创业板IPO首日破发成因的实证研究

This paper select 52 new shares falling on its first day of trading since the gem was launched as the research samples, makes an empirical research on the influencing factors of the GEM IPO falling on its first day by using factor analysis and stepwise regression method. The study found that the company's profit - solvency factor, the issue price, exchange rate has a significant effect on the falling on its first day of trading of new shares, while the other factors were not significant. the main reason we think why the IPO falls on its first day of treading is that the higher issuing price in the primary market, lower exchange rate in the secondary market and probably existing performance problems of a listing company, and then we puts forward the corresponding policy recommendations from the IPO pricing, information disclosure and investor.