创业板IPO抑价与投资者情绪研究

投资者情绪是影响股票价格波动的重要因素。创业板成立时间较短,投资者相对不成熟,且创业板公司属于创业期的中小企业,面临较大的技术、市场和管理的风险,这些特征决定了创业板不同于其他市场板块的IPO抑价特征。本文选取间接反映投资者情绪的指标,通过对创业板2012年发行上市的74家公司数据的研究发现:中签率与抑价率显著负相关,首日换手率与抑价率显著正相关,发行市盈率与抑价率负相关但不显著。并提出了相应的政策建议。

Growth enterprise market IPO underpricing and investor emotion research

Investor sentiment is the important fac- tors affecting stock price fluctuations, the time of GEM set up is shortly, and the investor is relatively immature. The GEM company belongs to the stage of small and medium -sized enterprises, and they facing the greater risk of technology, market and management. These characteristics determine the GEM IPO underpric- ing characteristics being different from that of other market board. In this article, we select indirectly in- vestor sentiment index, utilized the data of 74 compa- nies 2012 listed on the GEM, and according to the empir- ical results, the success rate and underpricing rate is significantly negative correlation, the first day turnover rate and underpricing rate is significantly positive correlation, the issue PE rate and underpric- ing rate is negative correlation, but is not signifi- cant. As a conclusion, we put forward the corresponding policy suggestions.