股票市场定价制度变迁对首次公开发行股票抑价的影响分析.pdfVIP

股票市场定价制度对首次公开发行股票抑价的影响研究 性统计和方差分析，最后得出结论——我国新股发行制度各因素的几次市场化改革对我 国IPO抑价的影响是显著的。在理论和实证分析的基础上，本文为解决我国新股发行的 抑价问题提出了一些政策性建议，以利于我国的股票市场向着健康的方向发展。 关键词：新股发行抑价 审核制度 定价机制 发行方式 IV 股票市场定价制度对首次公开发行股票抑价的影响研究 Abstract Looking at the development of Chinas stock market , the new shares issued by the high under-pricing phenomenon has always been a general problem of A-share market, and it is also the most criticized defect the A-share market .And it also led to inefficient allocation of resources, poor market ecology, contributing to the many problems of fraud and illegal behavior, distorted the market structure from the most basic level, determined the continued low of stock future trend, which is the so-called bull short bears long‖.High under-pricing of A-share market, has long attracted widespread attention, and become a hot research among scholars, and various theories explain emerge in endlessly. Of which the most well-known include asymmetric information theory and based on recognized, as well as the winner curse hypothesis and investment bank hypothesis. However, the A-share market, strong Chinese characteristics, apparently unable to be explained by these theories rooted in the mature markets of Western. Later, some scholars have tried to explain the high under-pricing of Chinas stock market from the effectiveness of the capital market using the speculative bubble hypothesis and ―investors excessive optimism, but having got a much more muted response. Owing to the late development of Chinas securities market and a series of problems caused by the split share reform for the historical reasons, we must conduct a study on the IPO under-p