IPO抑价理论演化与文献综述

IPO Underpricing:Theory Evolution and Literature Review

IPO抑价指新股上市首日收益率显著为正的现象。IPO抑价在世界范围内广泛存在,作为一种金融异象广受实务界的重视,同时作为一种热点课题在理论研究中经久不衰。国外研究认为,IPO抑价受资本市场有效性(如信息传递效率)、监管制度(如新股发行制度)、投资者行为(如羊群效应、异质预期)等多种因素的影响,由此大致形成市场派、制度派和行为派三个主要研究分支。基于我国资本市场"新兴+转轨"的现实背景,国内研究较多关注市场结构、制度变革等因素对IPO抑价的解释能力。文章首先对IPO抑价理论含义进行了深入辨析,然后对既有文献进行了综合梳理和分析,最后得出研究结果,其结果不仅有助于为进一步深入研究该问题提供统一的理论框架,而且有助于在揭示差异的基础上寻求更适合我国发行市场现状的理论模型和研究方法。

The positive first day return of IPOs is a wide spread phenomenon in all over the world.As one kind of finance anomalies and research hotspots,IPO underpricing has attracted wide attention by the theory and practice circle of financial investment.The studies abroad indicate that IPO underpricing is affected by some major factors as market efficiency,government regulations and investors＇ behavior.Those existing genres can be classified three categories： Market Theory,Institution Theory and Behavioral Theory.Based on the characteristic of ＂emerging and transition＂ in china capital market,the domestic researches are paying more attention on the explanatory ability of market mechanisms,institutional transformation and so on.This paper firstly offers a deep discrimination on the connotation and extension for IPO underpricing then conducts some systematically theoretical review and analysis,and reveals the difference between domestic and overseas researches.The results not only help to provide a unified theoretical framework for further research,but also provide some guidance to seek new theoretical models and research methods which are more suited to China＇s issue market.