创业板

创业板更加抢眼，市盈率为45倍，是2010年以来的最高值。

The ChiNext is even punchier , on a price to earnings ratio of 45 , its highest level since 2010 .

他说，等待IPO的公司约有75%打算登陆创业板或深圳中小企业板。

Roughly 75 % of IPO candidates plan to list on ChiNext or Shenzen 's small and medium-sized board , he said .

高效的IPO发行机制有利于创业板IPO市场效率的提高。

A more efficient IPO mechanism will help enhance its efficiency .

创业板市场的IPO研究

Study on IPO of the Second-board Market

最终实证研究结果表明，真实盈余管理这一问题在创业板IPO前一年显著存在，需要相关部门加强监督和管理。

The result shows us that real earnings management exist in the year before GEM IPO significantly .

研究表明，首次公开发行的抑价现象广泛存在于各地证券市场，作为最新开设的板块，我国的创业板IPO抑价现象则更为突出。

Studies have shown that the initial public offering underpricing is widespread in security markets around the world .

并且通过国际创业板IPO制度比较，汲取对创业板IPO制度改革有益的经验。

And through the international comparison of the gem IPO system , drawing onthe gem IPO system reform experience .

香港创业板上市公司IPO前后业绩变化及其影响因素的实证研究

Performance Change and Its Influence Factors in Initial Public Offerings : An Empirical Study on Hong Kong Growth Enterprise Market

第4章是对我国创业板上市公司IPO盈余管理理论分析并提出假设。

The fourth part is that theoretical analysis of gem IPO earnings management of listed companies in our country and put forward the hypothesis .

创业板公司在IPO过程中，相当部分的公司对开发费用进行了资本化。

The aggressive capitalized expenses and earnings management . Quite a few GEM listed companies will capitalize R & D expenses during IPO process .

对首批进行首次公开发行（IPO）并将在创业板上市的公司，投资者并未表现出特别强烈的兴趣。

Investors have not demonstrated overwhelming appetite for the first companies to conduct IPOs ahead of listing on China 's new Growth Enterprise Market .

第5章是我国创业板上市公司IPO前盈余管理的实证研究，即本文的实证研究部分。

The fifth part is our country the gem listed company , an empirical study of pre-IPO earnings management , the empirical research part of this article .

因此建议加强证券市场的制度完善，尽快建立完善的创业板IPO正常退出机制，加大对投资者价值投资理性教育。

Therefore suggest to strengthen securities market system consummation , establish perfect gem normal exit mechanism , strengthen the IPO to investors value investment " rational " education .

社会闲置资金对创业板公司IPO的巨大热情，挤占了实体经济对流动资金的需求，从而影响了社会资金配置效率。

Social idle funds company IPO on the GEM great enthusiasm , crowding out the real economy the demand for liquidity , which affected social capital allocation efficiency .

虑及大量IPO正整装待发及创业板将要推出，投资者在投资配置上变得越来越理性，李晶表示。

Investors are becoming more rational in their investment allocations in light of the heavy IPO pipeline and anticipated launch of a Growth Enterprise board , Ms Ulrich said .

第四，主板、中小板和创业板在IPO首日破发可能性和破发程度上不存在显著差异。

Fourthly , there is no significant difference among main board , Small and Medium-sized Enterprise Board and Growth Enterprise Market on possibility and degree of IPO first-day price decline .

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 .

在此基础上，从二级市场层面，结合噪声交易、投资者情绪和市场气氛假说，研究非理性行为因素对于创业板IPO高初始收益率的影响。

On this basis , from the secondary market , combining with noise trading , investor sentiment and market sentiment hypothesis to research irrational factors for the GEM high initial yield .

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 .

2009年1O月23日，创业板在深圳证券交易所正式设立。

October the 23rd , second board was set up formally in SHENZHEN stock exchange .

随着中小企业板和创业板的正式开通，我国风险资本的退出渠道逐渐畅通。二、国外关于风险投资对风险企业IPO影响的研究结果各不相同。

With the SME Board and the GEM official opening , exit channels for venture capital in China are gradually open . Secondly , the research results about venture capital on venture firms IPO are various .

本周，中国将推出外界期待已久的纳斯达克（Nasdaq）式创业板股票市场。有28家公司将在这一新市场上市，包括中国首家上市电影公司。

China will this week launch its long-awaited Nasdaq-style stock market with 28 companies lined up to list on the new exchange , including China 's first listed film company .

投资者情绪是影响IPO抑价率的最主要的因素，我国创业板IPO抑价的真正原因是二级市场的溢价。

Our GEM IPO underpricing is more likely due to the GEM secondary market but not derived from the primary market . 2 . Investor sentiment is the most important factors affecting the rate of IPO underpricing .

另外，为了更好地研究影响我国创业板IPO抑价程度的因素，我们分别将绝对抑价率和相对抑价率作为被解释变量，并分别对其进行回归分析。

Moreover , to better investigate the factors affecting the level of IPO under-pricing in the Growth Enterprise Market , absolute under-pricing rate and relative under-pricing rate are selected as the dependent variable respectively to make regression analysis .

创业板IPO平均七十几倍市盈率，而上海A股目前平均只有二十倍市盈率，其投资风险将显著高于主板市场。

GEM is seventy times than the average IPO price-earnings ratio , while the Shanghai A shares is only two times than the current average price-earnings ratio . The investment risk will be significantly higher than the motherboard market .

股市分析师表示，创业板的推出可能会对中国其它股市的投资者造成一定心理影响，这些投资者已经在担心近期大量IPO从市场抽走流动性。

The launch of the new board could have a psychological impact on investors in other Chinese markets who are already concerned about the large number of recent IPOs draining liquidity from the market , stock market analysts said .

2009年9月，创业板的开设，IPO的重启，进一步完善了我国多层次资本市场的发展，为解决我国中小企业，特别是科技型中小企业的融资问题提供了平台。

The Growth Enterprise Markets opened and IPO restarted in October 2009 , which further improves the multi-level capital market and provides a platform for solving the financing problem of the small and medium-sized enterprises , especially for the High-tech enterprises .

第四章为中国创业板新股发行超募现状，分别从超募资金数量、超募比率、首发市盈率等方面分析创业板IPO超募现状。

The fourth chapter is current situation of the GEM excess funds raised in China , which analyzed the GEM excess offering status respectively from the excess funds raised amount , ratio , the first excess offering price-earnings ratio and other aspects .

我国创业板运行三年来，越来越多创新型企业通过IPO登陆创业板，创业板公司IPO首日表现出的高发行价、高市盈率、资金超募等诸多问题凸显。

GEM operation for three years in China , more and more innovative companies involved in through the IPO . On the first-day , the GEM IPO showed high price , high price earning ratio , high under-pricing rate , and many other highlighted performance .

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 .