浅析我国近期IPO市场发行抑价之成因及对策分析

On the Reason and Countermeasure of the Initial Public Offering Underpricing in China

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与投资者的合理回报,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。

Initial public offering underpricing is common in issuing new shares in many countries.In China,Initial public offering underpricing is more prominent.So,we should analyze its specificity and perfect it from many aspects,such as valuation technology,etc.