China's Sme Board Ipo Price Movements Of The Empirical Research

IPO (Initial Public Offering) is a behavior that a company sells its stocks publicly to investors on the stock market for the first time.Shenzhen stock exchange became the focus of Chinese capital market,along with the listing of the first eight companies in the June 25th,2004,The Small and Medium Enterprise(SME)Board finally startup after waiting for a long time by the market.Its active provides financing channels for SME,and gives many new investment opportunities to investors. The price fluctuation and long run performance of IPO have some features on the SME Board.So, on the guidance of IPO theories,researching for the affecting factors and reasons of the price fluctuation and long run performance of IPO,which call help us make some target suggestions,and offer some policy reference to the healthy development of SME Board.At first,the article retrospected findings of domestic and foreign researchers about the price fluctuation and long run performance of IPO,elaborated peculiarities and current situation of SME Board.On the base of theoretical research,collecting with factors on SME Board,the paper analyzed reasons of the price fluctuation and make some suggestions.Then,the article made an empirical study on long run performance of SME Board IPO,long run performance is an important empirical phenomenon related to IPO.For learning the price change on SME Board in an all-round way,the paper made all empirical study on Long run performance of IPO,found that it is not series on our SME Board although it has been a widespread question abroad.In March 2007,the sub-prime mortgage crisis erupted in the U.S.,the financial crisis spread to all of the world fast,include our country. So,this paper made a study on the SME board IPO price movements after the IPO resumption in June 2009 under the crisis,through the latest data analysis,we found that IPO underpricing is weakened in our country.Finally, the paper prospected the development trend of the SME board, and given the proposal to promote the development of the SME board in the current.