| 首日停牌机制下我国IPO抑价影响因子研究 |
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| 引用本文： | 于引,戴璐.首日停牌机制下我国IPO抑价影响因子研究[J].河北大学学报(哲学社会科学版),2016,41(1):119-125. |
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| 作者姓名： | 于引 戴璐 |
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| 作者单位： | 南京农业大学 金融学院，江苏 南京210000 |
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| 基金项目： | 南京农业大学校人文社科面上项目（SK2016022) |
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| 摘 要： | 我国的IPO抑价率远超世界平均水平，造成资本的聚集严重制约了资本市场的有效运行。2014年1月，我国资本市场重启IPO，引入新股上市首日临时停牌机制，这一举措是否可以改善抑价水平及其影响因子？通过使用破板日中价来描述首日停盘机制下抑价水平进行实证分析，发现在这一机制的引导下，发行因素代表的不理性因素对IPO抑价水平影响有所下降，说明我国资本市场的信息水平得到提高，市场对新股的投资变得更为理性。
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| 关 键 词： | IPO抑价 首日临时停牌 破板 |
| 收稿时间： | 2015-05-30 |
IPO Underpricing Level Influence Factor under the First day Suspension Mechanism |
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| YU Yin,DAI Lu.IPO Underpricing Level Influence Factor under the First day Suspension Mechanism[J].Journal of Hebei University(Philosophy and Social Science),2016,41(1):119-125. |
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| Authors: | YU Yin DAI Lu |
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| Institution: | College of Finance, Nanjing Agricultural University, Nanjing, Jiangsu 210000, China |
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| Abstract: | China's IPO underpricing rate far exceeds the average level that of other markets, causing the capital accumulation to restrict the effectiveness of capital market. After the IPO restarted in early 2014, a new first-day suspension mechanism was introduced and enforced. Can this improve IPO underpricing level influence factor? To explore this topic, we use the mean of high and low prices on the first day of none-suspension of IPO to calculate the rate of underpricing. We find that after this mechanism being placed, the irrational factors, represented by release factors, affect the IPO underpricing level are decreased, which indicates the level of information in China's capital market has been improved, and the investment of new shares has become more rational. |
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| Keywords: | IPO underpricing The first-day of temporary suspension first the suspension day after trading for many days |
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