| IPO (Initial Public Offer, hereinafter referred to as the IPO) is the issue for the first time prospectus to the public. The company controlled by a small number of people into the process of holding the public. Not only can the success of IPO issuers to raise capital needed for development, increase awareness, but also help optimize the capital structure, decentralized company risk, raising capital in the secondary market liquidity, improve internal governance. So far, the problem of domestic and international IPO around three main aspects, IPO Under-pricing, Long Run Under-performance of IPOs, and Hot Issue Markets.IPO pricing is too low because of excess earnings generated, the phenomenon known as the IPO premium, has become typical of new issues, and departure from the traditional financial theories, can't use the market efficiency theory. Researchers generally based on asymmetric information theory, systems theory and behavioral finance theory, trying to explain the phenomenon of IPO premium, thus forming the different hypotheses. But the theory only remain in a specific market level, below the market consensus for the interpretation of surface, indicating that the theory of IPO premiums need to be explored further. Findings by scholars, the Chinese stock market's degree of IPO premium is 256.9%, in extremely high state of longer duration. From the world GEM study shows that,GEM smaller listed companies, an average of the high cost of imperfect corporate governance, rules and market supervision system and other reasons, so that the Main Board IPO higher than the premium level.GEM is an important part of the stock market,not only affectting the multi-level capital market development,and integration of the second board market in the construction sector to achieve, but also the reform of the IPO system, the inquiry system, distribution system of new shares, stock issued shares moratorium, IPO subscription price and the retail and other research with guidance. China's Growth Enterprise Market of the premium level of IPO research, will broaden the IPO premium of China's stock market scope of the study, and for securities regulators, issuers, investors and brokers to provide useful market analysis perspective. Since the phenomenon of IPO premium in different countries shows the unique characteristics of their respective markets, and the GEM is different from the motherboard market researching ideas, so research must be based on each country's particular economic background, market environment, the legal system and listing/delisting conditions started.This article explores the GEM since its inception in China (2009-2011),the GEM of IPO stocks premium phenomenon. Firstly, the GEM study sample of IPO stocks, describing the market's overall statistics, integrated economic region, industry sector between the premium level. Secondly, building theoretical hypotheses,on the impact of the phenomenon of GEM IPO premium turnover, synthesis success rate, underwriter reputation, issue and listing on the industry price-earnings ratio and other factors classified analysis; then build Analysis Model----parameters and semi-parametric regression equation, a comprehensive evaluation of the situation factors, and these two kinds of empirical methods and statistics through the graphical indicators were analyzed. Finally, by theoretical and empirical analysis, the reform of China IPO, the equity structure of listed companies improve and corporate governance, regulatory authorities on the regulation of issuers and underwriters, etc. providing valuable suggestions and comments.IPO level of definition and measurement of premium is the full text of the key and foundation. In this paper, the concept of market equilibrium price, defined as the IPO of its stock market in January for three consecutive months after the closing price parity. This is because, IPO stock market initially may not satisfy the assumptions of market efficiency, IPO first-day market price of the stock price may be higher or lower than its equilibrium value; and, to my analysis, IPO stock market a month later, the market equilibrium of supply and demand trends, investor sentiment tends to be calm, PO stock subject to market and other factors, small changes in their conditions, are also less likely, this time closer to the average IPO stock market prices stock market equilibrium value. Based on market equilibrium price, this paper with the IPO issue price (a market) and the closing price (secondary market) has been found that the secondary market is higher than a market premium, and the maximum premium a high degree of and the minimum difference of more than 250%. This may indicate, the secondary market influenced sentiment in the market, market speculation thick atmosphere.Success rate is to examine the primary market when the IPO, an important indicator of supply and demand, but the literature is mainly used in online purchase success rate. In this paper, online and offline as weights the number of shares issued to online and offline success rate, integrated in the success rate is derived, as a measure of a market supply and demand and investor sentiment indicators. China's Growth Enterprise Market IPO issuance is divided into offline subscription and online purchase of two, the offline subscription to institutional investors mainly, the main retail online purchase, if only online or offline success rate, is to overlook part of the information. Because the success rate should be integrated in a more comprehensive indicator also confirms the empirical validity of this indicator.GEM focused on the economy is highly developed areas, and to machinery and equipment, the three major high-tech information technology and electronics industries, the rise and fall as different levels of the industry, issued in the IPO, it will surely affect its pricing, then a premium will level has been affected. All paper listed at the industry rate of return used as explanatory variables, in theory building and empirical research to analyze both the extent of the impact of IPO premium. Empirical results suggest that the industry rate of return on IPO premium impact.Parameter model in fitting to compensate for the nonlinear relationship between the degree and the lack of mastery, this paper uses multiple linear regression model, based on the selection of semi-parametric regression model, will be available at the industry rate of return as a non-parametric part. Explained from an economic point of view, semi-parametric multiple regression model can be selected at a similar rate of return Listed difficult to describe the relationship between explanatory variables and class variables, the interpretation of the phenomenon of greater intensity; terms from the model tests, semi-Multiple regression model parameters than the parameters and error in fitting description of the situation should be much better effect on the actual market, a more accurate fitting results.China's Growth Enterprise Market to the development of the initial phase of the GEM and developed countries have obvious difference. Market institutions and regulations are inadequate, the speculative atmosphere of a strong market investors, listed companies are too focused on industry and regional distribution of such problems is the development of China's Growth Enterprise Market of the existing main problem. GEM different from the motherboard market, how to build a good small high-tech enterprises financing channels, rather than become a hotbed of international hot money speculation, to avoid small board met problems in the development, we need further reflection.In this paper, the phenomenon of GEM IPO premium research, analysis and influence the formation of different reasons as for the construction of the market to provide a favorable comments and suggestions. |
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