股票IPO理论研究新进展

Latest achievement in IPO theory study

股票IPO的短期收益与长期回报之间的巨大反差引起了学者们的广泛研究。市场环境和公司所处的生命周期理论是IPO的原因。建立在不对称信息基础上的理论揭示了抑价现象,非理性行为和政策的差别及变化对这一理论提出了挑战。股票的配置理论因其对很多问题有重要影响而备受关注。股票上市后长期表现不佳是股票首次公开发行后争议颇多的问题,股市微观结构的改善是解决这一问题的关键。

The big contrast between the short-term income and long-term return of stock IPO has attracted the attention of researchers in recent years. The causes of IPO are the market environment and life cycle of the company. The unsymmetry theory can explain the phenomenon of price constraints, however, it is challenged by the irrational operation and differences and changes in policies. The stock disposition theory is drawing much attention due to its multi-facet effects. The most disputable aspect of stock is the disappointing outcomes of the long-term return after the stock is put on market for the first time. It is proposed that a solution to this problem is to improve the micro-structure of stock market.