市场化发行方式与我国IPO定价效率的关系研究

Marketization issuing mode and China IPO pricing efficiency's relation research

利用衡量IPO(Initial Public Offering)定价效率的绝对效率标准,选用1999～2008年沪深市场的IPO数据,研究我国两次新股发行方式的市场化改革与IPO定价效率的关系。结果发现:第一次市场化改革不仅没有提高我国的IPO定价效率,反而降低了IPO定价效率;第二次市场化改革取得了一定的效果,新股询价发行的方向是正确的。

In the paper, we select and employ IPO data of Shanghai and Shenzhen security market, from 1999 to 2008, and study the relationship between two marketoriented reform on issue way and IPO pricing efficiency by the absolutely efficient standard that measures IPO pricing efficiency in China.The results show that the first market-oriented reform did not improve China s IPO pricing efficiency, but reduced IPO pricing efficiency, and the second has achieved certain effects and IPO pricing inquiry is in the right way.