The Research Of China IPO Underpricing Of SME Board And GE Board

IPO underpricing is a common phenomenon in the global IPO markets, foreign scholars have got a lot of research on this phenomenon, and formed a large number of theories and hypotheses. IPO underpricing in Chinese securities market have been high for a long time. However, excessive underpricing not only lead to the disorderly flow of huge amounts of money and speculative behavior, but also impede the capital market to optimize the allocation of resources. To solve this problem, the regulatory authorities in recent years launched IPO reform in order to control the level of underpricing and improve market efficiency, but the reform is a controversial topic for a long time. I expect to do some useful exploration on these problems in the summary and review of existing domestic and foreign research and on the basis of studying the Shenzhen A-share IPO market from2009to2012. Hoping to judge the achievements and shortcomings of the IPO reform through the empirical test and make recommendations for further reform.This paper is divided into five chapters. The first chapter is the introduction, background introduction of this research, papers structural arrangements and research ideas, so that readers have a general understanding of the full text. The second chapter is the introduction of related theory, including the traditional financial theory and the theory of behavioral finance, which is in order to provide a theoretical basis for the later establishment of model. In the third chapter I select769IPO companies from July2009to September2012on Shenzhen Stock Exchange as a sample, use Eviews software to find out influential factors on the establishment of multiple linear regression model. In the fourth Chapter, I give some parametric tests to the IPO underpricing phenomenon and underperformance after listing phenomenon in three periods, so as to judge the achievements and shortcomings of the IPO reform. The last chapter gives the conclusions, recommendations, concludes the paper on the basis of policy recommendations for how to reduce the A-share market IPO underpricing, improve the efficiency of the securities market.