Abstract The paper theoretically analyzes and empirically tests the relationship between financial constraints of companies before listing on the GEM,IPO purchasing and the rate of over financing. The empirical result indicates that the financing constraints have significant negative influences on the rate of super offering financing,due to the effective pricing mechanism,which restrains the preventive cash holding motivation of enterprisers. Therefore,financing constraints is not the reason of over-fundings. The empirical results shows that the greater the subscription rate deviation of offline and online IPO and the higher effective subscriber number of off-line,the serious IPO super offering.
ZHOU Xiao-Hua,TANG Wen-Xiu. Financial Constraints,IPO Purchasing and Super Offering Financing in the Board of Growth Enterprises Market. Economic Survey, 2013, 1(3): 0156.
2013, Vol. 1 
