创业板市场

市场分析师们说目前创业板市场的整体走势还要下跌一段时间。

Market analysts say the current trend of the overall performance on the GEM board will still be downward for some time .

IPO高抑价现象就是我国创业板市场存在的一个问题。

The IPO Under-pricing is a phenomenon of the GEM .

创业板市场IPO定价效率研究&来自香港市场的经验证据

On Efficiency IPO Pricing Efficiency : Evidence from GEM Market

创业板市场的IPO研究

Study on IPO of the Second-board Market

从这个角度讲，美国的NASDAQ无疑是发展最好的创业板市场。

The NASDAQ is certainly the best from this perspective .

创业板市场ESO激励计划适应性分析

Analysis on the adaptability of ESO Incentive Plan on Second Board

得出结论：风险资本能降低创业板市场IPO抑价率，但两者之间不显著相关。

Conclusion : venture capital can reduce the GEM Underpricing of IPO , but both of them are no significant correlation .

因此，结合我国创业板市场及其IPO制度的特征，对其IPO高初始收益率现象进行成因分析将更具适用性。

Therefore , it is wise to study the IPO high initial yield phenomenon based on Chinese GEM and its IPO system .

除此之外，创业板市场的IPO抑价显著受到发行与上市时间间隔、中签率的影响。

In addition , the IPO underpricing in GEM is significantly influenced by the time intervals between issue and public and demand-to-offer ratio .

在国内新兴的创业板市场上，实证研究VC持股与被投企业绩效的关系，并为创业板的发展提供参考和借鉴。

In the new GEM market , This article will empirical research the relationship between VC shareholdings and firm performance , and to provide reference for the development of the GEM . 3 .

其中，关于IPO相关制度设计的合理与否直接关系到创业板市场能否成功建立。

Specially , the issue that whether the IPO system design is rational has an straight connection with the success of GEM , which is just about springboard of this thesis .

目前全球有40多家创业板市场，其中美国纳斯达克和英国AIM尤为成功，他们为具有高知识含量和高成长潜力的中小企业和高新技术产业带来融资新意义是我国证券市场所企及的。

Currently more than 40 global GEM around the world , in which the Nasdaq and the UK AIM have been particularly successful . they bring SMEs and high-tech industries which have high knowledge content and high growth potential with new significance of finance .

多元线性回归分析的结果显示，原来在发达国家成熟市场中所表现出来的承销商声誉与IPO抑价水平负相关关系同样在我国创业板市场股票的发行中得到了验证。

The results from multiple linear regression analysis show that we have been verified the negative correlation between the underwriter reputation and IPO underpricing in the developed market has also exist in Chinese GEM market .

IPO高抑价现象在创业板市场依然存在，其中首批上市公司28家，与首发价相比较，涨幅超过100%的达到12家。

High IPO underpricing phenomenon still exists in the Growth Enterprise Market , where the first batch of 28 listed companies , compared with the starting price , or more than 100 % to 12 .

存活下来的创业板市场中，成功的只有NASDAQ、KOSDAQ等寥寥几家，大部分发展缓慢。

In the survived Growth Enterprise Market , only NASDAQ , KOSDAQ and a few succeed , most of them developed slowly .

随着创业板市场的逐步规范，越来越多的高科技企业有可能通过资本市场来融资，但目前我国股市IPO定价普遍偏低，脱离公司的实际价值。

With the gradual standard on second board , more and more high-tech corporations finance through the capital market , But IPO 's price of stock market is low generally at present , breaking away from the real value of the company .

在对我国创业板市场投资者惯性反向交易策略的研究上，本文采用了大多数学者所使用的GTW（1995）方法，并将传统的GTW方法进行了部分改良。

This paper adopts the most scholars by the use of the GTW ( 1995 ) method , and the traditional GTW methods were partially improved .

通过对主营业务收入增长率和净资产收益率在IPO前两年到IPO后一年的4个期间内的描述性统计和显著性检验，证明了我国创业板市场IPO效应的存在性。

By year after the two years before the IPO , the IPO on the main business revenue growth and return on net assets within a period of four descriptive statistics and test of significance , proved the existence of the GEM IPO effect .

然而，新生的创业板市场在过去两年多的运行时问里，IPO抑价现象尤为严重，企业上市首日收盘价屡创新高，市场投机气氛浓厚，大大阻碍了创业板健康有序的发展。

Many scholars has studied this problem in depth However , the IPO underpricing phenomenon is particularly serious in GEM market in the past two years . The market speculation atmosphere is thick , which greatly hindered the healthy and orderly development of the GEM .

1971年美国建立了世界上第一个创业板市场NASDAQ，在其后的30年中，欧洲、亚洲的各个国家和地区也先后成立了各自的创业板市场或类似创业板的市场。

After the USA set up the first growth enterprise market NASDAQ of the world in 1971 , other countries and areas in Europe and Asian set up growth enterprise markets or similar markets relatively in the nest 30 years .

中国创业板市场是全球最年轻的二级市场之一。本文通过使用Fama-MacBeth方法及主成分分析方法对该股票市场收益率的影响因子进行研究。

This study applied the Fama-MacBeth approach and principle component analysis to the Growth Enterprise Market ( GEM ) in China , one of the youngest growing markets .

新交易所的上市主体将来自现有的泛欧交易所及其创业板市场alternext，这是此次金融危机之后政策制定者和交易所运营商提振企业增长的最新尝试。

The new exchange , which will be carved out of existing Euro next and Alternext markets , is the latest attempt by policy makers and exchange operators to boost corporate growth following the financial crisis .

最后在总结前面模型的基础上，建立HAR-WRV-GARCH-VaR模型，并以创业板市场为例，得出了创业板每日VaR值的计算公式，使得本文提出的模型具有了实际应用的价值及意义。

Finally , we establish the HAR-WRV-GARCH-VaR model and obtain the computing formula of GEM daily VaR by choosing GEM as an example on the basis of the summary of the previous model , making sure that the proposed model has more significance in the practical application .

对于实体性上市条件，不同国家和地区创业板市场的标准不同。

Substantiality listing standard is different depending on countries and regions .

然而经过创业板市场一年多的运行，诸多问题不断出现。

However , many problems appear constantly in the past year .

我国创业板市场的规范化问题

The Argument about The standardization Question of Our Chuang-Ye Board Market

风险投资与创业板市场质量体系认证中的委托代理关系

Venture Investment and the Startup Capital Commissioning Relations in the Authentication

试析我国创业板市场风险和投资机会

An Analysis of GEM Market Risk and Investment Opportunity in China

创业板市场股票发行定价的新方法

New Approaches to the Pricing in the Publication of Initial Stocks

创业板市场发展的国际经验比较及我国的对策研究

Comparison on International Experience of GEM Growth and Countermeasures in China