Dissertation > Excellent graduate degree dissertation topics show

Study on the IPO Pricing and Underpricing of the China’s Growth Enterprise Market

Author: ChenYanLi
Tutor: CaoGuoHua
School: Chongqing University
Course: Finance
Keywords: GEM IPO IPO pricing IPO underpricing
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 315
Quote: 0
Read: Download Dissertation

Abstract


After ten years breeding, the China’s Growth Enterprise Market (CGEM) was finally opened on October 30,2009. As an important component of multi-level capital market in our country,it undertakes the special tasks to promote the development of Hi-Tech and start-up enterprises, drive the adjustment of economic structure and the listing corporate structure of the security market. It is very imporant to maintain sustainable economic development.In recent years, the problems of Initial Public Offerings (IPO) pricing and abnormal high IPO underpricing in Chinese market have caused many scholars to pay attention.They mostly concentrated the research on the relations of issue price and the secondary market price. But, according to the abnormal fluctuation of stock price in CGEM, this paper points out that CGEM includes three important variables: stock intrinsic value, issue price and secondary market price. The research on relations of issue price and secondary market price is not sufficient to explain the price fluctuations in CGEM. At present, there is no document carry systematic research on the price and IPO underpricing of the CGEM, this paper studies it by carrying systematic research on the three important variables to find the reasons of the stock price abnormal fluctuation in CGEM and proposes reasonable suggestions to improve the CGEM.Chapter 1 introduces the research background, the meanings and purpose of studying, the research techniques and the content structure; Chapter 2 is a general literature review of IPO pricing and underpricing theory in the domestic and foreign; Chapter 3 analysis the CGEM in an all-round way from the three aspects of development process, the market characteristics and the market risks; Chapter 4 proposes a estimate value model of stock which is suitable to CGEM by analyzing the traditional estimate value model and the characteristics of CGEM. It also points out advantages and disadvantages of issuance and pricing method of the CGEM after carrying a comparative analysis on issuance and pricing method ; Chapter 5 uses the estimate value model of stock which is proposed in chapter 4 to calculate the stock intrinsic value, then with regression analysis and the stochastic front fixed price model analysis relations of IPO stock’s intrinsic value, issue price and the first day closing price, and carrys on a thorough analysis on the reasons of IPO underpricing through setting up the multifactor regression model; Chapter 6 gives the paper’s conclusions and proposes reasonable suggestions to improve the CGEM on the basis of overall analysis and system research of the CGEM.Through the system’s analysis and empirical study, we know that the IPO issue price is obviously higher than the stock intrinsic value in CGEM, the primary market has price bubble, and secondary market’s congenial behaviors which mainly cause IPO underpricing further enlarge the bubble, the higher secondary market’s congenial degree is, the higher IPO underpricing is.

Related Dissertations

  1. Characterization of an Atrazine-Degrading Strain, Cloning of Key Degrading Related Genes and Construction of a Gene Cluster,X172
  2. The Correlational Study of between Characteristic of Corporate Governance Structure and Earnings Management of Gem Listed Companies,F275
  3. The GEM IPO underpricing Studies based on Shibor,F224
  4. Research on the Information Transparency of Chinese GEM Companies,F224
  5. Positive Study of VC/PE-BACKED Influences Upon IPO Underpricing Degree of the ChiNext’s Listed Companies,F832.51
  6. The Study on the Change of IPO Institutions and the Effect of IPO Underpricing,F224
  7. An Empirical Research on Institutional Investors and IPO Under-pricing,F224
  8. Research on Ipo Under-pricing in the Issuing System’s Process of Change,F832.51
  9. The Study on IPO Underpricing in China,F224
  10. Effects of Venture Capital in the Process of Initial Public Offerings,F832.51
  11. IPO Price-driven GEM Empirical Study,F224
  12. The Research of Effects of VC Particitation on Listed Companies’ IPO on China’s Small and Medium Enterprise Board,F832.51
  13. The Research of the Investment in the Equity of "GNM Corporation",F832.51
  14. Study on the IPO Underpricing in Chinese GEM,F224
  15. Options on Private Equity Investment Which Exit by IPO,F832.48
  16. Discussion of Improving the Information Disclosure System of Chinese Listed Companies on GEM,F832.51
  17. GEM regulatory system in China Legal Studies,F832.51
  18. China 's GEM market risk management,F832.51
  19. Study on Legal Problems of the Round-trip Investment,D99
  20. The Study of Legal Problems on the Growth Enterprise Market,D922.287
  21. On Legal Lssues of GEM IPO in China,D922.28

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
© 2012 www.DissertationTopic.Net  Mobile