CAJ | 학술논문

自创业板设立以来，创业板市场定价效率未能充分体现，创业板上市企业IPO抑价率较高，风险资本支持的企业IPO抑价率高于非风险资本支持的企业，风险资本的持股比例、介入时间及持股机构数量都和IPO抑价有一定的关系。
자창업판설립이래，창업판시장정개효솔미능충분체현，창업판상시기업IPO억개솔교고，풍험자본지지적기업IPO억개솔고우비풍험자본지지적기업，풍험자본적지고비례、개입시간급지고궤구수량도화IPO억개유일정적관계。
Since the opening of GEM, GEM market pricing efficiency is not fully reflected. The GEM listed companies IPO under pricing rate was very high. The IPO under pricing rates of venture-backed companies were higher than which companies were non venture-backed companies. Shareholding proportion, the venture capital Venture capital holding time and the number of venture capital institutions have some effect on the IPO under pricing.