股票首次公开发行（IPO）是指企业透过证券交易所首次公开向投资者发行股票，以期募集用于企业发展资金的过程。研究表明，各国证券市场上普遍存在IPO抑价现象。创业板市场是主板市场的有效补充，2009年10月30日，我国创业板块开市交易，为市场提供了更多更好的投资机会。但是与主板市场相比，创业板市场具有更强的投机性，风险更大。因此，在IPO抑价理论的指导下，研究创业板市场的IPO抑价现象具有很强的理论和实践意义。本文从理论入手，利用实证分析的方法分析了我国创业板市场的IPO抑价水平及其影响因素。实证结果表明，我国创业板市场的IPO抑价水平较高，发行规模、中签率和上市首日换手率是影响创业板市场IPO抑价水平的主要因素，同时就如何促进我国创业板市场的健康发展提出了相关的政策建议。

IPO (Initial Public Offering) is a process that company sells its stocks publicly to investors on the Stock Exchange for the first time to raise funds for enterprise development. Researches find that IPO underpricing is a common phenomenon all over the stock market of various countries. GEM (Growth Enterprise Market) is an effective complement to the Main Board. On October 30th of 2009, GEM of China opens the business transactions, which provides more and better investment opportunities to the market. However, compared with the Main Board, GEM is more speculative and risking. Therefore, under the guidance of IPO underpricing theory, study on IPO underpricing phenomenon in GEM market has a strong theoretical and practical significance. This article starts from theory, using the method of empirical analysis to analyze the IPO underpricing level and influencing factors of China’s GEM. The empirical results show that China’s Growth Enterprise Market has a high level of IPO underpricing, and the issuance scale, lot winning rate and first day turnover rate are the main factors that affect GEM IPO underpricing level. The article also proposes some relevant suggestions.