China’s Gem IPO Offering Phenomenon Influence Factors Analysis

The growth enterprise market in our country was established in 2009, the first batch of 28 companies approved formally in October 30,2009 on the growth enterprise market, since the growth enterprise market first 28 companies listed, IPO offering phenomenon can occur, or the growth enterprise market than to raise the phenomenon since the phenomenon is the growth enterprise market board, the growth enterprise market and at the same time the a-share market, by contrast, the growth enterprise market of IPO p/e ratio, initial public offering, raise rate is very high, even higher than the motherboard market, small and medium-sized board market several times, often also referred to as the "three highs" phenomenon in the gem. According to the regulation of the securities and futures commission related documents, the shenzhen stock exchange, though the use of funds raised in excess of the gem listing enterprises made specific provision, but in a short period of time the gem listed companies is very difficult to issue a reasonable solution to reasonable use of large super funds raised. This will cause damage to the interest of investors, and at the same time also inevitably cause low capital utilization and disguised social resources waste. Because of the present study the gem IPO offering phenomenon of empirical study is less, and existing literature are mostly discusses from the aspects of theory and research, not only the domestic empirical study is less, and almost no literature to study abroad, the phenomenon of IPO super raise with foreign enterprises has almost does not exist, to say the gem IPO offering superior ratio is a peculiar phenomenon in China’s capital market. Therefore, the thesis tries to listed companies of China’s gem market IPO excess to raise money for empirical research, in order to explore might be in the gem IPO market the influence factors of enterprise phenomenon of excess to raise funds.Firstly, this paper summaried the existing literature of the phenomenon, and obtained several facters that may affect the funds raised during IPO, including factors about macroecomomic aspect, issuance-market aspect and issuance-system aspect. Combining the summary of the literatute and Considering the feasibility of the study, this paper finally selected the possible factors of industrical feature, participation of the VC, financial condition before IPO, size of the company, the amount of money raised, reputation of the underwriter, regional differences and background characteristics of the top management.Secondly, relevant data of 163 samples was collected in this paper, and a simple descriptive statistics was made, thus obtaining the characteristics of the companies before their IPO, such as industrical feature, reputation of the underwriter and so on. After that, a model was established according to the variables selected and a regression analysis was made, finding that the independent variables of size of the company, the amount of money raised, ROE, participation of the VC, reputation of the underwriter and industrical feature had significant effect on the dependent variable. Finally, some suggestions were given based on the regression results at the end of the paper.