询价制IPO初始收益率实证研究

An Empirical Research of Chinese IPO Initial Return under the Inquiry Mechanism

文章通过构建模型,揭示了询价制下影响我国IPO初始收益率的因素主要有发行时机、流通股比例、净资产收益率和中签率,而行业和发行后每股收益对抑价率的影响并不明显;指出股票供给严重不足和投资者不成熟是造成询价制下IPO高抑价的主要原因,并提出了相应的改进建议。

This paper explores the factors that affect IPO Initial Return rate under the inquiry mechanism by using a model. The results show that issue timing, tradable shares ratio, net assets yield, issue price - earnings ratio would affect the rate of IPO initial return while industry and EPS after issue have little effect. We conclude that Chinese high IPO under - pricing is due to a serious imbalance between supply and demand in the stock market. Chinese investors are not mature enough, and finally we put forward some proposals to reduce IPO under-pricing degree.