股权结构对新股价格影响的实证研究

The Emprical Research of Capitial Stock Structare on Prices of New Issues

本文以股权结构与公司价值的基本理论和信号传递理论为基础提出了以股权结构来判断新股发行定价和上市首日市场定位合理性的观点,并通过实证分析对我国新股价格对公司内在价值反映的程度进行了检验,认为新股价格反映公司内在价值的观点是值得怀疑的,并揭示了深层次原因。

In this paper, a new view is developed to value the pricing and the first-day closing price by ownership structure, based on the basic theory of corporation value and ownership structure and signal theory. By examining the degree of reflection of price of Ipos to corporation value, the paper draws a conclusion that, the notion that the prices of ipos in our country are reasonable is suspicious. Also, the reasons are discussed in the paper.