摘要
以2011—2015年在创业板IPO (Initial Public Offerings,首次公开募股)的336家企业为样本企业,以上市前两年至上市后两年为研究期间,研究创业板IPO效应影响因素有哪些。研究结果表明:超募率、抑价率和制造业显著正向影响创业板IPO效应;风险投资、盈余管理显著反向影响创业板IPO效应;股权集中度、股权制衡度以及上市首日市盈率这三个变量对创业板IPO效应无显著性影响。针对结论,提出了促进创业板稳定发展的改进意见。
This paper explored the impact factors of the IPO effect taking 336 companies in the IPO(Initial Public Offerings)from 2011 to 2015,the GEM from the two years before the listing to the two years after the listing.The results showed that the IPO effect of the GEM was affected positively with the over-raising rate,underpricing rate and manufacturing industry significantly positively affect,affected negatively with the risk investment and earnings management.The three variables have no significant effect on the IPO effect of the GEM,which including equity concentration,equity balance and the first-day P/E ratio.It proposed improvementsto promote the stable development of the GEM in response to the conclusions.
作者
陶萍
任启芳
TAO Ping;REN Qi-fang(School of Economics and Management,Nanjing Forestry University,Nanjing 210037,China)
出处
《中国林业经济》
2019年第5期124-127,共4页
China Forestry Economics
