全流通时期IPO抑价实证研究

Empirical research into IPO underpricing in the entire circulation age

本文利用统计描述与线性回归方程对全流通时期我国首次公开发行上市的82只A股抑价率影响因素进行了检验。结果表明我国IPO高抑价率主要是由投资者的非理性投资行为和热衷于新股炒作造成的,投资者的价值投资理念并没有形成。

This paper tests the influence factors of IPO underpricing rate through the statistical description and linear regression equation from 82 IPO samples listed in Chinese A share market in the entire circulation age. The empirical analysis result indicates that the main reason for excess IPO underpricing rate is investors＇ non--rational investment behavior and over-- speculation in new shares of IPO and that the ideas of the value investment of investors have not taken shape.