| 询价制度下新股发行价格“有偏调整”特征实证研究 |
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| 引用本文： | 王春峰,赵威,房振明.询价制度下新股发行价格“有偏调整”特征实证研究[J].北京理工大学学报(社会科学版),2006,8(6):69-73. |
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| 作者姓名： | 王春峰 赵威 房振明 |
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| 作者单位： | 1.天津大学管理学院,天津300072 |
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| 基金项目： | 国家杰出青年科学基金项目(70225002)，教育部优秀青年教师教学科研奖励基金项目 |
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| 摘 要： | 在详细分析询价制度下新股发行定价过程的基础上,针对询价发行方式下产生的新股价格行为特征进行了实证分析,结果发现我国新股发行定价过程中存在着显著的正向偏离和与国外成熟股票市场相同的“有偏调整”特征,对这些价格行为特征进行的实证研究表明询价过程中存在对信息揭示者的价格补偿和数量补偿,我国的新股询价机制在揭示新股真实价值方面具有较好作用。
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| 关 键 词： | 累积投标询价 初始收益率 新股价格行为特征 有偏调整 |
| 文章编号： | 1009-3370(2006)06-0069-05 |
| 收稿时间： | 3/7/2006 12:00:00 AM |
| 修稿时间： | 2006年3月7日 |
An Empirical Study on the Phenomenon of "Partial Adjustment" of Chinese New Stocks Issued by Book-building Method |
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| WANG Chun-feng,ZHAO Wei and FANG Zhen-ming.An Empirical Study on the Phenomenon of "Partial Adjustment" of Chinese New Stocks Issued by Book-building Method[J].Journal of Beijing Institute of Technology(Social Sciences Edition),2006,8(6):69-73. |
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| Authors: | WANG Chun-feng ZHAO Wei and FANG Zhen-ming |
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| Institution: | 1.School of Management,Tianjin University,Tianjin 300072,China |
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| Abstract: | The process of making sure of the stock price issued by book-building method was analyzed,and then two multi-variable models for Chinese new issues by book-building method were built.On the basis of them,the study to the price behavior of new issues indicates that there are positive revision and partial adjustment phenomena in Chinese stock market.The study to these phenomena shows that there are evident price and quantity compensation in the issue process,and new book-building method implemented by China could attract informed-investors to open out their private information. |
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| Keywords: | book-building the initial return price behavior partial adjustment |
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