| GEM has been established for more than five years. 400 companies have been listed since the first batch of 28 companies successfully listed in October 2009, raising a total funds of about 250 billion Yuan. GEM is an important part of the multi-level capital market. for SME financing channels and emerging industries. IPO involves the interests of many stakeholders, and affects the efficiency to allocation of capital resources directly. Therefore, the impact factors of the GEM IPO price have important practical significance.This paper summarizes the current research on IPO, making a comparative analysis and classification statistics from the GEM IPO market characteristics, the main issue features and the characteristics the issue price; then proposed factors which may affect IPO price and the degree of under pricing,exploring its action mechanism; conduct an empirical test on this basis: eliminate multicollinearity between financial indicators by factor analysis and stepwise multivariate linear regression model was established by the IPO price and IPO under pricing influencing factors; Finally, make relevant suggestions on the basis of the status quo and empirical findings.This paper mainly concludes that: 1) financial indicators, apart from the solvency of the company, have a significant impact on the IPO price of GEM companies, the impact on IPO under pricing is not significant. 2) IPO policy distributes to IPO price and the IPO under pricing significantly. 3) lot winning rate affects IPO price and the IPO under pricing negatively. the number of IPO issue is negatively related to IPO price. 4) IPO price of Manufacturing Company is relatively lower than other industries, wholesale and retail trade companies under pricing rate is relatively higher than other industries. 5) market boom positively relate to the IPO price and negatively relate to the degree of IPO under pricing. 6)On the first day of issuing, the higher the turnover, IPO under pricing is deeper. |
PDF Full Text Request