摘要
IPO折价普遍存在于世界股票市场,有关IPO折价的研究是一个热点问题。中国股市的特殊性使IPO上市股票的折价不但符合IPO的普遍规律,而且具有很多独特的规律。结合有关折价原因的几种理论和假说(包括信息不对称、股权分配、投资者非理性等),对中国股市IPO折价的存在性和不同市场、股票类型折价的差异性以及造成这些差异的原因等进行实证研究,并对承销商声誉的衡量、股市上升期和下降期的折价表现、同一企业A股和B股发行顺序对折价的影响等进行研究,揭示中国IPO折价的存在性、股票市场的差异性以及造成差异的原因,探索股票一、二级市场的有机结合路径,对规范和完善IPO市场定价机制、帮助监管者制定规则和引导投资者理性投资等具有一定的指导意义。
IPO underpricing exists in financial markets around the world. Research on the Underpricing is a hot issue, including the existence, difference of various markets, influencing factors and causes of underpricing. China stock markets have their own characteristics, which make IPOs in the market have some particular disciplinary. Based on the theories and hypotheses about underpricing cause （including information asymmetry, share allocation, irrationality of investors etc. ）, the article empirically studies the existence of IPO underpricing, the differences of underpricing of various markets and stock categories, and the causes to the differences. Moreover, it innovatively researches the measurement of underwriter reputation, the differentiation of underpricing in ascending and descending periods of the stock markets, the effect of offering order of A-shares and B-shares of the same firm on underpricing. It points out the existence of IPO underprieing in China stock markets and the differences of stock markets, explores the road to organic combination of primary and secondary markets. The research has some directive meaning to the advancement of IPO pricing mechanism, the establishment of new rules and regulations, the guidance to rational investment of investors.
出处
《管理科学》
CSSCI
北大核心
2009年第4期87-96,共10页
Journal of Management Science
基金
上海市科技发展基金软科学研究重点项目(056921057
066921012
076921020)
上海市哲学社会科学规划项目(2008WZH006)
上海市2008年科技发展基金软科学研究博士生学位论文资助项目(200806007)~~
关键词
IPO
折价
信息不对称
股权分配
投资者非理性
IPO
underpricing
information asymmetry
share allocation
irrationality of investors
