| 盈利预测自愿披露行为与新股发行抑价研究 |
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| 引用本文： | 张雁翎.盈利预测自愿披露行为与新股发行抑价研究[J].中山大学学报(社会科学版),2004,44(2):31-37. |
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| 作者姓名： | 张雁翎 |
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| 作者单位： | 中山大学,岭南学院,广东,广州,510275 |
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| 基金项目： | 中山大学校科研和教改项目 |
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| 摘 要： | 该文在分析盈利预测与新股发行定价基本关系的基础上,对上市公司IPO的盈利预测自愿披露行为与新股发行抑价的关系进行实证检验.研究发现:市场能够接受盈利预测信息,盈利预测披露行为可以有助于降低新股发行抑价;上市公司披露盈利预测有助于降低一级市场的信息不对称,并可以在一定程度上缓解以新股低价发行作为投资者投资补偿的压力,减少发行企业在抑价中的经济损失.
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| 关 键 词： | 新股发行抑价 盈利预测 |
| 文章编号： | 1000-9639(2004)02-0031-07 |
| 修稿时间： | 2003年10月5日 |
A Study of Earnings Forecast Voluntary Disclosure and IPO Underpricing |
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| ZHANG Yan-ling.A Study of Earnings Forecast Voluntary Disclosure and IPO Underpricing[J].Journal of Sun Yatsen University(Social Science Edition),2004,44(2):31-37. |
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| Authors: | ZHANG Yan-ling |
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| Abstract: | Based on the analysis of the relationship between earnings forecast and IPO pricing, this paper provides an empirical research on the voluntary disclosure of earnings forecast and IPO underpric-ing of listing companies. The research finds that the capital market can detect the information of earnings forecast; the action of disclosing earnings forecast is useful to decrease the IPO underpricing; listing companies forecast earnings can help to decrease asymmetric information in the stock market. Moreover, to some extent, earnings forecast can relax the stress that IPO underpricing is acted as a kind of compensation to investors, reducing the companies' losses in the process of IPO. |
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| Keywords: | IPO |
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