对于中国ADR发行的IPO抑价研究

将中国ADR的IPO首日超额收益分解为一级市场抑价和二级市场溢价,一级市场抑价是指发行价格低于内在价值而带来的收益回报;二级市场溢价是指上市首日收盘价格内在价值而带来的收益回报。基于回归结果的IPO首日超额收益,三个解释变量都无法通过显著性检验,说明我国海外上市发行的ADR企业严重同质化,缺乏差异性特征,样本数据之间的关联度高。同时,大多数国企和民企都采取引入海外战略投资者的做法,也是一个重要影响因素。

Study on IPO Under-pricing Issued by China ADR

The IPO initial excess returns issued by China ADR in the first day consist of under-pricing in primary market and premium price aftermarket.The former refers to the returns gained from issuing price lower than intrinsic value;the latter means the returns from the intrinsic value of closing price in the first day.Based on IPO initial excess returns of regressive result,the three explanatory variables can not pass the significance test,which means that our ADR enterprises listed overseas are seriously homogeneous and lack of differences;in addition,their correlative degree between sample data is high.Another reason is that most of state-owned and private enterprises take the strategy of introducing foreign investors.