中国证券市场IPO发行抑价成因、本质及应对策略

The Causes,Essence and Countermeasures of IPO Underpricing in China s Securities Market

中国证券市场存在着“炒新股”现象,这是因为新股IPO发行价与二级市场成交价之间存在巨大的套利空间。本文从新股IPO发行制度和定价机制的演变史入手,梳理制度变革对新股定价的影响,并分别从新股IPO发行抑价与二级市场溢价两个视角来深入分析新股上市出现价差的原因,探究新股定价的本质,有针对性地提出对策建议,从而为我国证券市场健康发展提供有益的参考。

There is a phenomenon of“speculating on new stocks”in China s securities market,which is due to the significant arbitrage space between the initial public offering(IPO)price of new stocks and the transaction price in the secondary market.This paper starts with the evolution history of IPO issuance system and pricing mechanism,and sorts out the influence of institutional reform on IPO pricing.From two perspectives of IPO underpricing and secondary market premium,deeply analyzes the reasons for the price difference of new shares.This paper analyzes the essence of IPO pricing,and puts forward some countermeasures and suggestions,so as to provide useful reference for the healthy development of China s securities market.