First year studying.
And Here is introduction about the primary topic.
IPO underpricing phenomenon appears in capital markets of all countries in the world. IPO underpricing phenomenon will trigger A large amount of capital subscription and cause the problem of low utilization rate of funds, especially in China's A-share market. At present, scholars around the world have made great progress in the study of IPO underpricing phenomenon. Western scholars mainly analyze the problem from the perspective of information asymmetry and investor behavior. Chinese scholars empirically test the theories of western scholars and find that these theories are not applicable in China. The research finds that IPO underpricing phenomenon in China is significantly correlated with institutional control and speculation of new behaviors. Kechuang plate as A pilot for capital market reform in China, in the direction of marketization reform in the distribution system, so the kechuang plate distribution system influence on IPO underpricing rate, is to win the board reform achievements inspection, for through the reform of the system solve the problem of high rate of IPO underpricing in China, and the judge kechuang plate system reform to the feasibility of the a-share market is important Meaning. This paper studies the influence of issuing system of science and technology innovation board on IPO underpricing rate, and makes theoretical analysis of this problem from two aspects. From the perspective of the relationship between supply and demand of new shares, the institutional reform improves the supply of new shares and alleviates the imbalance between supply and demand of new shares. From the perspective of investor behavior, institutional reform stimulates investors to speculate on new behavior, stimulating speculative bubbles to a certain extent. According to the above analysis, corresponding hypotheses are made and corresponding explanatory variables are selected.