ipo抑价之谜（Ipo抑价之谜）.docVIP

ipo抑价之谜（Ipo抑价之谜） IPO underpricing puzzle _ Zhang Chuansheng (2008-06-05 08:52:23) Reprint: financial classification: paper label print [Abstract] the phenomenon of IPO underpricing is a common phenomenon in securities markets around the world. This paper introduces some classical theories about the IPO underpricing phenomenon at home and abroad, and the IPO data of 79 listed companies in China in 2001 by multiple regression analysis, verify the issuing market IPO underpricing phenomenon and explains the important factors. 1 Introduction IPO (Initial Public Offering) IPO, is that the company is entrusted to investment banks and other intermediaries, publicly for the first time in the stock market to potential investors, the sale of shares to raise capital investment projects. The underpricing of IPO (Underpricing) is listed on the price the market shares an issue price of less than two of the market, for the issuance of new shares listed on the first day closing price is obviously higher than the issue price listed on the first day, can achieve significant excess returns. IPO first day excess returns are usually measured by the percentage of the first days trading price relative to the issue price. IPO underpricing made IPO investors gain more than normal stock returns. The phenomenon of IPO underpricing is considered as one of the ten major mysteries of modern finance. According to the theory of effective market, in a perfectly efficient market, the information is completely open, the stock price reflects its intrinsic value and the issue price is according to the demand of the market situation, the IPO price on the first day should not be significantly higher than the issue price, because according to general equilibrium principle, the market can not be at issue the imbalance state for a long time, a large number of profit behavior will make excess profits disappear. However, a large number of empirical studies at home and abroad show that IPO underpricing is a com