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新股发行价格高估公司基本价值的同时,还伴随着公司上市后异常高的首日收益率。这一现象的逻辑起点就是新股高折价发行,即首日收益率偏高。在定价被压低的情况下,发行主体通过盈余管理来寻求发行的高估值动机十分明显。本文通过对股票市场首日收益率、盈余管理分析以及基于公司质量主成分分析方法建模分析发行定价效率,对上述现象予以了阐释。并认为我国股票市场的IPO定价应继续坚持市场化的改革方向。
The issue price of new shares overestimates the basic value of the company, but also accompanied by unusually high first-day returns after the listing of the company. The logical starting point for this phenomenon is the issue of new shares at high discount, that is, the first day of the high yield. In the case of pricing is depressed, the issue of high valuation motivation of the issuers seeking to issue through earnings management is obvious. This article explains the above phenomenon by analyzing the first day return on the stock market, the earnings management analysis and the analysis of the issue pricing efficiency based on the principal component analysis of the company quality. And think IPO pricing in China’s stock market should continue to adhere to the market-oriented reform.