创业企业IPO折价的影响因素——基于行为金融理论的分析  

The Factors Affecting Entrepreneurial Firms' Underpricing of Initial Public Offering:Analysis of the Behavioral Finance Theory

作　　者：徐志坚[1] 汪丽[1] 

机构地区：[1]南京大学商学院

出　　处：《南京社会科学》2012年第11期36-41,共6页Nanjing Journal of Social Sciences

基　　金：国家自然科学基金项目"决策者行为视角的企业风险承担影响机理研究"(70902006);江苏高校哲学社会科学研究重点项目"江苏创业企业IPO后生存与发展的研究"(2010ZDIXM016)的部分成果

摘　　要：企业首次公开募股(IPO)的折价问题一直是学术界研究的热点问题,然而目前针对我国创业板上市企业IPO折价的研究还较少。自从我国创业板于2009年10月建立后,创业企业的IPO存在显著的折价现象。本文基于行为金融理论的反应过度、反应不足和自我归因假说,尝试发现影响IPO折价的一些因素。通过对153家在创业板上市企业的分析,实证检验了首日换手率、申购中签率、市场热度、上市前收益率与IPO折价之间的相关关系,最后,大部分研究假设得到验证。The underpricing of listed company in initial public offering（IPO） has been the hot issue of academic research,but there is little research for IPO underpricing in Chinese Growth Enterprise Market（GEM） now.Since the Chinese GEM was established in October 2009,there was a significant underpricing phenomenon.Based on behavioral finance theory of overreaction,inadequate response and self-attribution hypothesis,we try to find some of the factors affecting the IPO underpricing.After the analysis of 153 listed companies on Chinese GEM,we do an empirical testing for the correlation between IPO underpricing and the turnover of the first day,success rate of purchase,the market heat,pre-IPO gains,and finally,most of the research hypotheses were verified.

关 键 词：创业企业 IPO 折价 行为金融 

分 类 号：F270[经济管理—企业管理]