摘要
首次公开发行(IPOs)抑价是世界各国股票市场普遍存在的一种现象,而这种现象在中国A股市场又显得十分突出。从理论和实证的角度对可能与我国A股市场发行抑价率相关的一些因素及造成高发行抑价率的根本原因作一简要的分析。主要对IPOs抑价现象作了一些研究;以2000年在沪深两市发行并上市的122只A股为样本,实证地分析可能影响发行抑价率的一些因素;从理论上探讨了造成我国A股市场高发行抑价率的原因。
The underpricing of stocks in IPOs is a common phenomenon in the stock market all over the world, but it is more striking in the A share market of China. This paper tries to analyze the factors correlating with the underpricing rate and find the fundamental reasons for the high underpricing rate in IPOs in the A share market which mainly includes 3 parts: firstly, it describes the phenomenon of underpricing in IPOs and reviews the studies concerned; secondly, analyses empirically the factors relavent to the underpricing rate on the basis of real data; lastly, it makes theoretical studies on the reasons for high underpricing rate in the A share market.
出处
《商业研究》
北大核心
2003年第3期76-78,共3页
Commercial Research
