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本文以2010年以来上市首日破发新股为研究对象,首先对首日破发新股所处的行业、上市板块以及上市前的基本财务指标进行描述性统计分析。然后运用随机前沿定价模型进行实证分析,发现首日破发新股一级市场定价并不具有随机前沿下边界特征,不存在定价过高的现象,随后进行多元回归分析,发现一级市场定价能很好地反映公司内在价值指标。因此,新股首日破发可能来自二级市场的错误定价。
This article takes the first-day break-new shares listed on the market since 2010 as the research object. Firstly, it descriptively analyzes the industries, the market segments and the basic financial indicators before the IPO on the first break. Then it uses the stochastic frontier pricing model to make an empirical analysis and finds that the primary market price of the new shares on the first break does not have the characteristics of random frontier lower bounds and there is no overpricing phenomenon. Subsequently, the multiple regression analysis shows that the primary market pricing can be very good Reflect the company’s intrinsic value indicators. Therefore, the break-up of new shares may come from the secondary market, the wrong pricing.