摘要
IPO折价现象是中外证券市场普遍存在的一种现象。国内外对IPO折价问题进行了各种解释,但至今尚未形成统一的认识。近年来随着行为金融学的兴起,国外有部分学者试图从投资者心理的角度对这一问题给出新的解释,其中具有代表性的有:反应过度假说、反应不足假说和自我归因假说。投资者应以一种理性的心态评估股票的价值,进行合理的投资决策。
IPO discount is a common phenomenon in equity markets. Various explanations can be observed, nevertheless, no consensus has been reached on it. In recent years, with the development of behavior finance, some scholars have been trying to explain it from the psychological aspect of the investors, such as overreaction, under reaction and self contribution. This paper summarizes and analyses these explanations and concludes that investor should be rational while making estimation of the shock value and make reasonable investment decisions subsequently.
出处
《华南金融研究》
2004年第3期38-42,共5页
South China Financial Research
