我国创业板市场IPO抑价探究.pdf

价率情况会对一级市场的需求产生一定的影响，且这一影响具有滞后性。通过构 外部因素对创业板上市公司IPO抑价水平的影响不仅局限与当期，会持续到后 几期。 关键词：创业板市场；lP0抑价；影响因素；联立方程；GARCH模型 II TheResearchonI POUnderi ci i n Ohi rla’s r—p ng Growth i seMarket Enterpr ABSTRACT After10 GEMhas 012 finally yearspreparation，thehigh—profile opened an of multi—levelmarket Oetober23，2009．As capital importantpart establishing inChina，GEMan toSMEsanda system providesimportantfinancingplatform exit forventure inChina．However，Thefirst convenientroute capital day rateofthefirst28 isas as106．23％on under-pricing enterpriseshigh average，the ofGEMcauseintensedebateaboutIPO whenit crazyperformances under-pricing IPO markets opened．Higherunder·pricingbringsstrong peculationatmosphere，and hindersthe and ofthe healthy greatly orderlydevelopment combmestheoreticaland researchtomakea thesis analysisempirical comprehensive ofIPO on hassometheoreticaland GEM，which study under—pricingphenomenon for the of and significancepromotingefficiencySMEs’financingmodifying practical the environmentofChina’S market． operating capital Th