基于券商声誉理论对IPO抑价的解释及对策

The Explanations and Countermeasures of the Underpricing of IPOs Based on the Theories of Underwriter's Reputation

IPO兴起于20世纪90年代末的美国,当时美国正经历科技股泡沫。IPO的定价效率直接影响着证券市场的运行效率及资源配置功能的强弱。随着证券市场在我国经济发展中所扮演的越来越重要的角色,如何解释IPO抑价问题在我国也正引起更多学者的关注。券商声誉理论被认为是保证券商信息可信性的重要理论,企业在进行IPO时可以通过选择高声誉的券商来向投资者传递有关自身价值的信息。

IPO was rised in the USA,at the end of 90s,20th when America was going through the bubbles of the technology stocks.The pricing efficiency of IPO directly affects the efficiency of Capital market and the strength of the function of resources configuration.With an increasingly important role is played by the stock market in Chinese economic development,How to explain the phenomenon of the Underpricing of IPOs is catching more attention of scholars in our country.The theories of Underwriter＇s Reputation are considered as the important theories which can guaranty the credibility of the information from the underwriters.The listed companies prefer the underwriters with high reputation to transmit information about their own values when they are going to IPO.