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