| Today,we stay in an era which filled with high-speed development of science and technology and information explosion.Scientific and technological innovation changes people's way of life and production.Since the "12th Five-Year Plan",China has gradually attached to the ability of scientific and technological innovation in the direction of rapid progress.The establishment of the GEM which supports small and medium-sized enterprises is one of the important measures made by Chinese government.These enterprises generally set up late and the scales of operation are relatively small,but full of potential for development,vitality and bold innovative thinking.These enterprises are the backbone of China's future innovative power.In general,the formation of the GEM based on a country's motherboard market which has been more mature or has a certain scale,the main role of GEM is to support the development of small and medium-sized enterprises which are temporarily unable to meet the conditions listed in the motherboard market.So before the establishment of the GEM,"financing difficulties and financing expensive" problems were very prominent.After eight years of development,the GEM not only form an effective supplement on the motherboard market,but also play an important role in China's multi-level capital market.With the "three high" problem(high issue price,highoverpayment,high price-earnings ratio)lead to the excess earnings,that is,IPO underpricing in China's stock market is getting more and more serious,especially in the GEM market,IPO underpricing usually refers to the phenomenon that the closing price is higher than the issue price on the first day of IPO.From the investors' point of view,the IPO underpricing brings them excess income,like "the issuer take the money on the table and allow investors to take them away".The phenomenon was discovered by Reilly and Hatfield in 1963,which is a widespread phenomenon in the capital markets in many countries.Although scholars tried to explain the reasons through various theoretical hypothesis,but there is still no consensus in academia,and one of the most great-influenced theory is the information asymmetry.Now many studies are mainly to explain how information asymmetry affects the extent of IPO underpricing,but there are little researches on the asymmetric source of this information.And the enterprise innovation capability is one of the sources of information asymmetry.This paper studies the high IPO underpricing in GEM market,and takes 651 enterprises listed on the GEM from October 30 th,2009 to June 29 th,2017.Then eliminates the missing data,and finally gets 627 effective observation objects.Using R&D investment density,R&D personnel input,the number of patents and other variables to describe the enterprise innovation capability comprehensively.Through the establishment of multiple linear regression model,using Eviews,SPSS,Excel and other tools for regression analysis,and finally draws the following conclusions: 1.Enterprise innovation cability is one of the main factors causing the IPO underpricing in GEM.Moreover,the densities of R&D investment in lags 1,2 and 3 have a significant positive correlation with the IPO underpricing,which shows that the investment in research and development is indeed lagging;2.The results show that asymmetric information and investor sentiment(irrational behavior)are the main sources of high IPO underpricing in GEM.The issuance size is significantly and negatively correlated with IPO underpricing.The over-subscription,turnover ratio and market rate of return were significantly and positively correlated with IPO underpricing;3.The author redefines the "IPO underpricing rate" under the limitationof the first day's rising and falling quotes by referring to the heterogeneous expectations theory and scholars' research results.Use the closing price(the day that the turnover ratio first enlarge.)and issue price to calculate a new IPO underpricing rate.The results show that the measure to limit the rise and fall of ipo listed on the first day which significantly increased the IPO underpricing rate,but encouraged the market speculation atmosphere.On the basis of the research conclusions,this paper puts forward six policy suggestions:(1)to improve the quality of disclosure of R&D information and to strengthen the supervision of R&D information disclosure and improve the information transparency;(2)to emphasis on the rational investment education of individual investors;(3)to play the role of supervision and certification of venture capital institutions effectively;(4)to speed up the IPO rhythm,and increase the size of the issue appropriately;(5)to improve the exit mechanism.The innovation of this paper is as follows:(1)Using the Factor Analysis to synthesize all the factors that affect the enterprise innovation capability,which synthesize most of the information of the original variables.Compared with a single index,the comprehensive index can better describe the enterprise innovation capability,and tracking and observation will be more convenient;(2)Since the resumption of IPO in 2014,the stock exchanges in both cities have promulgated the regulation on the price limit for IPO,which has challenged the original IPO underpricing formula.By referring to relevant theories and some scholars' research results,the author constructs the formula of "IPO underpricing" which is applicable to the situation that IPO initial price is limited by the rise and fall in our country,which puts forward a new idea for the related research of IPO underpricing in the future;(3)The sample interval of this article is from September 2009 to the end of June 2017,more than double the sample size of the previous scholars,so the conclusions will be more robust,time-sensitive and persuasive.The shortcomings of this paper are as follows:(1)Since the GEM's opening time is later than the main board and the small board,the data span of this article is only 8years,which is still relatively shorter than the main board and the small board.It mayaffect the accuracy of research results to a certain extent;(2)When describing the enterprise innovation capability,based on the data availability of listed companies,some datas are difficult to obtain or the listed companies do not disclose,so may cause the described enterprise innovation capability not comprehensive enough.To sum up,this paper is based on the domestic and foreign research theories and hypothesis,combined with the characteristics of China's enterprises in GEM.The author researches the relationship between enterprise innovation capability and IPO underpricing,so the study has a certain theoretical and practical significance.Although there are some innovations in this paper,but there are still some shortcomings,hoping to be improved in the follow-up study. |
PDF Full Text Request