中小企业如何选择在不同股票市场上IPO的比较研究——来自中国内地和美国资本市场的证据

发布时间：2018-03-02 22:29

本文选题：IPO抑价　切入点：发行费率　出处：《社会科学家》2011年12期 　论文类型：期刊论文

【摘要】：文章选取了2006年至2007年在中美两地上市的同行业中国中小企业的数据,并检验了这两对样本在IPO抑价、发行费率以及波动率三个方面的差异。实证结果表明:(1)中美两地IPO抑价现象均存在并且差异显著,其中在美国上市的中国企业的IPO抑价程度要明显低于同行业在国内上市的企业。(2)在IPO发行费率方面,国内上市的中小企业相比在美国上市的同行业企业所需支付的发行费更低,但由于近些年国内中小板、创业板IPO的发行费用大幅上涨,这种差异有逐渐变小的趋势。(3)在美国上市的中国企业上市后的波动率要显著高于同行业国内上市企业,这不仅说明美国证券市场的流动性更好并且交易更为活跃,同时也说明在美国上市的中国企业所面临的风险更高。
[Abstract]:From 2006 to 2007, the data of Chinese SMEs in the same industry listed in the US and China from 2006 to 2007 were selected, and the two pairs of samples were tested in IPO underpricing. The empirical results show that there are significant differences in IPO underpricing between China and the United States. The degree of IPO underpricing of Chinese enterprises listed in the United States is obviously lower than that of domestic listed enterprises in the same industry. In the aspect of IPO issue rate, the issuing fees of domestic listed SMEs are lower than those of the same industry enterprises listed in the United States. However, due to the large increase in the issuing cost of gem IPO on domestic small and medium-sized boards in recent years, this difference has a trend of gradually becoming smaller.) the volatility of Chinese enterprises listed in the United States after listing is significantly higher than that of domestic listed enterprises in the same industry. This means not only that U.S. securities markets are more liquid and trading more active, but also that Chinese companies listed in the United States face higher risks.
【作者单位】：中央财经大学;
【分类号】：F831.51;F832.51;F224

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