如何看待中国的IPO折价现象

How to Treat the Discount of IPO (Initial Public Offerings) in China

股票市场中IPO折价现象已引起学术界的广泛关注,并形成了一系列的理论解释。我国的IPO折价现象有其特殊的成因,一方面由于发行价非市场化确定造成定价偏低,另一方面,由于二级市场交易价格受操纵而定价偏高,两方面因素使得我国的IPO折价幅度大大高于其他国家和地区。鉴于此,提出了实现我国IPO高折价率理性回归的思路。

the discount of IPO in the stock exchanges has aroused the wide attention of the academic circles and formed a series of theoretical explanations. Our country's IPO discount has its special causes, one is that the issue price is lower because of its non-marketing determination, the other is the trade price in the secondary securities market is higher because its controlled determination. The factors of the two sides make the amplitude of our country's IPO discount much higher than that of the other countries. Based on this, this paper puts forward the idea of realizing the rational regression of the higher IPO discount ratio of our country.