摘要
IPO抑价部分来源于承销商托市的假说在成熟资本市场上得到了实证检验的支持。部分学者的研究表明,在中国市场上同样存在承销商托市行为。运用修正后的Ruud收益分布检验模型,首次对中国深圳证券交易所创业板市场2010-2011年新发行的244只样本股进行了实证检验,发现上市后前5个交易日的收益分布出现了显著负偏现象,从而否定了中国创业板市场存在承销商托市行为。
The assumption that IPO underpricing is partly due to the underwriters＇ price support is supported by some empirical test in mature capital markets. Some scholars＇ researches show that the underwriters＇ price support exists in Chinese market too. This article does empirical test to 244 IPOs listed on growth enterprises market from the year 2010 to the year 2011 based on the revised Ruud revenue distribution test model for the first time. We find that the distribution skews to the left significantly during the first five trading days. So the underwriters＇ price support on the growth enterprises market is denied.
出处
《科技与经济》
CSSCI
2013年第4期106-110,共5页
Science & Technology and Economy
关键词
IPO
承销商
创业板
托市
正态性检验
IPO
underwriters
growth enterprises market
price support
normality test
