论文部分内容阅读
使用2009年7月至2015年7月的新股发行数据,通过实证检验表明,限制新股上市首日涨幅会显著提高IPO抑价率。基于信息不对称理论的分析框架,本文进一步研究其他因素与限制涨幅政策的交互效应后发现,与不限制涨幅时相比,限制涨幅时的IPO抑价率对短期市场气氛、公司声誉和承销商声誉的反应模式都有明显变化。此外,研究还发现信息不对称问题的减弱不仅可以降低IPO抑价率,还会减小声誉对IPO抑价率的影响。
Using the IPO data from July 2009 to July 2015, empirical tests show that limiting the first-day increase of new shares significantly increases IPO underpricing. Based on the analysis framework of information asymmetry theory, this paper further studies the interaction effect of other factors and the policy of limiting the price of increase, and finds that the rate of IPO underpricing at the time of limit increase has no effect on the short-term market sentiment, company reputation and underwriters The response mode of reputation has obvious changes. In addition, the study also found that the reduction of asymmetric information not only reduces the IPO underpricing rate, but also reduces the impact of reputation on the IPO underpricing rate.