基于主成分分析的IPO发行成本影响因素研究  

An Empirical Study on Factors of IPO Distribution Costs based on Principal Component Analysis

作　　者：谢赤[1] 龙瑞[1] 欧辉生[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《财经理论与实践》2010年第3期42-47,共6页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金重点资助项目(07AJL005);全国高校青年教师奖励基金资助项目(教人司2002[123]);教育部博士点专项科研基金资助项目(20070532091);教育部人文社会科学规划项目(10JA790015)

摘　　要：在对IPO发行成本及其构成进行界定的基础上,对IPO发行成本影响因素展开分析,并采用主成分分析方法从原始变量中提取5个主成分因子,实证检验各主成分因子对中国证券市场IPO直接发行成本、间接发行成本和发行总成本的影响。研究结果表明,IPO发行成本受到规模、上市前股权结构和企业财务风险的影响;发行定价机制的变动显著影响直接发行成本,与间接发行成本和总成本的关系则不明显。Under the definition of IPO distribution costs and its constituents,this paper analyzes the determinants of IPO distribution costs,and introduces principal component analysis to extract five principal components from original determinants.Using these principal components,this paper empirically examines their influences on Chinese IPO direct,indirect and the total costs of distribution.The results demonstrate that IPO distribution costs is affected by scale effect,pre-IPO ownership structure and corporate financial risks;in addition,changes in pricing mechanism have a significant effect on direct costs,while there is no obvious relationship between indirect costs and total costs.

关 键 词：IPO 发行成本 主成分分析 

分 类 号：F830.91[经济管理—金融学]