| Budget Amount *help |
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2012: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Outline of Final Research Achievements |
This research analyzes the determinants of underpricing of new listings in the ChiNext market set up by China's Shenzhen Stock Exchange in October 2009 as a market for venture firms.
Comparison with data from previous research on the main boards, confirms that the ChiNext market, has fewer days between the date on which the offer price is determined and the date on which trading starts, the PER does not have an upper limit of 30x, and the IPO share subscription multiple is lower. This shows that changes in these variables creates a situation in which the level of underpricing is lower in the ChiNext market than the level in the main boards identified in previous research.
In addition, this study investigates the relationship between the institutional bidding information and first-day IPO returns.The results indicate that compared to the other categories of institutional investors, many securities firms have private information related to IPOs.
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