| “新冠肺炎”疫情对中国股市价格波动的短期影响 |
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| 引用本文： | 李睿, 贺益鑫. 新冠肺炎疫情对我国IPO抑价的影响及其中介作用机制研究[J]. 电子科技大学学报社科版, 2022, 24(6): 82-89. DOI: 10.14071/j.1008-8105(2022)-3006 |
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| 作者姓名： | 李睿 贺益鑫 |
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| 作者单位： | 1.电子科技大学 成都 611731 |
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| 摘 要： | ![]()
目的/意义探寻新冠肺炎疫情对我国资本市场IPO抑价的影响机制，为新股发行定价、公司和投资者行为提供参考。同时也为今后发生类似的公共事件时，资本市场应该如何应对提供一些建议。设计/方法基于2020年新冠肺炎疫情数据与新股发行数据，考察新冠肺炎疫情对IPO抑价率的影响及其中介作用机制。 结论/发现新冠肺炎疫情显著提高了IPO抑价率，其中介作用机制是由于新冠肺炎疫情导致的不确定性提高了人们的“预防性储蓄”动机，从而提高IPO抑价率。
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| 关 键 词： | 新冠肺炎疫情 IPO抑价 预防性储蓄 中介效应 |
| 收稿时间： | 2022-03-28 |
A model of the demand for investment banking advising and distribution services for new issues |
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| LI Rui, HE Yi-xin. The Impact of COVID-19 Epidemic on IPO Underpricing and the Mediating Mechanisms[J]. Journal of University of Electronic Science and Technology of China(SOCIAL SCIENCES EDITION), 2022, 24(6): 82-89. DOI: 10.14071/j.1008-8105(2022)-3006 |
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| Authors: | LI Rui HE Yi-xin |
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| Affiliation: | 1.University of Electronic Science and Technology of China Chengdu 611731 China |
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| Abstract: | ![]()
[Purpose/Significance] This research mainly studies the impact of COVID-19 epidemic on Chinese IPO underpricing and the underlying mechanisms, providing reference for IPO pricing, companies and investors’ behaviors. Meanwhile, this research offers suggestions on how the capital market deals with them. [Design/Methodology] Based on the data on COVID-19 epidemic and IPOs in 2020, this paper examines the impact of the COVID-19 epidemic on the IPO underpricing rate and the mediating mechanism. [Conclusions/Findings] This paper finds that the COVID-19 epidemic significantly increases the IPO underpricing rate, and the mediating effect is that the uncertainty caused by the COVID-19 epidemic increases people’s “precautionary savings” motivation, thereby increasing the IPO underpricing rate. |
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| Keywords: | COVID-19 epidemic IPO underpricing precautionary saving mediating effect |
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