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我国IPO定价、抑价及长期表现分析
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
作者姓名:毛立军  李一智
作者单位:中南大学,商学院,湖南,长沙,410083
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。

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:2003-12-13

Analysis of IPO Pricing,Underpricing & Long-run Performance in China Stock Market
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
Authors:MAO Li-jun  LI Yi-zhi
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.
Keywords:IPO pricing  underpricing  long-run performance  
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