The Research On Factors Affecting The Issue Pricing Of GEM

After nearly ten years of preparation,in2009October,the Shenzhen stock exchange was established Chinese gem.The first batch28companies successfully listed Chinese buy CSRC approval,as of201410at the end of the existing397listed companies. The gem mainly support high-tech industries, orientation and different main board.High growth, the uncertainty of intangible assets management,high proportion and small scale features are characteristic has the listing on the GEM companies,so they can not be listed on the main board.But the launch of the gem hand provides financing platform for these enterprises,especially provides a new way of financing for high growth small and mediun enterprises with the prospects of development,to solve the financing problem,but also provides the exit platform for private equity funds and venture captial;on the other hand,the gem will be the social idle the fund collection and use,effective configuration can promote the development of capital markets and resources,to promote social progress and development.But the first batch of GEM Listing Corporation IPO pricing is relatively high price,high P/E ratio problems,which need to identify the new pricing effects of GEM Listing Company factors.This paper uses principal component analysis,the minority factor to replace the variables, reduces the impact of multicollinearity in the selection of indicators,then using stepwise regression method,the use of multiple indicators,then using stepwise regression method,the use of multiple linear regression model to study various factors on IPO pricing.For investors and enterprises,IPO pricing is an important part of the whole process.At present, the gem has become Chinese securities market development the fastest plate, however with "appeared three high"problem, the gem IPO pricing problem has become a serious problem,so this paper mainly studies the impact of GEM companies IPO pricing factors.