Analysis On The Factors Affecting IPO Pricing Of China's GEM

The thesis of new shares is an important link in the public transaction of enterprises,which has been attracting the attention of the academic circles.This thesis selects 498 enterprises listed on China's GEM from 2011 to 2017 as the research object.Factor analysis and regression analysis were used for empirical study.It mainly study that relation between the internal and external factors of the enterprise to the IPO price.Such as the growth ability,profitability,solvency,scale capacity,operational capacity,market investment value,economic environment,issuance scale,underwriter level,and location of the listed company.This thesis first elaborates the research background and significance on IPO pricing of China's GEM.Secondly,it combs the principles,models and influencing factors of IPO pricing by domestic and foreign scholars.Furthermore,the research model of this paper is established.Then the hypothesis is put forward and the key internal factors are extracted by factor analysis.Using the regression analysis to analyze the internal and external factors that influence the IPO pricing of China's GEM.The 475 eligible enterprises are classified as high-tech enterprises and non-high-tech enterprises respectively.The comparison is as follows:In terms of scale capability,the two groups have different conclusions.For the high-tech enterprises,the scale capacity of the proposed listed companies has no significant impact on the IPO pricing.For non-high-tech enterprises,the scale capacity of the proposed listed companies can help to push up IPO pricing.In other internal influencing factors.The growth ability,profitability,solvency,of the proposed listed companies can help to push up IPO pricing.The operational capacity of the proposed listed companies has no significant impact on the IPO pricing.In terms of external factors,market investment value can help to push up IPO pricing.Economic environment,issuance scale,underwriter level,and location of the listed company have no significant impact on the IPO pricing.