IPO长期表现不佳原因的国外研究综述

A Literature Review of Studies Abroad on the Reasons for Long-term Underperformances of IPO

IPO是公司筹集资金的重要方式之一,对公司的发展意义重大。国外许多学者就IPO长期表现做了一系列的实证研究,其中IPO长期表现不佳现象是研究热点之一。针对这一现象的产生,学者们分别从投资者、发行者以及企业自身等不同角度,进行了一些阐释,对于国内企业加强自身内部控制,完善新股市场信息披露机制,规范新股发行制度等具有借鉴意义。

IPO（Initial Public Offerings）,as one of the most important method of company fund raising, is of great significance for companies＇ development. Many scholars abroad have done a series of empirical research in IPO long-term performance, among which the long-term poor performance of IPO is one of the hot research topics. In reaction to the phenomenon, scholars have elaborated from different angles such as investors, issuers and enterprises themselves, from which domestic enterprises can learn experience in strengthening their internal control, perfecting the information disclosure mechanism of new share markets and standardizing the system for issuing new shares, etc.