中文摘要：

本文对在我国创业板上市的前50只股票的IPO抑价现象进行实证研究,发现创业板市场存在着严重的IPO抑价现象。然后,利用随机前沿分析方法检验出创业板IPO抑价不是来源于一级市场的故意抑价,可能来源于二级市场的错误定价。

英文摘要：

Based on the data about 50 stock samples from growth enterprise market（GEM）,this paper finds that there exists initial public offering（IPO）underpricing behavior in the GEM through the empirical study.Then it uses Stochastic Frontier Analysis（SFA）to prove that there is no obvious intentional underpricing behavior in primary market,and IPO underpricing in China＇s GEM may be sourced from the mispricing of secondary market.