核准制IPO定价实证分析

The Positive Analysis of IPO Pricing under the Checking System

本文用信息经济学的理论和计量经济学的实证分析方法研究了我国核准制下的新股定价问题 ,指出市场主体决策时的信息差异是造成新股发行价和上市价相背离的主要原因 ,并构建多元回归模型对这一假设进行了检验。

This study applies the theory of information e co nomics and econometrics to the analysis of stock pricing process in IPO under th e checking system. It proposes a hypothesis that the information difference in d ecision-making is the main reason for the deviation between issue price and pric e to public in IPO. Furthermore, it builds a multiple regression model to test t he hypothesis.