A Research On The Influence Of IPO Under-pricing Of Minor Enterprises Board

IPO underpricing phenomenon, it is to point to the initial public offering of stocklisted (generally refers to the first day) market transaction price is much higher thanthe issuance price, circulation market and trading market appeared huge premiums,lead to the initial public offering exist on the higher yields excess.High or IPO price problems exist widely in the securities market of our country,for this problem, many domestic and foreign scholars have been studied extensively.Based on the literature review of relevant research theory of summarized, mainlyfrom the overseas two parts were reviewed in this article. After review evaluation,think that foreign theory in our existing use a certain limitation, and domestic relatedresearch have existed some shortage. This paper to the second stock market IPOunderpricing or status as the sample, the study found that, China’s the second stockmarket IPO underpricing is very serious, of which the most serious in2007,suppression, the highest rate in the price reached538.12%, the average price ofsuppression rate of208%, far beyond normal levels. This article on the part of thesmall and medium plate with since listing to December31,2011of the644stockslisted as research samples, and uses the structure of company treatment in variousfactors as explained variables, by means of the regression analysis and inspection ofdifferent variables and the suppression of the relationship between the IPO price. Bymeans of the regression analysis, management, share ratio of the largest shareholder,state-owned shareholding percentage and legal person share holding ratio and IPOprice level or correlated. And in case analysis section, the selection of the2007morefamous case-the golden IPO technology, through the IPO price of the goldentechnology or phenomenon, verified the model did not include the return to theinfluence factors and influencing way.IPO price for the stock market or the phenomenon of the impact of a coin has itstwo sides, because of the high price of the existence of antimicrobial phenomenon,ensure the smooth issuance of new shares, and at the same time to make up for theinvestors information asymmetry loss. But the negative influence of the dangers thatmore is worth our concern, especially high price or as a result of the long-term rate ofthe weak and the market speculative atmosphere. Hope that the research in this paperfor small and medium plate to the market price of IPO or phenomenon bringsrevelation, for small and medium plate IPO market price or return to a normal ratelevel to contribute.