New Issues In Our Country High Initial Yield An Empirical Analysis Of The Influencing Factors

The economics of our china is in the phase of transformation. There are intensedebates upon the problem of the high Initial Public Offerings rate in the past twentyyears of the development of the stock market and lots of scholars thought the reasonof the problem was the institution change. But since2008, the phenomenon ofthree-high has been more and more frequent which does not mean the problem of thehigh Initial Public Offerings rate has been solved. This article tried to use the methodof reviewing the theoretical literature in the area of IPO and analyzing the uniquestock market and particular institutional background in China to seek the factor thatcan infect the Initial Public Offerings rate in our country and then use the method ofmultiple stepwise regression to find the difference between the theory and reality.During the empirical analysis, twenty-two variables which came from threedifferent angles were designed based on the current important theory and the reality ofbackground. The author wanted to use the method of Factor Analysis and MultipleStepwise Regression to find the distinguished variables. The empirical analysisshowed that though the earlier starting of the research on this problem and the perfecttheoretical system in the west countries, the west theories can not explain the reasonof the high Initial Public Offerings rate in china because of the special situation of ourcountry. The main influencing factors of this problem were from the market level,especially the secondary market which include the overall situation, the irrationalparticipant structure and investment behavior of the secondary market.