摘要
IPO抑价现象是证券市场中的一个普遍现象,不论是发达国家的成熟市场还是发展中国家的新兴市场,都不同程度地存在新股发行折价现象。通过研究目前学术界比较主流的IPO抑价理论以及国内外IPO抑价的实证研究成果,采用理论与实际相结合、规范研究与实证研究相结合的方法,对2011年我国创业板市场IPO抑价现象进行实证分析后发现,我国创业板抑价现象较为明显,而股票发行的首日换手率、新股发行中签率及募集资金量对抑价程度的影响较为严重。
IPO underpricing phenomenon is a common phenomenon in the stock market. No matter in mature market of developed countries or emerging markets of developing countries, this phenomenon exists to varying degrees. This paper briefly summarizes the mainstream IPO underprieing theories in current academic circles and empirical study at home and abroad. The combination of theory and practice, normative and positive research method is used to analyze the IPO underpricing phenomenon of China＇ s Growth Enterprise Market of 2011. The exemplified result shows that our country＇ s underpricing phenomenon of GEM is obvious, and the exchange rate, success rate and fund scale have higher impact on the underpricing degree.
出处
《金融教育研究》
2012年第6期17-24,共8页
Research of Finance and Education
