询价制IPO初始收益率实证研究

文章通过构建模型，揭示了询价制下影响我国IPO初始收益率的因素主要有发行时机、流通股比例、净资产收益率和中签率，而行业和发行后每股收益对抑价率的影响并不明显；指出股票供给严重不足和投资者不成熟是造成询价制下IPO高抑价的主要原因，并提出了相应的改进建议。

An Empirical Research of Chinese IPO Initial Return under the Inquiry Mechanism

This paper explores the factors that affect IPO Initial Return rate under the inquiry mechanism by using a model.The results show that issue timing,tradable shares ratio,net assets yield,issue price-earnings ratio would affect the rate of IPO initial return while industry and EPS after issue have little effect.We conclude that Chinese high IPO under-pricing is due to a serious imbalance between supply and demand in the stock market.Chinese investors are not mature enough,and finally we put forward some prop...