创业板IPO抑价现象的实证研究-会计学专业论文.docxVIP

ABSTRACT IPO underpricing refers to the first day closing price of the stock market is much higher than the issue price. Both the main market or the newly built GEM market have high rate of IPO underpricing. Generally speaking the phenomenon of IPO underpricing is more severe in China than other developed countries. The high rate of IPO underpricing has many bad effects, such as, reducing the efficiency of stock issuing and the financing during the IPO. Moreover, if the phenomenon last long, it will encourage the market full of speculated emotion. This will hinder the development of our security market. Therefore, the study of IPO underpricing to find the influencing factors and solution of it has its certain theoretical significance and practical significance. Nowadays, Growth Enterprise Market (GEM) in our country is still in its primary state, which indicates defects and loopholes in system, practice rules and supervision. Accordingly, the rate of IPO underpricing in GEM market in China is exceptionally high. At one point there was a 200 percent premium in GEM market that attracted a large number of irrational small investors and the stronger IPO market had hit an unprecedented situation. However, in this situation, the price discovery function of share prices has been reduced and the market regulation has been weaken. Therefore the IPO underpricing research is of paramount significance. This paper starts with the research and analysis of IPO underpricing by integrating theory with practice and inquires about the influencing factors of this phenomenon. Through quantitative and qualitative research, these relevant factors are translated into variables in the research. An empirical study on this issue has been conducted because of statistical method and finally empirical analysis leads to a reasonable conclusion and effective proposals for policy. To begin with, this thesis scrutinizes domestic and overseas literature in the field of IPO underpricing. Based on the