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今年一月我国证券市场开始出现密集而猛烈的破发潮。新股破发是我国证券市场上少有的现象,此次的破发潮打破了以往新股上市首日必然大涨的神话。本文认为IPO破发现象的出现与我国实行的询价制有关。本文将利用沪深股市的数据研究询价制对IPO破发的影响。研究发现,询价制通过影响新股的发行价格影响了新股首日的表现,是IPO破发的重要原因。
In January of this year, the stock market in our country began to witness the intensive and violent breaking wave. Breaking new shares is a rare phenomenon on the stock market in our country. This breaking wave has broken the myth of the inevitable rise of the IPO shares in the past. This paper argues that the appearance of IPO breakout is related to the inquiry system practiced in our country. This article will use the Shanghai and Shenzhen stock market data to study the impact of inquiry system on the IPO break. The study finds that the inquiry system affects the performance of the first day of new shares by influencing the issue price of new shares, which is an important reason for IPO break.