This paper studies the price behaviors of IPO in China and analyses their causes by multi variable regression models. This paper finds that underpricing of IPO in China is the most serious in the world; there is “hot...This paper studies the price behaviors of IPO in China and analyses their causes by multi variable regression models. This paper finds that underpricing of IPO in China is the most serious in the world; there is “hot issue” market; underpricing of IPO has positive correlation with the market condition and market value, and negative correlation with the amount of raising fund, and no obvious correlation with the price earning ratio in China. This paper draws the conclusion that a marketable IPO system should be set up in China as soon as possible.展开更多
This paper reviews the theory of private benefits of control,and estimates the private benefits of control in China. The results show:(1)The average private benefits of control in China are much more than the average ...This paper reviews the theory of private benefits of control,and estimates the private benefits of control in China. The results show:(1)The average private benefits of control in China are much more than the average around the world and decrease year by year;(2)Three variables have negative correlation with private benefits of control,they are the total assets of listed corporation,the latest net yield per share,the proportion of liquid shares to the total shares.展开更多
文摘This paper studies the price behaviors of IPO in China and analyses their causes by multi variable regression models. This paper finds that underpricing of IPO in China is the most serious in the world; there is “hot issue” market; underpricing of IPO has positive correlation with the market condition and market value, and negative correlation with the amount of raising fund, and no obvious correlation with the price earning ratio in China. This paper draws the conclusion that a marketable IPO system should be set up in China as soon as possible.
文摘This paper reviews the theory of private benefits of control,and estimates the private benefits of control in China. The results show:(1)The average private benefits of control in China are much more than the average around the world and decrease year by year;(2)Three variables have negative correlation with private benefits of control,they are the total assets of listed corporation,the latest net yield per share,the proportion of liquid shares to the total shares.
