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本文通过建立发行价与各影响因素之间的拟合方程,将逐次回归的结果进行对比,找出影响IPO定价最重要的因素。同时通过对比发行价与首日收盘价回归方程之间的相似程度来判断IPO定价是否符合市场规律。数据分析证明,目前我国创业板IPO定价比较合理,但在分析中也发现创业板市场存在一些问题,如信息不对称、IPO发行规模不合理等,针对这些问题给出了一些相应的政策建议。
In this paper, by setting up the fitting equation between the issue price and each factor, the result of successive regression is compared to find the most important factor that affects the IPO pricing. At the same time, by comparing the similarities between the issue price and the regression equation of the closing price on the first day, the IPO pricing can be judged whether it meets the market rules. Data analysis shows that at present, the IPO pricing of GEM is reasonable. However, in the analysis, some problems such as asymmetric information and unreasonable scale of IPO issuance have also been found in the GEM, and some corresponding policy suggestions are given for these problems.