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.
CA Chang-Da,WANG Yi-Meng. An Empirical Analysis of IPO Under pricing Factors--A Perspective Based on Growth Enterprises Market. Economic Survey, 2011, 28(1): 0135.
2011, Vol. 28 
