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中国IPO抑价的平均水平远远高出其他国家,并且用传统的理论不能得到很好的解释。文章首先回顾了国外关于IPO抑价的相关理论研究成果,然后探讨了A股发行审核制度、发行方式以及发行定价机制等对中国IPO抑价率的影响,并针对刚刚出台的《关于进一步改革和完善新股发行体制的指导意见(征求意见稿)》以及2009年重启IPO以后各股的表现,指出了其中仍需规范和完善的地方,尤其是对于发行市盈率的限制和对中小股民的保护,以促进中国股票市场健康发展。
The average level of IPO underpricing in China is much higher than that of other countries and can not be well explained by traditional theories. First of all, the article reviews the relevant theoretical research results of IPO underpricing in foreign countries, and then discusses the impact of A-share issuance examination and approval system, issuance method and issuance pricing mechanism on China’s IPO underpricing rate. In the light of the “ Improve the IPO guidance system (draft) ”and the performance of each unit after the resumption of IPO in 2009, pointed out that there still need to regulate and improve the place, especially for the issue of price-earnings ratio and the protection of small and medium-sized shareholders to Promote the healthy development of China’s stock market.