我国沪深A股IPO折价问题再研究

Further Studies on the Problem of Shanghai and Shenzhen A Stock IPO Underpricing in China

通过普通最小二乘法对我国沪深A股IPO折价现象的多元线性回归分析发现,沪深A股IPO的折价程度不断减弱,定价逐渐趋于理性。实证分析中只有网上超额认购倍数、发行日与上市日之间的间隔期和我国在不同的历史时期采取的不同定价发行方式对IPO折价程度具有统计上的显著性。股票发行定价方式的改变是影响我国A股IPO折价程度高的主要原因。

This paper studies Shanghai and Shenzhen A to establish from the Stock market to present IPO gives a dis- count the situation, and take the stock issue fixed price way system＇s transformation as the sample division basis, utilized the ordinary least squares method to give a discount the phenomenon to our country Shanghai and Shenzhen A IPO to carry on the multivariate linear regression analysis, Our empirical evidence shows that Shanghai and Shenzhen A IPO gave a discount the degree to reduce unceasingly, the fixed price tended a rationality gradually. Only then on-line exceeds the quota between the subscriber multiple in the IPO fixed price release＇s numerous influencing factor, the issue date and the going on the mar- ket date plastochrone and our country, in the different historical period adopts the different fixed price release way has in the statistical significance to the IPO giving a discount degree.