我们从 2009 年 10 月使用中国起始的公共出现数据到 2010 年 8 月检查最新建立的生长企业董事会(GEB ) 。结果显示 GEB 是成功的并且正在提供一条可行隧道让新小、中型的公司提起外部资本。四个变量,轻快变量,周转比率,赢的彩票比率和 priceearnings 比率,是在回归分析驾驶起始天的回来的重要因素。在 GEB 上的新贸易暂停政策的实现被发现在减轻过多的推测有效。我们的分析结果能被决策者使用在 GEB 的起始的公共礼物的 underpricing 上计量政策变化的效果。
We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board (GEB). The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial- day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.