CAJ | 학술논문

笔者立足于刚启动半年的创业板市场数据，通过回归分析探索影响IPO抑价的主要因素，并与主板市场的结论对比，研究结果表明，创业板市场和主板市场的IPO抑价影响因素基本一致，但创业板市场上的发行价格和市盈率均失去解释能力，且非流通股比例与初始收益率负相关而其系数并不显著。要控制IPO抑价应积极推行市场化改革，提高投资者投资水平。
필자립족우강계동반년적창업판시장수거，통과회귀분석탐색영향IPO억개적주요인소，병여주판시장적결론대비，연구결과표명，창업판시장화주판시장적IPO억개영향인소기본일치，단창업판시장상적발행개격화시영솔균실거해석능력，차비류통고비례여초시수익솔부상관이기계수병불현저。요공제IPO억개응적겁추행시장화개혁，제고투자자투자수평。
Using the data from the newly erected growth enterprises market, the authors investigate the factors that determine the degree of IPO under-pricing in this market through econometric method referring to some outstanding current researches. A comparison with motherboard shows that the results in both markets share tremendous similarity except that variable issue price and P/E ratio fail to explain IPO under-pricing, and that the rate of non - tradable shares in growth enterprises market displays inverse correlation with the initial return in contrary to that of the motherboard in spite of its weak statistical significance of coefficient. Finally, suggestions are put forward to control the degree of IPO under-pricing such as implementing market - oriented reforms and enhancing the investment ability of the investors in the market.