论文部分内容阅读
本文基于相关市场数据,整理得出从1990年到2016年期间,我国上市公司首次公开发行的抑价率,并基于此对抑价现象发生的原因进行分析研究。总结整理了西方相关理论假说:“券商声誉说”、“赢者诅咒说”、“信息不对称说”、“投资者市场情绪说”。然后,以一般理论为基础,结合中国体制和市场现状,得出具有中国特色的理论分析结果:核准制的缺陷、流通股比例较低、投资结构不合理是造成中国IPO抑价的主要原因。从而对我国股票市场的进一步发展提供一定的参考意义。
Based on the relevant market data, this article concludes the underpricing rate of initial public offering of listed companies in China from 1990 to 2016, and analyzes the reasons for the underpricing. Summarized and summarized the Western theory hypothesis: “the reputation of the brokerage ”, “winner curse ”, “asymmetric information ”, “investor market sentiment ”. Then, based on the general theory, combined with the current situation of China’s system and the market, we can draw the theoretical analysis results with Chinese characteristics: the defects of the approval system, the low proportion of tradable shares and the irrational investment structure are the main reasons for the underpricing of China’s IPO. Thus providing some reference significance for the further development of China’s stock market.