IPO抑价现象的影响因素分析.docVIP

IPO抑价现象的影响因素分析 郭晶 S10020205025 研究生（1）班 产业经济学 内容摘要：IPO即首次公开发行股票，是指股份公司委托投资银行等中介机构第一次公开在股票市场上向潜在的广大投资者发售股份，为项目投资募集权益资本。IPO抑价是指大多数新股在上市首日二级市场的收盘价远超出其发行价，由此产生远高于市场或行业平均回报的超额收益。 IPO是股份公司由少数人持股向公众持股转变的首要步骤，发行定价是发行业务中的核心环节，定价是否合理不仅关系到发行人的筹资效果和发行人、投资者与承销商之间的利益分配，而且关系到股票市场资源配置功能的发挥，因此IPO定价不仅是理论界，而且也是实务界长期关心的问题。国内的股票市场自九十年代初建立到现在已将近二十年，IPO抑价水平依然高于成熟的资本市场和新兴资本市场的抑价水平，主要原因是投资者的投资理念与股票市场的宗旨方面，都逐渐发生了变化。投资者的利益越来越被大众所关注，而股票市场的市场化改革的进程也在一步步的深入。 本文搜集了可能的影响因素的样本数据，建立多元线性回归模型，对国内沪深股市的IPO市场抑价现象进行了实证研究；最后对我国IPO市场的发展提出了一些建议。 关键词：IPO，抑价，新股发行，上市公司 Abstract：IPO is Initial Public Offering stock, which means a company commission investment bank or an intermediary organ to put stock on sale at the market in an open manner for the first time who want to extensive latent investor, collects capital for the project and the investment. IPO underpricing is that the closing price of a majority of new stock much higher than the Issue price on the first day of listed in the secondary market, resulting much higher return than the average on the market or the same industry. IPO is the first step that AG transition from minority hold shares to the public hold them . Pricing issue is the core of the publication business links, pricing is whether reasonable not only related to the effects of raise funds and the distribution of benefits among the issuer , investor and underwriter ,but also related to the resource allocation function of the stock market. Therefore, IPO pricing is a not only theoretical but also practical issue of long-term. Domestic stock market beginning from 90s to now have already close to 20 years, whether the investment philosophy of the investors or the purpose of the stock market have gradually changed. The interests of investors are increasingly concerned about and the market-oriented reform process is in-depth step by step also. In this paper, the sample data of factors that could impact IPO underpricing is collected, and establish multiple linear regression models, make an empirical