| After the development for about 20 years, the stock market of China has had a certain scale so far as it goes. The quantity of listed companies is increasing rapidly. Especially since the year of 2009, more and more companies listed on GEM after growth enterprise board opened in China. As a result, it is a very effective subject that carrying out empirical research on growth enterprise board of China. IPO underpricing refers to the phenomenon that the close price is higher than issue price in the first trading day of a stock or a share after initial public offering. For the time being, IPO underpricing phenomenon is a much-talked-about topic as well as a puzzle for both theory and practice. Why the underpricing exists when the company processing IPO? There are many researches overseas on this question, also many different assumptions are supposed. Some scholars hold that the true value of company stock is unknown before issued and listed on the market. The information asymmetry is existed between issuing companies and investors. The investors may pay for some potential investment risk. So they demand certain compensate for risk taking when invested. The underpricing phenomenon thus occurs. Considering from the perspective of underwriters, other scholars hold that the underpricing is a good chance for underwriters establishing reputation by attracting investors. More benefits that underwriter given to investors, much more possibility that they get the confidence and support of investors when other stocks will issue in future. Conversely, they will pay for certain issuing risk if overvalued. Not completely selling of stock will cause failure of issue and will influence their performance and reputation. In view of this, underwriters do not will to rate the issue price too high. Although there are many assumptions about IPO underpricing, and some of which gained certain empirical support, nobody can offer convincing theories to explain all relevant phenomenon about IPO underpricing phenomenon. So, IPO underpricing phenomenon is still a puzzle in economic research so far.In practice, the amplitude of IPO underpricing will be distinct because of the different market environment in different countries. And the IPO underpricing problem is particularly special. The point is the underpricing level is outclassing from markets of other countries. But the GEM is still a new topic for Chinese market and that will be bound to lead investment tide. In the past few years, there are many researches and concerns on senior management teams of mature companies. But few people carry out the research on the heterogeneity problem of TMT in commitment of companies. The venture capital investment has become the important node in reformed social structure in our country when GEM was just started recently. The IPO underpricing problem of company is always been a hot research spot in academia. But there are fewer researches on IPO underpricing of companies listed on GEM in our country. Due to that, it is significant to take research on relation between heterogeneity of senior management teams and of listed companies in GEM and their IPO underpricing. Mainly combining the domestic and foreign latest research on heterogeneity of senior management teams and IPO underpricing problems, this article undertake in-depth study on the relation between heterogeneity of senior management teams and of listed companies in GEM and their IPO underpricing in our country.Basis on Signaling Theory, Information Asymmetry Theory and Adverse Selection Model, this article does the empirical research on heterogeneity of senior management teams and of listed companies in GEM and their IPO underpricing. It attempt to find whether the heterogeneity of senior management teams of GEM listed companies influence their IPO underpricing and what kind of the influence it is.The article is mainly divided into the following six chapters. The main substance of each chapter is as below:The first chapter is introduction, which mainly introduces the research background, problem proposing, research methods, and research contents, basic framework and expected innovation of the thesis.The second chapter is review of the documents. It presents several basic theories that influence IPO underpricing; expound the heterogeneity of senior management teams and review related domestic and foreign research documents from theoretical and empirical view. The third chapter is research frame and theoretical assumption. This section sets the research situation. Then through commendation of past research documents, it proposes a empirical model that heterogeneity of senior management teams influence IPO underpricing by combining with reality of our country, as well as the assumption based on theory foundation and existing documents.The fourth chapter is research approaches and design. It descants the definition of variable, choice of samples and establishment of model.The fifth chapter, which includes four contents of data statistic description, data analysis and assumption inspection, empirical result explanation and research conclusion, is empirical approaches, research results and discussion.The sixth chapter is conclusion. It sums up the research conclusion and innovation of this article and advances relevant consideration and suggestion on recruiting senior management teams for companies processing IPO on GEM. Meanwhile, it also points out research limitations of this thesis and further studying direction in future.According to the analysis on regression result of model, it is found that the functional background heterogeneity of senior management teams in GEM listed companies listed of our country has positive influence on its IPO underpricing. It illustrates that the investors is willing to judge its value by regarding functional background heterogeneity of senior management teams as the signal of company quality. And there is no significant impact be found on IPO underpricing by other three assumptions of this article:educational background heterogeneity of senior management teams, age heterogeneity and term heterogeneity. The probable reason is that investors do not believe that these three variables can reflect the company quality. In additional, the age heterogeneity has impacts of two aspects which can cancel each other. Respectively, they are positive impact that strengthens the decision-making ability of team and negative impacts of social identity.Besides, it is also can be found that the companies listed in GEM in 2009 underpriced much more than the companies listed in GEM in 2010. That maybe because of the influence that macro-economic factor gave to whole stock market. It is possible that investors lose their passion on GEM market and become more intellectual. |
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