| 我国IPO定价、抑价及长期表现分析 |
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| 引用本文： | 毛立军,李一智.我国IPO定价、抑价及长期表现分析[J].武汉大学学报：哲学社会科学版,2004,57(3):375-380. |
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| 作者姓名： | 毛立军 李一智 |
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| 作者单位： | 中南大学,商学院,湖南,长沙,410083 |
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| 摘 要： | 我国证券市场上IPO的定价、抑价过高,股票价格与价值背离,使得新股在市场上的长期表现不佳,市场效率低下。究其原因,除了我国IPO市场长期处于卖方市场外,还因为我国存在大量的乐观投资者。要解决IPO定价、抑价等问题,应该消除IPO市场上的乐观根源,大力发展壮大机构投资者。
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| 关 键 词： | IPO定价 抑价 长期表现 |
| 文章编号： | 1672-7320(2004)03-0375-06 |
| 修稿时间： | 2003年12月13 |
Analysis of IPO Pricing,Underpricing & Long-run Performance in China Stock Market |
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| MAO Li-jun,LI Yi-zhi.Analysis of IPO Pricing,Underpricing & Long-run Performance in China Stock Market[J].Wuhan University Journal (Social Sciences),2004,57(3):375-380. |
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| Authors: | MAO Li-jun LI Yi-zhi |
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| Abstract: | In China stock market,the IPO pricing,underpricing and the stock price deviation from it's value make the newly-issued stock's long-run performance underperform the market and also make the market inefficient.This phenomenon is due to the reason that there are a lot of sentimental investors in the market, apart from the reason that in China the IPO market is a seller's market for a long time.To resolve this problem we should remove those elements that cause the investors over-sentimental and strengthen institutional investors. |
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| Keywords: | IPO pricing underpricing long-run performance |
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