股权分置改革前后中国IPO抑价影响因素对比的分析.pdf

Abstract Abstract The paper study the effect of equity segmentation reform to Initial Public Offering (IPO) underpricing of A stock market in china。IPO underpricing is a phenomenon that the stock’s issue price is lower than the list price at the first day. so cause positive profit. IPO underpricing is a widespread phenomenon in global IPO market. but IPO underpricing level is more higher in china than in advanced market. at present , Issue stock has become the important financial channel to more and more corporations. High IPO underpricing makes financing for enterprises greatly reduce and damage the interests of enterprises, also makes the stock market allocation of resources and financing functions greatly decreased . This effects the healthy development of the stock market. Therefore, it is has a strong theoretical and practical significance that to study Chinese IPO underpricing phenomenon, to find important factors affect of IPO underpricing and bring corresponding method. Equity segmentation reform is a momentous change to list corporation and capital market. it is the motive of the paper that to study the reform whether produce influence to the factor of underpricing , whether can make the underpricing more reasonable and more well to the stock market develop healthy. The paper adopt theory study and demonstration study ,the firstly , it makes a more detailed review of the study to foreign IPO underpricings theoretical model and the research literature of Chinese stock market IPO underpricing ,Then based these theories, the equity segmentation reform is a split ,selected 10 factors from list corporation finance 、the stock supply and pricing . Using Eviews and Excel applications, and use modify Frisch method make the description of statistical analysis and multip