Empirical Research of Influence Factors about IPO Underpricing in China’s Growth Enterprise Board

摘要：

Initial public offering underpricing phenomenon exists across the world. We use the stock shares publicly offered and listed from China’s GEM opening to July 8, 2010 as the sample. Firstly, We use t-test to compare the level of Main Board stocks and find out that there is no significant difference between the two boards. On this basis, we select 35 variables in this research. Through correlation test and multiple linear stepwise regression method, we find out that the first day of new shares rose and the first day turnover rate have significant impact on the rate of IPO underpricing. The empirical analysis indicates that speculative bubble is the main reason for the high degree of IPO underpricing in China’s GEM.

关键词： China’s GEM IPO Underpricing multiple linear regression mode

作者: KANG Yuhong SHI Jiaping

作者单位: School of Management, Harbin Institute of Technology, Harbin, China, 150001

会议类型: 国际会议

会议名称: The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

会议地点: 大连

会议语种:英文

页码: 188-193

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）