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中国IPO定价偏低的实证研究
引用本文:韩德宗,陈静.中国IPO定价偏低的实证研究[J].统计研究,2001,9(4):29-35.
作者姓名:韩德宗  陈静
作者单位:杭州商学院金融系
基金项目:本文受到包兆龙包玉刚基金的资助.
摘    要:一、文献综述1 IPO定价行为的特征国际上 ,IPO(InitialPublicOfferings)指股份公司首次公开发行的普通股 ,中国通常称作新股。 2 0世纪 6 0年代以来 ,世界各国学者开始对IPO及其在二级市场的表现作了研究 ,发现IPO定价行为有两个主要特征 :(1 )IPO定价偏低 (underpricing)IPO上市日的市场价格通常高于其招股价。Loughram、RitterandRydgvist(1 994)发现世界股票市场普遍存在着IPO定价偏低的现象。表 1中 2 9个国家或地区IPO平均超额报酬率均为正 ,表…

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Empirical study on the underpricing of IPO in China
HAN De-Zong,CHEN Jing.Empirical study on the underpricing of IPO in China[J].Statistical Research,2001,9(4):29-35.
Authors:HAN De-Zong  CHEN Jing
Abstract:Thus paper studies the price behavior of IPO In China and analyses their causes by multivariable regression models. This paper finds that underpricing of IPO in China is the most serious in the world; there is “hot issue” market;underpricing of IPO has positive correlation with the market condition and market value, and negative correlation with the amount of raising fund, and no obvious correlation wit the price-earning ratio in China. This paper draws the conclusion that a marketable IPO system should be set up in China as soon as possible.
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