UNDERPRICE | Main-board Market | Second-board Market | SME-board Market | |||
MODEL1 | MODEL2 | MODEL1 | MODEL2 | MODEL1 | MODEL2 | |
UR_DIRECT | −0.6772 (−1.0700) | −0.7158 (−1.1800) | −1.1804 (−1.2200) | −0.6944 (−0.9100) | −1.6812 (−1.6100) | −0.3365 (−0.3000) |
UR_RP |
| 0.4413 (2.8500) |
| 0.3486** (1.9700) |
| 0.2437 (1.0900) |
OCF |
| 0.6735*** (6.5800) |
| 3.0459*** (11.7000) |
| 0.5691** (2.2300) |
PG |
| 0.8310** (3.2000) |
| 1.7015*** (3.9100) |
| 1.7387*** (3.4600) |
LEV |
| −3.2117** (−3.0300) |
| −1.5950 (−0.9900) |
| −1.9467 (−1.0500) |
SIZE |
| −0.3965 (−2.1900) |
| −0.1486 (−0.3400) |
| 0.0520 (0.1400) |
SOE |
| −1.4679** (−2.2500) |
| −3.9891** (−2.2900) |
| 0.8247 (0.4600) |
VC_PE |
| 0.0131 (0.0300) |
| 0.5465 (0.9600) |
| −0.2169 (−0.3500) |
INDEX |
| −2.8657 (−0.2400) |
| −9.2730 (−0.6200) |
| −20.0257 (−1.1100) |
IND2 |
|
|
| 1.8583 (0.6700) |
| 1.9571 (1.1800) |
IND3 |
| 0.4285 (1.1300) |
| 2.5404 (0.9100) |
| 1.6884 (0.9600) |
|
| 3.0011*** (3.2200) |
| 7.0146*** (8.4800) |
| 4.3892*** (4.8200) |
YEAR2015 |
| 2.1678** (2.4400) |
| 2.5637*** (3.0300) |
| 4.1170*** (4.4900) |
YEAR2016 |
| 1.6592** (2.5500) |
| 2.7394*** (3.1400) |
| 3.7613*** (3.9100) |
Adjusted R-squared | 0.0003 | 0.1873 | 0.0013 | 0.4105 | 0.0074 | 0.1854 |
F-statistic | 1.1400 | 7.6700 | 1.5000 | 17.8500 | 2.5900 | 4.1400 |