IPO抑价因素的实证分析：基于创业板视角

摘要笔者立足于刚启动半年的创业板市场数据，通过回归分析探索影响IPO抑价的主要因素，并与主板市场的结论对比，研究结果表明，创业板市场和主板市场的IPO抑价影响因素基本一致，但创业板市场上的发行价格和市盈率均失去解释能力，且非流通股比例与初始收益率负相关而其系数并不显著。要控制IPO抑价应积极推行市场化改革，提高投资者投资水平。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	蔡昌达
	王艺明

关键词： IPO抑价实证分析创业板

Abstract： Using the data from the newly erected growth enterprises market, the authors investigate the factors that determine the degree of IPO under pricing in this market through econometric method referring to some outstanding current researches. A comparison with motherboard shows that the results in both markets share tremendous similarity except that variable issue price and P/E ratio fail to explain IPO under pricing, and that the rate of non-tradable shares in growth enterprises market displays inverse correlation with the initial return in contrary to that of the motherboard in spite of its weak statistical significance of coefficient. Finally, suggestions are put forward to control the degree of IPO under pricing such as implementing market-oriented reforms and enhancing the investment ability of the investors in the market.

Keywords： IPO under pricing empirical analysis growth enterprises market

收稿日期 2010-08-15; 接受日期 2011-10-30;

作者简介: 蔡昌达(1987-)，男，福建泉州人，厦门大学财政系硕士研究生，主要从事金融实务研究；王艺明(1976-)，男，福建厦门人，金融学博士，厦门大学财政系教授、博士研究生导师，主要从事金融理论与实务研究。

引用本文:

蔡昌达，王艺明.IPO抑价因素的实证分析：基于创业板视角[J]. 经济经纬, 2011,1: 135-140

CAI Chang da, WANG Yi ming.An Empirical Analysis of IPO Under pricing Factors--A Perspective Based on Growth Enterprises Market[J] Economic Survey, 2011,V28(1): 135-140

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2011/V28/I1/135