IPO抑价理论研究综述及其评价

A Review on IPO Underpricing

IPO也称股票首次公开发行。目前,对股票首次公开发行的研究主要集中在三个异常现象之上:IPO抑价(短期收益率偏高),IPO的长期弱势以及IPO的热销市场现象。这三种异常情形的广泛和长期存在显然构成了对效率市场的严重挑战,因而受到经济学家和金融学家的极大关注。其中,以IPO短期收益率偏高为重点,也称之为IPO抑价或IPO的低估,对这一问题的研究具有相当的理论和实践意义。

The theory of initial public offerings（IPOs） focus on three abnormal phenomena： IPO underpficing, long mn underperformance of IPO, and hot issue markets, These three long- standing phenomena are conflicted with the EMH widely, which attracted attention from economists all over the world. The IPO underpficing is the emphasis out of the three. It is important to research on IPO underpricing academicly and practically.