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本文使用2010年A股市场IPO数据,采用逐步线性回归法调查IPO公司的内在价值和投资行为因素对于IPO破发的影响。研究发现,除盈利能力指数以及发行中签率对于IPO破发有显著的影响,其他因素的影响均不显著。具体而言:①IPO公司上市前盈利能力指数对IPO抑价率的影响是负向的,表明业绩较好的IPO公司有着更高的市盈率,从而其破发概率较高;②中签率对于IPO抑价率的影响是负向的,表明中签率高的IPO公司股票一级市场需求满足度较高,二级市场更容易破发。造成IPO破发的主要原因在于IPO发行价格不合理,中签率高,发行制度的市场化程度不高。
This article uses IPO 2010 A-share market data, using the step-by-step linear regression method to investigate the IPO company’s intrinsic value and investment behavior factors for IPO break. The study found that, except profitability index and issue success rate have significant impact on the IPO break, other factors have no significant effect. Specifically: ①The impact of pre-IPO profitability index of IPO on the IPO underpricing rate is negative, indicating that IPO companies with better performance have a higher PE ratio, which leads to higher probability of break-up. ② The winning rate of IPO for IPO underpricing The impact of the rate is negative, indicating that the success rate of the primary market of the IPO company with high success rate is higher, and the secondary market is more likely to break. IPO broke the main reason is the IPO issue price is unreasonable, the success rate is high, the degree of marketization of the issuance system is not high.