中国新股折价现象研究评述

A Critical Review of IPO Underpricing Phenomenon in China

新股折价现象指的是新股上市首日的收盘价格普遍高于新股发行价格,这一现象一直是学者和政策制定者关注的焦点问题。如果新股在上市后的短期均衡价格反映了所有信息,那么新股上市首日收益率意味着新股发行价格显著低于其内在价值。国内外对中国新股折价现象的研究包括理论研究和实证研究,理论研究的分类主要按照发行公司、承销商和投资者之间的两两关系,实证研究分类的主要依据是信息不对称、行为因素和制度因素。文献分析表明,信息不对称和行为因素是影响中国新股折价的主要原因。

The phenomenon of the first-day closing price of an IPO being higher than its offer price, known as IPO un- derpricing, has been the focus of attention among researchers and policy makers. If the short-term equilibrium price reflects all available information, the first-day initial return indicates that new issues are priced significantly lower than their intrin- sic value. Research at home and abroad on the underpricing phenomenon of Chinese IPOs consists of theoretical and empiri- cal studies. Theoretical explanations are classified by the interactions between issuers, underwriters and investors, while empirical studies are grouped under the headings of information asymmetry, behavioral explanations, and institutional fac- tors. Our literature review shows that information asymmetry and behavioral issues are primary causes for the underpricing phenomenon in China.