我国创业板IPO抑价现象的实证研究  

Empirical Study on the IPO Underpricing of the China's Growth Enterprise Market

作　　者：姜翔程[1] 肖放[1] 周迅[1] JIANG Xiangcheng;XIAO Fang;ZHOU Xun(School of Business,Hohai University,Nanjing 210000,China)

机构地区：[1]河海大学商学院,南京210000

出　　处：《重庆理工大学学报（自然科学）》2018年第9期201-208,共8页Journal of Chongqing University of Technology：Natural Science

基　　金：教育部社会科学规划基金资助项目(10YJA790080)

摘　　要：从创业板发行市场中的发行价、股票内在价值以及上市后的价格这三者之间的关系出发,对创业板IPO的估值模型和高抑价现象进行系统研究。综合运用股票内在价值计算模型、随机边界前沿边界模型和回归模型来检验我国创业板市场上市公司发行定价的合理性。在此基础上,探索影响我国创业板市场IPO抑价的相关因素,建立多元回归模型对影响IPO抑价率的原因进行实证分析,找出我国创业板IPO高抑价的原因。High underpricing Chinese market caused many scholars concerned. Three important variables actually exist in the market of the GEM,namely,the issue price and the intrinsic value of the stock price in the secondary market. This paper starts from the relationship between the three variables. Taking systematic study to explore the reasons for China＇s GEM high underpricing,this paper integral uses the intrinsic value of the stock model,stochastic frontier model and boundary regression models to empirical test of GEM listed companies to issue the reasonableness of pricing; On this basis,it explores the related factors that affect China＇s GEM IPO underpricing,the establishment multiple regression models affect IPO underpricing reason empirical analysis to identify the causes of high GEM IPO underpricing.

关 键 词：创业板 IPO估值模型 发行抑价 

分 类 号：O21[理学—概率论与数理统计]