This essay takes 199 listed companies between October 23, 2009 and December 31, 2011 as samples to study the relationship among intrinsic value of the company, investor sentiment and the IPO under-pricing in the growth enterprise market. Results show that the intrinsic value of the company, investor sentiment and corporate governance is the main factor to affect GEM IPO under-pricing, while industry has no effect on IPO under-pricing.
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