Dissertation
Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market

The Influence Factors Analysis of Super-offering Phenomenon of Beijing Companies in GEM

Author YangGuang
Tutor LiMengGang
School Beijing Jiaotong University
Course National Economics
Keywords GEM super-offering price setting influence factors
CLC F832.5
Type Master's thesis
Year 2012
Downloads 185
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On October30th,2009,28companies as the first band of companies in China’s GEM started trading stocks in market which indicated the beginning of the development of GEM in China. Till now, companies from Beijing in GEM have ranked the first in number and the amount of financing. The super-offering, which is common in GEM, is more obvious among companies in Beijing as well. Due to the specialty of the location, the problem may cause even more shock to the economy in the area. Therefore, it’s important to find out the causes of this phenomenon in order to lower the side effects and keep the GEM steadily developing.This article collects GEM companies in Beijing as the object and analyses from the inner and the outer factor of companies and finally offers suggestions according to the causes. Through analysis, the conclusion has been made as to the causes of super-offering. The inner factor of company includes industry factors which contain3attracting points and managing factors which are classified as4main causes. Among industry factors there are3attracting points, which are newly developing industry﹑resource industry and public industry. As to managing factor, there are4main factors contained which are liquidity factor﹑scale factor﹑stock interest factor and profit factor. On the other hand, the outer factors of company include system rules containing price-setting rules and delisting rules as well as interest-related actors’behavior among which are the recommendation institution and the sales agent﹑investors and the companies themselves. Through analysis of the behavior and motivation, it is shown how all the factors lead to super-offering.

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