| 对我国T＋1交易制度下IPO抑价和高换手问题的探析 |
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| 引用本文： | 陈有禄.对我国T＋1交易制度下IPO抑价和高换手问题的探析[J].改革与战略,2008,24(11):108-110. |
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| 作者姓名： | 陈有禄 |
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| 作者单位： | 广西工学院财政经济系,广西,柳州,545006 |
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| 基金项目： | 广西教育厅科研项目资助，广西工学院科学基金资助 |
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| 摘 要： | 文章从我国特殊的交易制度T＋1的特点出发,分析了在该交易制度下,我国IPO股票的不正常高抑价和高换手率。T＋1的特点是：首日只能是中签者卖出,且涨跌无限制,而买者当日无论股价涨跌多大,都不能卖出。因此,按常理IPO股票不应该出现高抑价和高换手率,但我国的IPO股票却出现了。这种制度造成了IPO股票出现高抑价和高换手率,建议管理层应加强对现行交易制度下,不正常的新股首日高抑价和高换手的监管,防范动机不良的交易者的违法乱市行为。
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| 关 键 词： | T+1交易制度 高换手 IPO抑价 |
On IPO Underpricing and High Turnover Under T+1 Transaction System in China |
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| Chen Youlu.On IPO Underpricing and High Turnover Under T+1 Transaction System in China[J].Reformation & Strategy,2008,24(11):108-110. |
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| Authors: | Chen Youlu |
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| Institution: | Chen Youlu (Department of Finance & Economics,Guangxi University of Technology,Liuzhou,Guangxi 545006) |
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| Abstract: | The high underpricing and high turnover of IPO stocks under the particular transaction system is analyzed in term of the system T+1 feature. T+1 is characterized as only the lucky people who had allocated the stocks can sell out in the opening day,and there is not limit for rising and dropping. Moreover,the other buyers are not allowed to sell stock out at the same day,no matter how much the stock price changes. As a result,it is logical to suppose that there should not be the high underpricing and high tur... |
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| Keywords: | T 1transaction system high turnover IPO underpricing |
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