摘要
本文试图用中国证券市场特殊制度安排解释A股超高的首日收益率。政府管制形成了中国特有的上市公司“壳资源”价值,发行公司在一级市场通过寻租取得壳资源,在二级市场上变现,这是导致一、二级市场价差的基本原因。壳资源价值可以用稀缺指标、公司规模、中签率、蜜月期等代理变量体现出来,实践证据支持基于上述代理变量的壳资源假说。
The article intends to explain the high initial return of A-share n ew issue based on the special systematic arrangement in China's security market. The governmental regulation brings about the unique“shell resource”in China's security market. The issuer gets the permission of new issue, i.e. the“shell r esource”in the primary market through rent-seeking process, and cashes out in the secondary market, this is the fundamental reason which drives up the initail return. “Shell resource”can be indicated by the proxies:scarcity of shell res ource, IPO size, lottery, honeymoon period. Empirical proofs support our explana tion.
出处
《经济学家》
CSSCI
北大核心
2004年第2期108-116,共9页
Economist
