The Study Of GEM IPO Pricing Factors

In 2009, GEM (Growth Enterprise Market) opened new avenues of finance for our smes. Compared to traditional enterprises, the GEM listed companies have high growth, high valuation of the characteristics; but also smaller, more risky, so for the valuation of GEM companies need to be more comprehensive study.With the reference to the past for the relevant research of the stock price, the first semi-annual data growth will take into account of the company's stock price factors. Selected 39 GEM corporations which IPO in the second half of 2010 and announced the semi-annual report,using principal component factor analysis and stepwise regression method, from the stock issue price, listed on the first day closing price, closing price listed on the 20th, etc. Point of view, the data were measured the growth of semi-annual report on its impact on the price, the final conclusion:the growth of data that reflected by the semi-annual report have a greater impact on the first day closing price and the market closing price of 20, the conclusion may explain the business board business under pricing the issue differences.