机构地区: 中山大学管理学院
出 处: 《兰州大学学报(社会科学版)》 2011年第5期111-120,共10页
摘 要: 利用2009年10月至2010年3月创业板上市的58家公司样本和中小板上市的58家公司样本,对创业板上市公司IPO发行中的抑价问题进行了实证分析。从公司治理来看,独立董事比例越高,创业板IPO抑价程度越高;高管薪酬越高的公司,创业板IPO抑价程度越高。从发行特征来看,发行市盈率越低,中签率越低,每中一签需要的资金量越小,创业板IPO抑价程度越高。分析结果没有发现风险投资的持股会影响创业板抑价程度。 Based on the statistics from October 2009 to March 2010, the paper analyses the price control policies of 58 listed companies in China. From the perspective of corporate management, the extent to which the IPO price of GEM is controlled is proportionable to the ratio of independent directorship, and the higher the salaries for the top CEOs are, the more controled the IPO price is. From the perspective of marketing, the allocation rate of new stocks is proportionable to the issue price and earning ratio but the IPO price control is inversely proportionable to it.