文档介绍：摘要嘲一我国创业板IPO定价合理性研究企业管理专业研究生:戚军凯指导老师:徐莉摘要:创业板是我国资本市场的重要组成部分,是高新企业融资的重要渠道,在创业板上市的公司主要是科技含量高,成长性好,但成立时间较短,经营具有不确定性的企业。创业板进入的门槛相对主板和中小板较低,相应的风险也更大。 IPO定价即首次公开发行定价,是创业板股票上市面临的首要问题,关系到股票发行企业、投资者和承销商的利益,关系NE'J业板资源配置功能的正常发挥。我国的创业板从2009年10月正式在深圳证券交易所推出,在这三年的运行过程中暴露出了一系列问题,尤其是在IPO定价方面。目前我国对于创业板IPO定价方法的选择尚无定论,所以IPO定价相关研究很有意义。本文首先阐述论文选题的背景,选题的意义、文献综述、研究内容、研究方法及本文的创新与不足之处。然后对IPO、IPO价格、IPO抑价率等相关概念进行界定,并对IPO定价常用的四种方法及解释IPO抑价的投资银行垄断假说、“赢者诅咒理论’’等理论进行介绍。随后,介绍我国创业板市场IPO相关情况,主要包括我国股票市场的开端及IPO定价方式的演变、我国现在IPO定价情况以及创业板相对于主板及中小板市场的特性研究。第四是本文的主要部分,介绍了数据选取的原因,建立回归模型和因子模型,分析各个因素对IPO抑价率和IPO定价的影响,并根据数据对IPO抑价及定价的情况给予分析。最后,根据前面的分析,给出结论,并针对问题给出建议。关键词:创业板,首次公开发行(IPO)定价IPO抑价率企业价值 Abstract FeasibilitySurgery onGEM IPO PriceinChina Major:Business Management Postgraduate:Tutor: Abstract:The GEM(Growth Enterprise Market)is all important part of China's capitalmarket,is animportant channel forhigh-teeh corporate finance, companies listed on theGEM high are scientificandtechnological content,have good growth,but thetime ofestablishment isshort,operating withtheuncertainty of barriers toentry relatively low motherboards and small plates, but have more risks. Initialpublic offering isthe most important panies who want listed ontheGEM,stock issuancerelated totheinterests ofbusinesses,investorsand underwriters,related tothenormal functioning oftheGEM resource allocation. GEM inChina from October 2009,launched on theShenzhen Stock Exchange, exposed aseriesofproblems inthepast threeyearsrunning process,especially inthe IPO present,China's choice forthetheGEM IPO pricing method is inconclusive,SO the IPO pricing makes sense. The paper firstdescribes thebackground ofthethesistopics,thesignificance of thetopic,literature review,research,research methods and innovaaon ofthisPaper andinadequacies. Then define theconcepts related totheIPO,IPO price,IPOunderpricing rate, and IPO pricing usedfour methods andexplain IPO underpricing investment banking monopoly hypothesis,”winner cursetheory