我国创业板 IPO 抑价影响因素实证研究

摘要

China’s Growth Enterprise Market was launched on October 23,2009.Given the prevalence of IPO underpricing phenome-non,from the perspective of traditional theory and behavioral finance theory,this paper selected 355 companies listed on GEMfrom 2009 to 2013 as a research object to analyze the influencing factors of China GEMIPO underpricing.Study found that investor's sentiment and information asymmetry are the main influencing factors of China's GEM IPO underpricing.However,different from traditional research results,we found that intermediaries’reputation mechanism is difficult to play a role in China’s GEM.By systematically investigating the influencing factors of China's GEM IPO underpricing we analyze the real reasons of IPO underpricing,and then put forward some policy recommendations.Along with the New Deal of IPO registered system,we also proposed prospects of subsequent research.%2009年10月23日我国创业板正式开板，鉴于各国普遍存在 IPO 抑价现象，从传统理论和行为金融角度出发，选取了从2009年至2013年355家在创业板上市的公司，对我国创业板市场 IPO 抑价现象的影响因素进行实证分析，发现投资者情绪和信息不对称是我国创业板市场 IPO 抑价的主要影响因素。但与传统研究不同，得出中介机构的声誉机制难以在我国创业板市场发挥作用的结论。通过系统考察我国创业板新股发行抑价的影响因素，研究 IPO 抑价的真正原因，并在此基础上提出相应的政策建议。随着 IPO 注册制的新政出台，也提出了后续的研究展望。