我国股票市场IPOs抑价影响因素的实证分析

国外大量研究验证了IPOs发行存在着抑价现象,并提出了各种理论解释。国内也有很多相关的研究,但是很少有从实证的角度来分析诸如发行制度等因素对抑价现象的影响,这是国内相比于国外一个很重要的不可忽视的差异。以2000年1月至2008年3月沪深两市A股IPOs市场的504只股票为研究样本,实证分析证券发行定价机制对IPOs发行抑价现象的影响。结果表明,近年来发行机制上的改革,保荐制、询价制和预先披露制度等所传递的信息都能够被市场很好地接受和吸收,对高抑价率有很好的抑制作用。

Empirical Research on Impacting Factors Underpricing IPOs in Stock Market

There are many international theoretic interpretations and empirical researches on the underpricing of IPOs issuing.Although there are many related works in China stock market,little analyzes it from a way such as issuing mechanism,which is a totally different factor compared to the other markets overseas.Through analyzing the 504 shares from 2000 to early 2008,the paper finds that the reforms of issuing mechanism could enhance the market efficiency and restrain the high underpricing rate.