| The China Securities Regulatory Commission announced the Guidance of Further Reform and Improve the System of IPO Consummation on June 10 2009. thus opened the epicycle market-oriented reform of IPO. In this round of reform, the CSRC for the IPO "window guidance" was abandoned, IPO pricing issuance stages from the market. On October 23, the GEM in Shenzhen officially opened, meanwhile this means for growth and high-tech enterprises "Chinese NASDAQ " officially opened, our country multi-level capital market construction steps reaches a new level. In primary market wholesale price lets loose and "Chinese NASDAQ" under concept hyping, the undertaking board issue price created new high repeatedly. The undertaking board "three high" the phenomenon has become the focal point which was questioned by the society.In this context, the study of IPO price factor and improvement of the GEM IPO system, become a effective action to solve the problem. The research purpose is to through theoretical analysis and empirical research, combining the objective description from 2009 in China since the IPO price GEM, various factors affecting the IPO price with the relations between the IPO price, and put forward the improvement of the level of Chinese policy Suggestions, this new system reform of reference and play a role.Firstly, this paper introduces the main valuation method, and analyzes its applicability in China, based on the practical significance of valuation method, PE in our country at present is relatively is the best. Then, based on the GEM of our inquiry for system are analyzed, based on the proposed some preliminary Suggestions. Then, based on the influence factors of IPO price suppression, combined with prior to IPO system analysis, behavioral finance perspective effect factors of IPO price or made hypothesis and analysis, the influence is that investor sentiment IPO price or the important factors. Finally, through the main affecting stock issuance price of uncertain factors of regression analysis, reveals the effect of stock price in the uncertain factors. Through an empirical research findings and net assets yield, when inquiry, inquiry object number plate and plans to expand multiples of GEM has great influence on the IPO price.In this paper, based on the research results are as follows:(1) in the accounting information is true, under the premise of gem companies has certain rationality of high valuations, (2) IPO market The market mood influences of parturient (3) with our inquiry objects. with relatively stable IPO price of the positive correlation between the market-oriented reform, pricing link achievements have been made. Accordingly, this paper will put forward the new system reform has the following Suggestions:(1) to strengthen the supervision of the sponsors, guarantee responsibility the authenticity of information disclosure, (2) listed in the subordinate to the time limit listed, (3) establish the obtainment of inquiry qualification mechanism, (4) gradually realize the one ID can purchase one hand most system.Through this innovation is the new capital of the GEM market research, in close connection with the current round of IPO reform, has a certain timeliness. In conclusion, the paper found that the number of homes with the IPO pricing inquiry has positive correlation with the more stable, reflecting the current round of reform of the effectiveness of the IPO.. |
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