摘要
我国证券市场IPO抑价率呈现两个主要特征：一是其绝对值远远高于国外市场平均水平；二是近年来有逐年下降的趋势，但仍处于高位运行状态。通过对沪深两市1991～2004年间发行上市的1237家IPO样本的分组统计表明：以上两个特征与我国首次发行规模受限以及股权分置的制度安排有关，作者认为股权分置在形成初始高抑价的同时，也形成了路径依赖，而路径依赖使得中国IPO高抑价长期存在。相关模型显示，股权分置问题的逐步解决，将有利于降低我国上市公司的IPO抑价率，从而提高我国股票市场的资源配置效率。
Chinese IPOs underpricing reveals two characteristics ：Firstly it is much more severe than those of other countries＇. Secondly it has been declined since years, but still remains relatively high. The statistics from 1 237 IPO samples listed in Shanghai and Shenzhen Exchanges shows that these two characteristics are connected with the issuing number of every IPOs and the system arrangement of Split Share Structure（SSS）. We argue that SSS arises premium effects of tradable shares and makes Chinese IPO initial underpricing very severe, and then SSS forms ＂path dependence＂, which makes the underpricing decreasing but at low speed. Our model shows that the settlement of SSS will avail the decline of Chinese IPOs underpricing and improve the efficiency of Chinese IPO markets.
出处
《湖南大学学报（社会科学版）》
2006年第5期60-65,共6页
Journal of Hunan University(Social Sciences)
关键词
IPO
抑价率
股权分置
路径依赖
IPO
underpricing
Split Share Structure
path dependence
