摘要
IPO抑价是各国在新股发行时所普遍存在的现象。合理的IPO抑价是股票发行人与主承销商所应当给予投资者的回报,但是过高的抑价倍数将可能伤害到部分投资者的认购积极性及本次发行的融资效率。在我国,IPO抑价问题较为突出,因此,应当结合我国特殊情况进行针对性的分析,在巩固前期新股发行制度改革的基础上,进一步从估值技术、市场化定价、扩大新股供应量等多方面进行完善。
It is quite common and usual for us to see the underpricing during the course of the IPO worldwide.In some sense,the underpricing could increase the funding cost somewhat technically,at the same,reducing the resources available and disposable.This kind of unfavorable effect would hurt the enthusiasm of the investors virtually.Also it exists in our capital market,especially in IPO.Some sensible solutions and improvements,relied in the reform of the new pricing mechanic and other aspects,might be found out after we analysis the current situation of our market at first.
出处
《金融发展研究》
2011年第4期79-81,共3页
Journal Of Financial Development Research