| For a long time, research on the performance of new shares on the first trading day in the secondary market has been a hot topic in the capital market. In the past, the closing price was usually greater than the IPO initial offering price. In recent years, China’s stock market listings break(i.e., the price of IPO on the first trading day below the initial public offering) phenomenon occurs frequently, and the level of break in our country is much more greater than the west capital market.Break of the IPO has become a new normal in China’s capital markets. Through to observation, the Shanghai index has been 3200 o ’clock since in 2010 to the last trading day of 2014,the whole market has been pessimistic and in a bear market phase. So the article choose the IPO shares fell below the offering price on the first trading day during 2010-2014 under the background of the bear market as the research sample, explore the reason, and get the corresponding conclusions and Suggestions according to the results of the empirical.Research idea of this paper is as follows: first, tracing and combing the domestic and foreign research results related to IPO first-day returns; Secondly, combining and absorbing studying results, discussing the affect factor from the company’s own growth, investor behavior, information asymmetry and market heat, carrying on the empirical analysis and inspection; Finally, according to the research results, putting forward the corresponding countermeasures and Suggestions.According to above research ideas, the structure will be roughly divided into five parts: the first part is the study of the introduction, will introduce this topic background, research significance, research methods and research framework, etc., matting for the later research feasibility and importance; The second part is the literature review part, this part is the basis of article writing, will review the IPO underpricing and IPO break studies made by abroad and domestic; The third part will carry on the statistical analysis of the sample on the basis of existing achievements and the induction in the second part, preliminary discussion on the influence factors of IPO break in our country combining with the relevant methods and theories, select the required variables; The fourth part, as the core part of the full text,responsible for empirical analysing of the influence factors including putting forward the article research hypotheses, establishing the research model,and explaining the empirical results of the analysis and test. In the article will select the three years average return on net assets before IPO,the three years average asset-liability ratio before IPO and net assets before IPO as a representative of the measure of firm growth. select turnover rate, success rate and so on as a representative of the measure of investor behavior. select the actual net to raise funds, stock price as a measure of information asymmetry. select market returns on p/e ratio and its debut as a measure of market heat. This indexes will set up multiple regression with the degree of underpricing new shares. The fifth part, will put forward research conclusion and policy recommendations targeted to investors and policy makers and other stakeholders according to the result of empirical analysis, and make the conclusion and prospect to the research of the full text.The main research conclusion of this paper: first, the range of the IPO break point is large in China’s share market, but break degree generally smaller; Second, IPO break phenomenon in China’s share market has certain industry distribution, sample mainly concentrate in the manufacturing, information transmission, software and information technology services,wholesale and retail trade; Third, market popularity and investor performance has a significant effect on IPO underpricing phenomenon.Fourth, investors often pay not enough concern of the company’s growth and ignore the importance of fundamental analysis when making investment decisions. |
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