摘要
运用实物期权理论与实证研究相结合的方法,研究了我国A股市场IPO高抑价现象存在的原因。研究表明,投资者的过度反应是我国A股市场IPO高抑价的主要原因。投资者在新股投资中过度反应有两个原因,一是由于我国证券市场的发展尚不完善,投资者的知识及经验相对缺乏,投资者羊群效应严重;二是由于投资渠道欠缺以及二级市场长期风险偏高,投资者倾向于一级市场和在二级市场进行短期投机套利。
By using real options theory and demonstrative research, this paper studied the reason for IPO underpricing in our A price market. It shows that investors＇over -reaction is the main reason for the IPO underpricing in our A price market. Over -reaction of investors has two reasons in new investigations： one reason is that the development of China＇s securities market is still not perfect, investors＂ relative lack of knowledge and experience, and herding effect is serious; the other reason is being the lack of investment channels, high risk of secondary market, and investors＇tendency to short -term speculative arbitrage in market.
出处
《软科学》
CSSCI
2008年第10期29-33,共5页
Soft Science
关键词
IPO
抑价率
过度反应
实物期权
回归分析
IPO
underpricing rate
over - reaction
real option
regression analysis
