| IPO,initial public offering,means that companies raise the development funds from the investors through the stock exchange.IPO has many benefits for enterprises;including improving corporate capital structure,risk diversification and increasing liquidity of equity;in addition,an enterprise to raise funds through the IPO,which means a better profit and greater prospect for development to a certain extent.It helps enterprises to open awareness and improve their service quality and reputation.Finally,it is also one of the measures to improve the internal corporate governance of the listed companies.The IPO premium,which refers to the excess returns caused by the irrational pricing of the stock IPO,is still a common problem in the global capital market.In the western mature capital market,scholars focus more on the IPO underpricing in the primary market.However,the time of development in China's stock market is short and its development speed is fast,which is different from the mature capital market.IPO premium will reduce the efficiency of market allocation of funds,disrupt the normal development of financial market and increase potential risks for emerging stock market.On the basis of institutional theory,by combing the course of the development of the stock market,the IPO distribution system and the change of the trading system in China,based on the actual conditions of our country and the development of the capital market,it is believed that the IPO premium distribution system should be gradually changed to the registration system,and the methods to solve the IPO premium can not only be rising and falling restrictions on the first day of the market.we should focus on guiding the rational atmosphere of the market.In the empirical aspect,this paper takes the A shares of IPO in Shanghai and Shenzhen stock market as samples from 2011 to 2017 and uses multiple linear regression to regress the IPO premium.These factors are studied such as rising and falling limit on the first day of IPO,the influence of the market returns on the first day of the market,the industry P / E ratio,the ratio of the price,the size of the capital stock,the earnings per share,the ratio of the exchange rate,the proportion of the online circulation and the reputation of the underwriters on the IPO premium.The influence factors of the first day premium of IPO are as follows:(1)the rise and fall limit of the first day of the new stock market has a positive effect on the IPO premium;(2)the higher the market return of the first day of the market,the higher the IPO premium;(3)the higher the industry price earnings ratio,the higher the IPO premium;the higher the signing rate,the lower the IPO premium.(5)the smaller the capital stock,the higher the IPO premium;(6)the smaller the earnings per share before the issue,the higher the IPO premium;(7)the lower the turnover rate,the higher the IPO premium.In addition,for the regression results of different markets based on samples,there are more significant factors in the gem and the main board market,while the IPO premium on the SME board is more affected by the size of equity and the earnings per share before the issuance of the board.For all market sectors,the signing rate and turnover rate are important factors affecting the IPO premium,which indicates that the overall market atmosphere and investor sentiment have a direct impact on the IPO premium.However,the two factors of the main board market are significantly more significant than others.Therefore,in order to solve the problem of IPO premium,it is not advisable to reduce the volatility of stock market with the rising and falling limit of new shares on the first day of new shares.It is fundamentally to guide the establishment of a rational market atmosphere to provide more quality investment for investors.The development of China's stock market depends on the basic national conditions,and is still in the stage of continuous improvement in the distribution system and trading system.But the short history of development and rapid development can not be ignored.Therefore,there is still a long way to go in the aspects of standardizing the market and preventing the risk.On the other hand,because of the global economic situation is still not optimistic,Chinese financial market quality investment products are not enough,while IPOs fill the gaps causing a high degree of IPO premium results in a certain extent.To solve this problem fundamentally,we ought to begin to guide for outstanding enterprises direct financing from the stock market.We can't let it become a speculative market,so as to promote the long-term healthy development of the market. |
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