The Research Of The Initial Public Offerings Underpricing In Our Country's Small And Medium-sized Enterprise Board

As chief components of economic society and industry structure,Medium and small enterprises (SME) are becoming the most active productivity and new economic growth points in China. However, finance has blocked the SME's development for a long time,Our country solved the difficult problem about financing to a certain extent by allowing the small and medium-sized enterprise to release stock fund in public. Initial public offering (IPO) is important measure for SME finance today. IPO underpricing became outstanding problem as well as motherboard. The new stock releasing which keeps down the price will bring a very negative influence to the small and medium-sized enterprise,it does not favor the development of the small and medium-sized enterprise.In this dissertation, the reason of SME IPO underpricing will be analyzed.By theoretical analyzing about the underpricing phenomen of small and medium-sized enterprise board in our country, This article elaborates the present situation and the characteristic,basing on the new stock release request and its procedure. After the statistical analysis on small and medium-sized enterprise in our country,I conduct the empirical study to the Initial Public Offerings underpricing in our country's SME. By establishing multi-dimensional linear regression model,I make the multi-factor regression analysis to the underpricing of our country's SME and the primary cause.Finally in carrying on the overall analysis and in the system research foundation to the small and medium-sized enterprise board market, According to empirical study result, In view of major effect factor which keeps down the price to the small and medium-sized enterprise board new stock release, I give five pieces of advice,they are: enhancing the circulation stock ratio in the small and medium-sized enterprise board of our country,raising the trained rational investor, consummating the new stock release system, making the market price of the small and medium-sized enterprise board more efficiency and strengthening the market supervision of the small and medium-sized enterprise board, by doing these we can establish the reasonable operational mechanism of the small and medium-sized enterprise board.