Study On The First Day's Premium Of Enterprises Of The NEEQ Market

This paper conducts a systematic study on the premium issue of the first-day market-making of the new three-board market in China.The new three-board market since 2013 expansion,in the last two years has been rapid development.August 2014,the market trading system officially in the new three-board market.Subsequently,as the market trading system to improve market liquidity,to provide fair market quotations on the agreement than the transfer of more advantages,coupled with the introduction of a series of national policy support,more and more companies choose to use market trading.However,there is a higher issue premium problem on the first day of market to do in the NEEQ market.According to the wind database data statistics,China's new three board business market first day average premium rate as high as 66.45%.High premium rate for the new three-board market for the long-term healthy development of the new three-board market,the allocation of resources have a negative impact.In view of the new three-board market,the stock issuance system and operating mechanism and China's main board market is very different,can not be entirely on the motherboard issue of premium research to the new three-board market.Therefore,this paper will make a study of the causes of the premium of the new three-board enterprise,and put forward corresponding suggestions.In this paper,the research on the premium of the new three-tier market is made,and the distribution trend of the premium rate is researched according to the angle of market-trading time and market valuation.The results of descriptive statistics show that the premium rates of different industries are different,such as bio-medical,large data cloud computing and cultural media industry has broad prospects for development,sought after by market investors,the market first day premium rate The overall high,respectively,to 82.45%,76.92%,71.58%,significantly higher than other industries.In contrast,the sunset phase of the industry has a lower market premium.In the enterprise market time for the classification of descriptive statistics found that the new board in the fastest growing,and the bubble in China's stock market in 2015,the market price of the first day of the issuance of enterprises reached a peak premium,the average premium rate of 74%.And into 2016,the Chinese stock market as a whole showed a weak state,the first day of business market premium rate was significantly reduced,reaching only 51.06%.Finally,in order to make our country's new three-board market premium rate more reasonable,according to the development of the NEEQ market,the following recommendations:First,strengthen the regulatory system to promote the healthy development of the market.Second,improve the market maker trading system,cultivate multiple rational investors.