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1、杭州电子科技大学硕士学位论文ABSTRACTIPOisanactionthatissuingcompanyinitialpubliclyoffersstocktopublicinvestors,thenthecompanycanraisefundsandchangetheshareholders’ownershipstructure.ThroughtheIPO,theoutsideinvestorscanprovidethelistedcompaniesfundswhatareneededforfuturedevelopment,mean
2、while,thelistedcompanies’capitalstructureisoptimized.Theoutsidefundscanalsoimprovethecompanies’corporategovernancestructure,providefollowing-upsecurityforthesubsequentdevelopmentofthecompany.ButChina’scapitalmarketalwaysfacetheproblemofhighissueprice,highprice-earningsrat
3、ioandhighraisefundswhenlistedcompaniesbegintoissuenewshares,especiallyseriousinGEM.Asthecentralpartofnewequityoffering,IPOpricingisthemajorfactortogeneratetheseproblems.SothepapertriestostudyGEMIPOmarketpricingefficiencybasedonindustrydifferencebyempiricalanalysis.Firstly
4、,thispaperoverviewsthetheoryandempiricalstudyfromdomesticandinternationalofIPOpricing,analysespresentsituationofGEM,andpointsouttheexistingproblemsinChina’sGEM.Byusingdescriptivestatisticalanalysis,thegrowth,profitability,firmsizeandreciprocationofcompaniesareanalyzedonth
5、efirstdayoflisting.Bytheway,themaximumpotentialvalueofthelistedcompaniesthatexistintheindustriesofChinaGEMarecalculatedusingstochasticfrontieranalysis,comparedbyIPOissuepriceandgettheaveragepricingefficiencyofindustries.Theempiricalanalysisshowsthatthepricingefficiencyisl
6、owinChinaGEM,forexample,materialsindustry,mainconsumersector,ITindustryandtelecommunications,butisalittlehighonindustry,opticalconsumptionindustry,medicalandhealthindustry,thepricingiseffective.Accordingtotheresearchresults,theprofitabilityindicatorsoflistedcompaniesonlow
7、pricingindustryareanalyzed.Theresultsshow,theinflatedprofitabilityindicatorsiscommonlyexistedinlistedcompanies,andthemaximumpotentialvalueisinflatedinChinaGEMlistedcompanies,sotheaveragepricingefficiencyoftheseindustriesarelow.Finally,basedonthestudyresultsandconclusions,
8、thispaperproposesthatweshouldpromoteChina’sIPOissuanceexaminationsystemofmarket-orientedreformsa
