创业板市场IPO定价效率研究——来自香港市场的经验证据

本文对香港创业板市场IPO抑价现象进行了实证检验，研究表明，香港创业板IPO市场定价效率相对较低：风险投资家能够带领风险企业提前上市并得到投资者认同；IPO企业经营年限、价值不确定性及IPO发行时信息处理效率等变量对香港创业板IPO市场定价效率有显著影响：承销商、审计事务所的鉴证功能得不到体现；高效的IPO发行机制有利于创业板IPO市场效率的提高。

IPO Pricing Efficiency: Evidence from GEM Market

The paper makes an empirical study of IPO underpricing in GEM market, and the result reveals that its IPO pricing is less efficient in comparison with HK main board. Venture capitalists can lead the venture enterprises go public ahead of schedule and win recognition. The variables of the companies like track history, value uncertainty as well as information management efficiency impose marked influence on pricing efficiency of IPOs in GEM market. The identification function of underwriters and auditors can hardly be incarnated. A more efficient IPO mechanism will help enhance its efficiency.