| High IPO under-pricing is common in the capital markets of all countries,it is an universal problem in the world.According to the theory of efficient market hypothesis,if a market is efficient the phenomenon should not occur.So we call the difficult problem"mystery of IPO".In May 2004,the SME board in Shenzhen Stock Exchange was born,it plays an important role in consummating and maturing our capital market.It also provides a convenient financing channels for small and medium enterprises which are difficult to meet the Main board listing conditions.As of the end of 2015,a total of 776 companies listed on our SME board,the total issued capital was 485.394 billion shares,the total current issue was 350.065 billion shares,the total market value of SME board was 10.395047 trillion yuan and the circulated stock value was 6.973704 trillion yuan.Owing to the development time of our SME board is short and the system is not perfect,there are a lot of problems exposed in the operation,one of the most prominent is the IPO under-pricing.IPO under-pricing phenomenon refers to the initial public offering price significantly lower than the initial listing price.When the issue price of new shares is below to the intrinsic value,existing shareholders may suffer a loss,and new shareholders can obtain a high rate of return.From October 1,2009 to July 31,2015,the number of SME board listed companies is 470,and the average under-pricing rate is 38.37%.It is clear that such a high under-pricing rate is not conducive to the stable development of the capital market.The main purpose of this study is to find the factors which influence SME board IPO under-pricing.This article is based on the results obtained from the systematic research of domestic and foreign experts,we also select the latest data about our SME board to analysis this situation.All of the data in this article are from the East Fortune Choice Database,containing SME board 470 stocks information,covering the period from October 1,2009 to July 31,2015.In this paper,we use the method of statistical analysis to analyze the extent of SME board IPO under-pricing.The data of Main board and GEM board was also used as a comparative analysis.We find that on the first day of IPO,SME board,Main board and GEM board enterprises have a certain degree of under-pricing.In addition,we analysis this problem in four aspects:the overall IPO under-pricing,varying degrees of IPO under-pricing,industry IPO under-pricing and annual IPO under-pricing.To explore the influence factors of this phenomenon more clearly,the paper will share three boards together with comparative analysis,and propose the research hypothesis by the results.The article using multiple linear regression model to empirical the study.We select eight explanatory variables to research the influence factors of IPO under-pricing,which mainly includes investors' behavior,asymmetric information,market boom and company growth.Firstly,we use SPSS software to test all relevant variables and found there are multicollinearity between certain variables.In order to solve this trouble,we choose stepwise regression for multiple linear regression.Then we do heteroscedasticity test to ensure the model more accurately.The empirical analysis conclusion:listed on the first day of the turnover rate,listed on the first day of the market rate of return,issue price and total underwriting fees have a significant impact to SME board IPO under-pricing.Otherwise,online issue of the success rate,the time between the issuance of the listing,issue size and the issue price earnings ratio have no obvious influence.Finally,we summarize the conclusions of the study,compare the results to the previous academic point of the Main board,and explain the meaning of all conclusions simply form the aspects of policies. |
PDF Full Text Request