Directors-Board Heterogeneity On The Influence Of China Gem IPO Discount Under The New Policy

IPO discount is a kind of widespread financial vision in the world financial markets;this kind of phenomenon is especially significant in China.IPO discount phenomenon has caused wide attention of academia;academic database has a lot of papers and books on IPO discount phenomenon.These academic achievements from the various dimensions to discuss the content and the cause of the phenomenon of IPO discount,but there is still not a single theory can explain this phenomenon.Moreover,the policy system and capital environment of each country is different,so also it is unlikely to have a universal theory make unified interpretation of this phenomenon.At the end of 2013,the Shanghai stock exchange issued new rules for the gem-listed companies to limit the declared value on the first day,and then,the new shares have risen highest by 44%on the first day.Under the new rules,the gem market is still having IPO discount,the study of this phenomenon has far-reaching significance.The board of directors is the decision-making body of the company;it has an understanding strategic for the company’s future development direction.Most start-ups that listed on the gem have been in high-growth stage for the development of the company.At this stage,the board of directors plays an irreplaceable role in the decision-making of the Company Development and significant strategy development.Investors in measuring the intrinsic value of a listed company,tend to be more focus on the company’s board of directors,to disclose details of the board member in the company.The heterogeneity of the directors-board to company quality related some signals to investors.Study the influence of the heterogeneity of the directors-board for startups IPO discount level conform to the time background.This article selects the gem market 215 listed companies as the sample data.To study the heterogeneity of the directors-board in China under the new rules on the influence of the gem IPO discount.This article makes four hypothesis for directors-board functions heterogeneity,directors-board education heterogeneity,directors-board age heterogeneity and directors-board term heterogeneity.Using SPSS 19 and statal4 statistical software to analyze the sample data in descriptive statistics analysis,correlation analysis and multiple linear regression analysis.In the end of the experiment,we also do stability analysis.In conclusion,directors-board functions heterogeneity and IPO discount have a negative correlation;there is a positive correlation between directors-board age heterogeneity and IPO discount;there is a positive correlation between directors-board term heterogeneity and IPO discount.The article structure is as follows:The first part put forward the study subject in this paper,and the theoretical and research significance.The second part is about the paper expounds related concepts and the review of the literature of related studies.The third part,based on relevant theoretical knowledge,makes an empirical analysis proposed in this paper,the research hypothesis.The fourth part is about measuring method of the dependent variable,independent variable and control variables.The fifth part is about discussion of the empirical analysis.The sixth part,describe the main contribution and deficiency,and put forward the research direction of the future.