摘要
本文通过对改革前后新股抑价程度变化的分析来评价我国新股发行制度准市场化改革(实施核准制)的实施效果。初步统计分析结果表明,实施核准制度后新股抑价程度显著降低;而进一步的虚拟变量检验法分析表明,核准制度的实施并没有显著地改变首次公开发行市场的经济结构,上述新股抑价程度显著下降更可能源于首次公开发行市场自身的波动,而非新股发行制度的改革,新股发行准市场化改革对降低我国新股抑价的效果并不显著。
The paper makes an empirical analysis on the effect of approval system reform in Chinese initial public offering market. The statistical analysis shows there is significant difference in underpricing before and after the reform. The further dummy variable method points out the quasimarketization reform of approval system has no significant effect on the structure of Chinese initial public offering market during 1999-2004.
关键词
新股抑价
首次公开发行
核准制
underpricing
initial public offerings
approval system
