基于主成分分析的IPO发行成本影响因素研究
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引用本文:谢赤,龙瑞,欧辉生.基于主成分分析的IPO发行成本影响因素研究[J].财经理论与实践,2010,(3):42-47
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作者单位
谢赤 (湖南大学 工商管理学院湖南 长沙410082) 
龙瑞  
欧辉生  
中文摘要:在对IPO发行成本及其构成进行界定的基础上,对IPO发行成本影响因素展开分析,并采用主成分分析方法从原始变量中提取5个主成分因子,实证检验各主成分因子对中国证券市场IPO直接发行成本、间接发行成本和发行总成本的影响。研究结果表明,IPO发行成本受到规模、上市前股权结构和企业财务风险的影响;发行定价机制的变动显著影响直接发行成本,与间接发行成本和总成本的关系则不明显。
中文关键词:IPO  发行成本  主成分分析
 
An Empirical Study on Factors of IPO Distribution Costs based on Principal Component Analysis
Abstract:Under the definition of IPO distribution costs and its constituents, this paper analyzes the determinants of IPO distribution costs, and introduces principal component analysis to extract five principal components from original determinants. Using these principal components, this paper empirically examines their influences on Chinese IPO direct, indirect and the total costs of distribution. The results demonstrate that IPO distribution costs is affected by scale effect, pre IPO ownership structure and corporate financial risks; in addition, changes in pricing mechanism have a significant effect on direct costs, while there is no obvious relationship between indirect costs and total costs.
keywords:IPO  Distribution costs  Principal component analysis
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