ratio, superb raise funds. "Three high" problem and bring a series of problems, the accumulation of the secondary market risk, the original shareholders of GEM companies investors on the secondary market to seize the benefits (commonly known as "create wealth"), the GEM listed company resignations led to the development of the problem of inadequate stamina, and so on.The GEM market phenomena such systems, we are naturally linked to China's capital market institutional factors. The definition of the system in the North of New Institutional Economics the most representative, in "Economic Structure and Change", he said:"The system is being worked out a series of rules, order and moral conduct, ethical norms, it aims to welfare or utility of the constrained maximization of the main interests of individual behavior. " System can be formal specification such as the Constitution and other provisions, it can be informal norms and customs. A high share of IPO underpricing phenomenon changes the distribution system with the A shares have a high degree of association. "IPO and listing on the GEM Interim Measures" in the issue review process, all aspects of market trading rules, the board adopted the GEM basic institutional framework of market-based, entrepreneurial companies listed on the implementation issue is still the same with the motherboard approval approval system, securities pricing distribution system, it can be said in terms of basic systems flaws. The difference is, with reference to the Main Board listing of management of stock issuance and the relevant provisions of the appropriate company lowered its financial targets to be listed on the request, an increase of the issuer in improving corporate governance and sustainable management capacity requirements. But fundamentally, the GEM is the A share market is still based on centralized auction market, the exchange part of the different trading rules have not yet become the second stock market. GEM from the current issue, listing and operation situation, problems and drawbacks arising can not be ignored. Therefore, independent from the main board company, to adapt to the characteristics of the GEM IPO offering mechanism is not only necessary but also urgent.Pricing GEM crack "three high" problem, the study of Chinese GEM IPO mechanism, there is an urgent question to answer is:China IPO stock price behavior GEM What are the characteristics? GEM IPO price behavior of the deep structure behind the reason? What kind of system designed to help promote the effectiveness of GEM IPO price? Answers to these questions, on the one hand how to improve the IPO price in the future provide the basis for effectiveness; the other hand, can help improve the sale of the current IPO pricing mechanism. A realistic, objective IPO pricing may not be easy, the key issue is to establish and perfect the market system, the purpose of this study is to establish a relatively objective, to reflect the intrinsic value of securities issuance and the market supply and demand pricing mechanism. IPO pricing mechanism of science and rationality, a direct impact on the pricing efficiency of securities markets, thereby affecting the stock market resource allocation function of the play.In this paper, the GEM IPO mechanism of the three approval, pricing, distribution, start with three links, namely the problems of each stage, by comparing the success of the Growth Enterprise Market of the audit system and review of IPO GEM review, analysis of the business institutional review board and the drawbacks of the standard. Approval system is caused by lack of resources led to the GEM stock prices high and one of the important reasons, while a strict auditing system and for the protection of investors to cast the first firewall. Reform aspects of the GEM review, it should be concerned about how to improve the supply of IPO shares, while ensuring the quality of companies listed on GEM, small and medium investors in China to adapt to structural features of many investors.IPO mechanism of the pricing process of the second part of the institutional problems, the use of evidence to validate the three GEM pricing high. First of all borrowed paper examines the stochastic frontier model does not lower prices GEM pricing issue; Secondly, the high IPO first-day underpricing and test the relationship between investor sentiment, the empirical results show that high underpricing and investor sentiment positively related, indicating that high underpricing issue not because of the results of low prices, but due to secondary market investors optimism. Finally, the GEM pricing assumes that if the high price since the IPO would result in the listing will appear weak phenomenon, or even "break", the third evidence obtained within one year of the GEM gain in stock prices than similar stock index rose by 30% conclusion, the paper added, finishing the 1 November 2010 to 30 March 2011 data, because the market since the market runs year, the reasons for weak stock prices, investor sentiment tends to reason, the secondary markets The average first day underpricing rate has dropped, "break" the phenomenon has occurred many times, proving that the premise of this article demonstrates the phenomenon of higher GEM pricing exists. The interests of issuers and underwriters as highly consistent, issuers and underwriters have set high prices as much as possible the interests of driver issue. Meanwhile, the inquiry system of investor protection, requires agencies involved in placing a certain moratorium, and the lack of short secondary market mechanisms, resulting in a high investor optimism, the success of the pricing issue for the market. To find a solution to the problem of high priced system, the key is to break the interests of issuers and underwriters conspired situation, eliminate the institutional basis of investor optimism.Allocation of IPO shares on the GEM part, we use the optimal mechanism theory, asymmetric information, the establishment has the right of the underwriters allocated shares, the issuer behavior model, concluded:underwriters and issuers have a common interest-driven, in order to maximize fund-raising, as many new shares will be allocated to institutional investors, which means China's IPO, according to the amount of funds allocated in the ballot Yaohao shares exactly the same way, in other words is the system of issuing new shares there is a natural inclination for institutional investors, and issuers and underwriters to help raise funds to achieve the purpose of maximizing. GEM is currently offering such a mechanism, a lot of capital accumulation in the primary market IPO, IPO companies with high-priced and ultra raised phenomenon.According to the approval system, pricing system and distribution system analysis, concluded that:the formation of the current GEM IPO pricing "three high" phenomenon is to examine the limitations of resources, resulting in GEM stocks short supply, the inquiry system not the controlling shareholder of the issuer and underwriters placing the object into the inquiry, issuers and underwriters are priced as high as possible the interests of driver issue, will also be issued to the amount of funding provided for the system based on distribution of Yaohao stock at a success rate, which resulted in large part of the shares allocated to institutional investors, leading to scarcity of secondary market shares. Also, because the securities regulatory authorities for a number of capital market characteristics of small and medium investors, the implementation of a series of investor protection policies, coupled with new shares unbeaten myth, give investors optimism basis of experience, leading to widespread optimism, a high price issue for the market. Combined analysis concluded, to establish GEM IPO targeted system and supporting system for sale:the establishment of three new active board, implementation of the transfer plate system, speed up market access audit rate, the introduction of some of the stock issued to increase supply; expand inquiry price range and inquiry, would be joining the issuer shareholders inquiry, would be placing the object underwriters to join; revised distribution system, an appropriate tilt to the medium and small investors; establishment of an effective exit system to replace the short restrictions, norms of justice for investors protect the legal system.
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