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一、引言2009年6月IPO重启以来,上市公司高发行市盈率、高发行价格和高融资超募的“三高”问题引起了社会公众的广泛关注,而2009年10月23日在深圳正式开板的创业板市场“三高”现象尤为严重。二、文献综述与研究假设由于发行制度不同,国外并没有计划募集资金总额的概念,IPO融资超募现象是一个极具中国特色的描述中国资本市场特征的名词。闫宇(2012)认为发行数量的不合理是造成创业板市场超募率高的最重要的因素。而邓朴逊(2013)认为新股发行制度导致市场供不应
I. INTRODUCTION Since the resumption of IPO in June 2009, the issue of “three highs” of high issue price-earnings ratio, high issue price and high financing of listed companies has aroused widespread public attention. On October 23, 2009, in Shenzhen The formal opening of the GEM market, “three high” phenomenon is particularly serious. II. Literature Review and Research Assumptions Because of the different issuance system, there is no overseas plan to raise the total amount of funds. The phenomenon of IPO financing and over-raising is a very Chinese term describing the characteristics of China’s capital market. Yan Yu (2012) that the issue of the number of unreasonable is caused by the GEM raised the most important factor in the super-high. And Deng Puxun (2013) that the IPO system led to the market for short supply