| IPO首日超额收益:基于抑价和溢价的研究综述 |
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| 引用本文： | 汪宜霞,夏新平.IPO首日超额收益:基于抑价和溢价的研究综述[J].当代经济管理,2008,30(4):72-77. |
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| 作者姓名： | 汪宜霞 夏新平 |
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| 作者单位： | 华中科技大学管理学院,湖北武汉,430074 |
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| 摘 要： | 从一级市场抑价和二级市场溢价两个角度时IPO首日超额收益的相关研究进行了综述,并为我国IPO首日超额收益提供了新的解释.基于信息不对称,一级市场抑价解释认为IPO首日超额收益是发行抑价的结果,是对投资者面临的风险或者提供私有信息的补偿;在对称信息下,抑价是股权选择的一种均衡机制,也是发行人和投资者行为偏差的影响结果;基于行为金融,二级市场溢价解释认为噪声交易者的存在使IPO上市首目交易价格偏离了内在价值,产生了二级市场溢价.
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| 关 键 词： | IPO 首日超额收益 抑价 溢价 首日超额收益 发行抑价 研究 Return Initial Abnormal 内在价值 价格 噪声交易者 上市 存在 行为金融 影响结果 投资者行为偏差 发行人 均衡机制 选择 股权 对称信息 补偿 |
IPO's Abnormal Initial Return: a Review of Under-pricing and Overvaluation |
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| Wang Yixia,Xia Xinping.IPO's Abnormal Initial Return: a Review of Under-pricing and Overvaluation[J].Contemporary Economic Management,2008,30(4):72-77. |
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| Authors: | Wang Yixia Xia Xinping |
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| Institution: | Wang Yixia,Xia Xinping(School of Management,Huazhong University of Science , Technology Wuhan,Wuhan 430074,China) |
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| Abstract: | This paper reviews the literature on IPO's abnormal initial return(AIR) from the perspective of under-pricing in the primary market and overvaluation in the secondary market and gives a different explanation about China's IPO's AIR.Given asymmetric information,it is believed that China's IPO's AIR results from under-pricing,which may compensate for the risk facing investors.Given symmetric information,under-pricing is a balanced mechanism for equity holding as well as the outcome of stock issuers and invest... |
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| Keywords: | initial public offering abnormal initial return under-pricing overvaluation |
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