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新股抑价现象几乎在每个有股票市场的国家(地区)都存在。为了解释这一现象,西方金融学界提出了一系列的理论假说,即信息不对称假说、投资者行为假说、承销商行为与影响假说。尽管这些理论分别从不同角度对新股抑价现象作出了一定的解释,但其解释力仍然较弱,甚至存在一些比较明显的不足和缺陷。我们可以借助这些理论和方法,结合中国实际,从法律体系和制度特色的角度出发,更加规范地开展实证研究,构建具有中国特色的新股抑价理论模型。
IPO underpricing exists in almost every country (or region) that has a stock market. To explain this phenomenon, western financial scholars put forward a series of theoretical hypotheses, namely information asymmetry hypothesis, investor behavior hypothesis, underwriter behavior and impact hypothesis. Although these theories respectively explain the IPO underpricing from different perspectives, their explanatory power is still weak, and even some obvious deficiencies and shortcomings exist. We can make use of these theories and methods in combination with the reality of China to carry out more empirical research on the legal system and system features and to build a theoretical model of underpricing with Chinese characteristics.