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随着我国创业板市场的开通,至今已经有560多家上市公司。这些具备高成长性特点且多数属于新兴产业的公司其抑价也有别于其他市场。本文结合我国创业板的实际情况,在研究创业板上市股票IPO抑价时选择了上市首日换手率、每股净资产、中签率等变量作为衡量指标。本文以自2015年1月1日至2016年12月31日共164家新上市的股票作为样本数据,建立线性回归模型,运用EVIEWS进行实证分析,从而验证当前新股发行抑价理论对我国创业板的适用性。
With the opening of China’s GEM market, there are already more than 560 listed companies. The companies with high growth characteristics and most of them belong to emerging industries, their underpricing is also different from other markets. In this paper, the actual situation of China’s GEM, the GEM IPO IPO underpricing listed on the first day of the selection of the swap rate, net assets per share, success rate and other variables as a measure. In this paper, a total of 164 newly listed stocks from January 1, 2015 to December 31, 2016 as sample data to establish a linear regression model, the use of EVIEWS empirical analysis to verify the current IPO underpricing theory of China’s GEM Applicability.