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选取2009年9月至2012年10月在创业板市场发行并上市的355只股票为研究样本,利用逐步回归方法找出影响IPO发行价格的12个主要因素。再以这12个主要因素作为聚类指标,应用聚类分析和判别分析方法对信息技术行业IPO定价进行实证研究。研究发现,我国创业板信息技术行业IPO定价普遍高于或低于股票的内在价值,被低估的IPO占多数。文章进一步分析了定价不合理的原因,并对该行业投资提出了相关建议。
Select 355 stocks issued and listed on the GEM from September 2009 to October 2012 as the research sample and use the stepwise regression method to find the 12 main factors affecting the IPO price. Taking these 12 main factors as the clustering index, we use the methods of cluster analysis and discriminant analysis to make an empirical research on the IPO pricing of information technology industry. The study finds that the IPO pricing of GEM information technology industry is generally higher or lower than the intrinsic value of the stock, and the underestimated IPO accounts for the majority. The article further analyzes the reason of unreasonable pricing and puts forward some suggestions on the investment in this industry.