Study On Initial Public Offering Supper-offering Phenomenon Of GEM

After decades of reform, development and improvement,China’s capital market plays an increasingly important role in the allocation of resources, financial intermediation and macroeconomic control. To better solve the problem of financing of high-tech enterprises, After nearly a decade of preparations, Shenzhen Stock Exchange GEM was launched in2009, And there are36companies successfully listed in2009. In2009-2012, the GEM has successfully listed355companies and effectively solve the financing problems of the high-tech enterprises. However, the company IPO "three high" phenomenon, also aroused extensive attention of scholars, social and regulatory authorities. GEM listed companies with a single principal operations and high market risk. A large number of super-offering brought a lot of challenges to the business and funds management. Listed company does not regulate use the super-offfering funds which hurts the interests of investors. How to prevent the phenomenon of corporate super-offering and how to regulate the use of super-offering funds, became the focus of the community.Based on this background,the paper systematically study the phenomenon of the super-offering.This paper selects the2009-2010GEM listed153companies as the data sample. This paper studied the influencing factors of the super-offering, and then use the DEA model to analyze the efficiency of the IPO financing, as well as super-offering rate impact on the efficiency of the IPO financing.The data collection of this paper.The collection of this data comes mainly from the WIND database, CSMAR database, and the Shenzhen Stock Exchange and use EXCEL2007and EVIEWS6.0on data processing. We collect the data of255listed companies, a qualitative description of the four listed companies IPO data, quantitative analysis of the2009-2010two-year data. This article can be make a more comprehensive analysis of the GEM supper-offering phenomenon. The perspective of the thesis. In this paper, the study of the supper-offering phenomenon of the GEM, mainly through four years’255listed corporate data and the descriptive statistics of the single-year data to analyze the GEM’S supper-offering phenomenon.The research methods and ideas of this article. This paper adopt qualitative and quantitative research methods for the GEM supper-offering problems for research. The article begins with an overall description of four listed companies of the GEM,and then overall GEM’s history and the supper-offering phenomenon. This article also conduct a detailed analysis for the supper-offering phenomenon. Empirical Analysis of GEM’S supper-offering influencing factors and the efficiency the IPO financing, and then make a systematic analysis for the results.The main point of this article, through the qualitative and quantitative analysis, we have come to the GEM’S supper-offering reasons, these reasons include the company’s own reason and corporate external causes. The study indicates that at the same time the underwriter reputation mechanisms play a role in our country is difficult, underwriter reputation can’t effectively reduce the super-offering, this phenomenon also requires sustained attention. DEA model and linear regression study found the supper-offering reduce the efficiency of the IPO financing. We must take effective measures to reduce corporate supper-offering, in order to reduce the unreasonable allocation of resources phenomenon, as well as to strengthen securities market, improve the stock market’s price discovery role and the optimal allocation of resources.