| 西方IPO抑价理论及对中国IPO研究的启示 |
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| 引用本文： | 蒋永明,蒋顺才.西方IPO抑价理论及对中国IPO研究的启示[J].财经理论与实践,2006,27(3):49-54. |
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| 作者姓名： | 蒋永明 蒋顺才 |
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| 作者单位： | 中南大学,数学科学与计算学院,湖南,长沙,410005 |
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| 摘 要： | 西方IPO抑价理论大多在信息不对称、委托代理、信号显示等信息经济学框架下,基于资本市场的有效性假设而提出的,即假定二级市场对股票的定价是合理的,IPO抑价是源于发行定价偏低.中国A股市场IPO抑价率长期高企但逐年下降,对该问题的研究,不能简单套用西方理论,而必须结合我国证券市场环境及IPO发行审核制度,将制度因素作为内生变量来考察.
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| 关 键 词： | IPO 抑价理论 中国A股市场 制度经济学 西方理论 抑价理论 中国 研究 Study IPOs Chinese Revelation Theories Underpricing 考察 内生变量 制度因素 发行审核制度 证券市场环境 结合 套用 问题 抑价率 定价偏低 |
| 文章编号： | 1003-7217（2006）03-0049-06 |
| 收稿时间： | 2006-03-22 |
| 修稿时间： | 2006年3月22日 |
A Review of IPO Underpricing Theories and Its Revelation to Chinese IPOs Study |
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| JIANG Yong-ming,JIANG Shun-cai.A Review of IPO Underpricing Theories and Its Revelation to Chinese IPOs Study[J].The Theory and Practice of Finance and Economics,2006,27(3):49-54. |
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| Authors: | JIANG Yong-ming JIANG Shun-cai |
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| Institution: | School of maths and computation, Central - South University, Changsha, Hunan 410005, China |
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| Abstract: | Most of western theories on IPO underpricing are based on Information Economics such as Asymmetric- Information, Agency- Cost, Information Signaling, which suppose that the capital market is efficient and the trading stock price is reasonable and that the abnormal initial returns of IPOs are resulted from the underpricing of offering price. The IPO underpricing of Chinese A- shares market is very high and is decreasing year by year. Studies on this topic should not automatically imput the western theories. The back groundings of Chinese stock market and the unique approval IPO systems should be taken into considerations, and system factors should be taken as an endogenetic variable. |
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| Keywords: | IPO Theories of Underpricing Chinese A - shares Markets Institutional Economics |
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