创业板IPO首日破发成因的实证研究.pdfVIP

中国科技论文在线 创业板IPO 首日破发成因的实证研究# 郁晨，徐强** （南京航空航天大学经济与管理学院,江苏 南京 211100 ） 5 摘要：以创业板开板以来的52 只首日破发新股为研究样本，运用因子分析和逐步回归法对 创业板IPO 首日破发成因进行实证研究。研究发现，公司的盈利-偿债因子、发行价格、首 日换手率对新股破发有显著影响，而其他因素的影响均不显著。造成新股首日破发的主要 成因在于一级市场发行价过高，二级市场低换手率以及上市公司可能存在业绩隐患，并分 10 别从新股定价、信息披露和投资者角度提出相应的政策建议。 关键词：创业板；新股发行；首日破发；因子分析；逐步回归法 中图分类号：F830.91 An Empirical Study of the Factors Affecting IPO Falling on 15 Growth Enterprises Market YU Chen, XU Qiang (School Of Economics And Management, Nanjing University Of Aeronautics And Astronautics, Jiangsu Nanjing 211100, China) Abstract : This paper select 52 new shares falling on its first day of trading since the gem was 20 launched as the research samples, makes an empirical research on the influencing factors of the GEM IPO falling on its first day by using factor analysis and stepwise regression method. The study found that the companys profit - solvency factor, the issue price, exchange rate has a significant effect on the falling on its first day of trading of new shares, while the other factors were not significant. the main reason we think why the IPO falls on its first day of treading is that 25 the higher issuing price in the primary market, lower exchange rate in the secondary market and probably existing performance problems of a listing company, and then we puts forward the corresponding policy recommendations from the IPO pricing, information disclosure and investor. Key words: growth enterprises market ; new issuing; falls on its first day of trading; factor analysis; stepwise regression 30 0 引言 自2009年6月推行新股发行市场化改革