The Relationship Between Ex-financial Performance And Ipo Underpricing In China Gem

IPO (Initial Public Offering),IPO Underpricing, refers to the initial public offering of stock issue price is lower than the company’s closing price listed on the first day of the phenomenon. China’s capital market after a long ten years of development, now the related laws and regulations are also being gradually perfected and improved, in2009October, China has finally had the GEM of their own.Currently in the world about the gem70, more representative of the United States, such as the NASDAQ, AIM in Britain, SESDAQ, JASDAQ, KOSDAQ, GEM in Hong Kong, which the United States of America’s NASDAQ is the most successful, as we know, Intel, Microsoft apple in the NASDAQ listing, in our country, the GEM listed companies mainly focus on the new energy industry, the traditional manufacturing industry, service industry and new economic industry, and how to do poineering work board operating in China, has also since its opening has attracted much attention.This paper adopts the normative research method and empirical research method of combining way of gem, listing Corporation listed before the financial performance and the rate of IPO underpricing bookbuilding system in our country. In the part of theory study, firstly, reviews the literatures at home and abroad, from the current theory of foreign as the foundation, will affect the relevant theories on IPO underpricing are introduced in detail, and a review of foreign literature; after reviewing relative studies on the gem in China; secondly, the institutional background of inquiry mechanism. A deep analysis, from China’s IPO underpricing development summary, introduced the present domestic general to do poineering work board the stock pricing method of offering; finally, based on the current IPO underpricing theory as the foundation, analyzes the related theory on the gem in China in the primary market of issue price and two in the market before closing price and the listing corporation’s performance. In the part of empirical research, this paper selects355companies in China’s gem since2009October until2012October opened listing data, will in the main influence factors of EPO underpricing board decision:first, P/E ratio, starting on the scale of fund-raising, the first day of the first day of the success rate and the size of the company to do the analysis the first regression, and draw the conclusion, then these four variables model as control variables and the ex-financial performance of the listing corporation is listed before the introduction of the model, model two, respectively introduces the four main indexes from the enterprise profitability, asset quality, debt risk and business growth of the four dimensions, respectively. As the rate of return on net assets, total assets turnover ratio, asset-liability ratio, operating profit growth rate, regression analysis and concluded, ex-financial performance of listing corporation on IPO underpricing has certain influence.