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IPOs抑价现象所谓首次公开发行股票(Initial Public Offerings,IPOs),也称新股,是企业第一次向公众出售股票,并随即在证券交易所挂牌交易,形成一个流动的交易市场(Ritter,1998)。新股低价上市(Underpricing),即公司的股票常常以过低的价格发行,从而使申购到新股者获得稳定的超额收益,并导致公司上市前的现有股东遭受重大损失的现象。主要表现为新股发行价显著低于其上市首日或初期的收盘价。新股超额收益现象的存在,意味着IPOs市场存在效率损失,并直接表现为上市公司可募集资金的减少。
Underpricing of IPOs Initial Public Offerings (IPOs), also known as new shares, are the first time an enterprise has sold shares to the public and then listed on a stock exchange to form a liquid exchange market (Ritter 1998 ). Underpricing, where the company’s stock is often issued at too low a price, gives a steady excess of returns to acquirers and leads to a significant loss to existing shareholders before the company goes public. Mainly for the IPO price significantly lower than its IPO on the first day or early closing price. The existence of excess returns of new shares means that there is a loss of efficiency in the IPOs market and a direct manifestation of the reduction of funds that can be raised by listed companies.