创业板预期效应研究

摘 要：中国创业板面临着较高的市场风险。在所列示的创业板企业当中，公司规模小，难以评估价值和市场价值估值结果稳定性差成为舆论关注的问题。而在强大的创业板预期背后，高估值和庞大的证券交易所的行为可能导致股票价格大幅波动。
本文通过对创业板市场预期效应的研究，明确高预期效应对创业市场带来的价值背离投资，以及上市公司非常规理性的业绩报表增长。总结出在特别交易版块的创业板市场，交易系统和监控系统应通过提高投资者的交易条件的规定，控制新股上市首日政策，加大由于股票价格波动的暂停交易机制，以及加强透明度和信息交流等，以加强市场监测和运转率。应对创业板的高预期效应，市场最终的选择仍应落到价值投资上。
关键词：创业板；高估值；估值回归；预期效应

An analysis of the effect of GEM’s anticipate

Abstract: Chinese Growth Enterprise Market faces a higher market risk. Among the companies listed on GEM, its’ Company had a small scale but its’ value and the market value is difficult to assess the stability of poor results of the valuation which concerns the media. While with the high-anticipate of GEM huge gap of it’s valuation between value and excessive stock of behavior may lead to stock price volatility. 
    Based on the research of the anticipate of GEM’s effect define that high-anticipated of effect on the business value of departure from the investment markets and listed companies report the performance of non-conventional rational growth. Forum in particular transactions concluded Growth Enterprise Market trading system and monitoring system should be adopted to improve the conditions of the investor's trading, shares listed on the first day of control policies, increase the stock price volatility suspended trading mechanism, and strengthening transparency and exchange of information, to strengthen market surveillance and operational rate. Respond to expected effects of higher GEM, the market value of the final choice should fall in investment.
Key words: GEM; high valuation; valuation return; anticipate effect.

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