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2009年创业板的成功推出,在创业板上市的公司越来越多,极大调动了我国证券市场的活跃度。但是,IPO“三高”现象以及高抑价问题严重,尤其高抑价使得许多投资者追捧新股,导致一级市场资金囤积不利于资源配置。另外,2014年实施的首日44%的涨幅限制也对IPO折价的研究造成了一定影响。因此,本文将2010年1月—2015年5月底在我国创业板上市的424家公司作为研究对象,2014年至2015年的首日涨跌幅基于各股的破板价计算,通过建立多元回归模型以及相关性检验、怀特检验、方差膨胀因子检验等,对我国创业板IPO折价现象进行实证研究,从而得相关结论。
The successful launch of the GEM in 2009, more and more companies listed on the GEM, greatly mobilized the activity of China’s securities market. However, the IPO “three highs” phenomenon and the problem of high underpricing are serious. In particular, the high underpricing has led many investors to pursue new shares, resulting in a hoarding of funds in the primary market that is detrimental to resource allocation. In addition, the 44% increase limit on the first day of implementation in 2014 also had some impact on the study of the IPO discount. Therefore, this article will be from January 2010 - the end of May 2015 424 companies listed on the GEM in China as a research object, 2014-2015 the first day of the rise and fall based on the unit price of the break-board calculation, through the establishment of multiple regression Model and correlation test, White test, test of variance expansion factor, etc., to carry out an empirical study on the GEM IPO discount phenomenon in China, which leads to relevant conclusions.