新股破发

创业板对于建立多层次资本市场起着至关重要的作用，其发展过程中暴露的这些问题都非常值得关注，因此本文选取创业板上市股票，对新股首日破发现象进行研究。

GEM is still on the early stage of development , and it plays a vital role in establish a multi-level capital market . So these problems in the process of its development are very worthy of attention .

通过回归分析，发现发行价格、发行规模、上市首日换手率这三个因素对创业板破发新股的首日收益率有显著影响，这与影响主板新股破发的因素有所不同3。

Through regression analysis , it is found that initial offering price issuing scale and stock turnover jointly influence the Ratio of Return , which are different from the factors influencing that of the main board market .

为丰富新股定价领域的研究成果，并更好地为投资实践提供可靠参考，本文对新股破发这一全新现象进行了深入的研究。

To provide a reliable reference to better investment practices , this article has conducted in-depth study of this new phenomenon .