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The Empirical Study on Effect Factors of IPO Day’s Premium Price of Emerging IT Industry Listed Companies

Author: LiZuo
Tutor: LvXianZuo
School: Southwestern University of Finance and Economics
Course: Asset evaluation
Keywords: premium price of IPO day effect factors emerging IT industry
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Type: Master's thesis
Year: 2013
Downloads: 26
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Abstract


IPO (Initial Public Offering) is sharing offer to the public for the first time. IPO’s premium is the excess earnings generated because of the price difference between initial offering price and initial market price, which is characterized by the increase from the issue price to the first-day closing price. IPO’s premium is a common phenomenon that occurs in the stock market all around the world, which goes against the traditional financial theories and cannot be explained by efficient markets hypothesis. To explain IPO’s premium, researchers used asymmetric information theory, institution theory and behavioral finance theory and formed different hypotheses.On September8,2010, emerging IT industry is listed as one of the seven strategic emerging industries. As a leader industry of industrial optimization during China’s economic transition, the healthy and sustainable development of emerging IT industry is concerned by government and researchers.Many studies have suggested that the IPO’s premium will affect the healthy development of economy and stock market. It has a very important practical significance to analyze which factors lead to the IPO’s premium and how can we control it.This paper introduced three types of the IPO’s premium theories which is studied abroad as well as domestic empirical studies. Based on these previous research and the characteristics of emerging IT industry and current issue system, this paper classified variables into three categories, including the variables based on behavioral finance theory, the variables based on asymmetric/symmetry information theory and dummy variable based on policy.After descriptive statistics, this paper studied on the factors which cause the IPO’s premium in year2009and2010. After comparing the regression results of year2009and2010, paper suggested that variable categories are related to the IPO’s premium of emerging IT industry. The variables based on behavioral finance theory and dummy variable based on policy had a significance effect on IPO’s premium while the effect of variables based on asymmetric/symmetry information theory was uncertain.The empirical study result suggested that IPO’s premium of emerging IT industry was affected by the strategic emerging industries policy on April4,2010which also had an effect on psychology and behavior of investors. And the uncertainty effect on IPO’s premium of the variables based on asymmetric/symmetry information theory partly indicated that domestic market mechanism and legal system are imperfect.In the end, this paper made some suggestions to the country, stock market and investors as well as emerging IT industry in order to improve domestic capital market and emerging IT industry.

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