Acomparative Study On IPO Market Of Chinese It SMEs

In the context of rapid development of today’s technology, the China’s ITindustry has been welcomed into its flourishing period. It has not only driven theincrease of the industrial output, but also, thanks to its high-tech productions andservice, led the improvement of other industrial technology and management. In themeantime, considering its continuous innovation, people come to recognize itseconomic predominance in the world market. All the developed countries, newlyindustrialized countries and areas are making full use of their own comparativeadvantage to enhance the international competitiveness. At present, a growing numberof small and medium-sized IT enterprises choose to go public, and they are notlimited to the Shanghai and Shenzhen Stock Exchange to do the initial public offeringbut verified, especially those successful high-tech enterprises who took overseasmarket as their final choice. However, there are still a lot of aspects need to beconsidered to choose a proper capital market, such as the requirements and contents ofthe listed conditions, financing costs, market preferences, the ability to raise funds,and listed risk capital markets of different capital market. For this reason, the smalland medium-sized IT enterprises should make a cautious decision according to thefeatures of different capital markets.Under this circumstance, this paper stands at the small and medium-sized ITenterprises’ perspective to do the comparative study on China’s enterprises at homeand abroad securities market IPO development status and problems. And lead to thecore discussion on the optimization selection of the IPO market. Combining thetheoretical analysis and induction, this paper takes listing rules, cost, risk, industrypreference and market cycle these five aspects as the evaluation standard to do thequalitative and comparative analysis on four main IPO market. Then, the paper makesthe hierarchical analysis model and judgment matrix, uses the method of quantitativeanalysis, AHP and Yaahp to make an optimization selection on IPO. In order topresent a more objective research result, this paper also regulates some related financial index of the listed companies and builds factor analysis model to do theempirical study to make the results more convinced.The conclusion of the paper is themost suitable for China’s information technology small and medium-sized enterpriseIPO market is Nasdaq, the Shenzhen gem second, the Hongkong gem third, ShenzhenSME board finally.