基于非对称信息视角下的我国上市公司IPO折价原因探析

The Study of the Reasons of IPO Discount of Our listed Company Based on Asymmetric Information

文章结合有关IPO折价的几种理论与我国IPO的实情,对中国上市公司IPO折价原因进行了研究,认为IPO发行人、承销商和投资者之间的非对称信息是造成IPO折价根本原因。另外,政府、机构投资者及新股发行制度,投资者的过度反应行为是推动因素。最后针对研究结论提出减少我国IPO折价的三项建议。

In this paper, based on several theories about the reasons of IPO discount and the fact of Chinese stock market IPO, the paper thinks that asymmetric information among publishers, underwriters and investors is the basic reason. Moreover, their overactions of the government, institutional investors and Initial Public Offering System are the impelled reasons Finally, acording to the research,the paper forwards three pieces of suggestion that chiness IPO discount be reduced. Finally, the paper offers some recommendations to reduce our IPO discount.