Research On IPO Underpricing Of China's Growth Enterprise Market Under Reputation Mechanism

IPO underpricing (IPO underpricing) phenomenon refers to the IPO price of new shares issued price is much lower than the closing price of the first day of its listing, the issuance of market and trading market between the huge trading spread, making the new shares in the first day of listing To get a higher excess of the financial phenomenon. "IPO mystery mystery" is an anomaly that has existed in the capital market for many years.Experts and scholars at home and abroad have analyzed the phenomenon of IPO underpricing from many different angles, and got many different conclusions.October 30, 2009, China's GEM market was formally established. After seven years of development, the IPO market IPO price is still relatively high, which is not conducive to China's long-term development of financial markets. At the same time,companies decided to IPO, there will usually be a lot of underwriting agency competition IPO underwriter status, companies tend to be based on their own strength, size and other factors to choose the strength of strong, reputable underwriting agency as their IPO Underwriter. Some companies to reduce the information asymmetry, reduce the risk of issuance and other factors,may be underwriting syndicate. In the IPO process,by a single lead underwriter underwriting, and then transformed into lead by the lead underwriter to organize underwriting team underwriting the trend was significantly enhanced, whether the underwriting syndicate in the IPO process than the single underwriter to play more important Role, whether to reduce the information asymmetry, reduce the risk of issuance and have a more reasonable IPO underpricing rate, the current domestic research in this area is still very small.Based on the analysis of Chinese and foreign literature and various theoretical analyzes,this paper analyzes the impact of underwriter reputation and underwriting syndicate on the IPO underpricing rate of the GEM market from the perspective of underwriter reputation and underwriter. On the basis of the conclusion and conclusion, this paper puts forward some suggestions and suggestions for the IPO underpricing of the IPO market. This can enrich the research theory of IPO underpricing in China's market, but also can analyze the phenomenon of IPO underpricing from a new perspective,that is, the underwriting syndicate, and has certain theoretical and practical significance. This paper uses the 318 enterprise data listed on the GEM from the end of 2010 to the end of 2012 as the sample,through the empirical analysis of the reputation mechanism under the China GEM market underwriting syndicate and the relationship between IPO underpricing. The results show that the underwriting syndicate is one of the reasons that affect IPO underpricing, and under the condition of higher reputation, the IPO underpricing rate is lower, but the underwriting system can reduce the IPO The effect of underpricing is not obvious.