我国资本市场IPO抑价问题探析

The Mystery of IPO Underpricing in China’s Capital Market

资本市场要求监管者实施相关手段来改善IPO抑价问题,消弭两级市场间的套利投机行为,保障两级市场的供需平衡。通过梳理IPO抑价方面较为成熟的理论,发现中国资本市场IPO高抑价率的主要原因是资本市场体制尚不健全、一二级市场发展不均衡和投资者结构不合理,进面提出推进市场化进程、完善上市企业信息披露、提高投资者金融素养等建议。

The capital market requires regulators to implement relevant measures to improve IPO underpricing,eliminate arbitrage and speculation between the two markets,and ensure the balance between supply and demand in the two markets.In view of this,this paper first summarizes the relatively mature theory of IPO underpricing,and then finds that the main reasons for the high underpricing in China’s capital market are the unsound captical market system,the uneven development of the primary and secondary markets and the reasonable investor structure.Finally,it puts forward relevant policy recommendation,such as promoting the process of marketization,enhancing the information disclosure of listed enterprises,and improving the financial quality of investor.