Research On The IPO Under Pricing Of The Small And Medium Enterprises Board

May 17,2004,small and medium enterprises board(SME board) set up in our country, which is the transitional form in the institution before the growth enterprise market(GEM). It is charged with the responsibility of the promotion of the high-tech and high-growth businesses' development.So the SME board occupies a very special and important position on the securities market in our country.In the terms of the general practice on the international securities market,the issue prices of the new shares are always lower than the prices on the first day of listing.That is the phenomenon of IPO under pricing of the new shares.Currently,the IPO under pricings of the new shares are especially prominent on the SME board and there are few literatures about the systematic studies on this problem.So on the basis of study abroad,this thesis will has a comprehensive study on the IPO under pricing of the new shares on the SME board by means of the theoretical analysis and the empirical study.First of all,this thesis elaborates the purpose and significance of this study and introduces the object,the researching methods and the innovations of this study.Second,it summarizes and evaluates the present situations of the studies abroad on this topic.Third, it fully considers the reasons of the IPO under pricing of the new shares on the SME board in two points of view,the normative study of the institutional factors and the empirical study of the market factors.And it also has an in-depth study on the features of the SMEs on the SME board on the basis of the study of the market factors and then has a more accurate speculation about the reasons of the IPO under pricing of the new shares on the SME board.At last,it summarizes the results of the study and proposes some policy recommendations.