从Block Booking理论视角看我国股票市场IPO折价现象——沪深A股IPO数据的实证研究
发布时间：2018-07-23 12:33
【摘要】：IPO折价是世界各国新股发行市场所呈现的普遍现象,迄今为止这仍然是金融研究领域的一个谜,IPO初始收益率随发行时间和发行公司类型的显著变化仍然难以得到令人信服的解释。对于我国IPO折价程度过高的现象,不少学者对其进行了研究,但是还没有一种理论方法能够较好地对其进行解释。本文基于不对称信息研究路径,利用沪深A股的股票发行上市数据进行分析,从一个新的视角对我国新股发行市场较高的IPO折价程度进行解释,得出了关于IPO折价的一些有益结论。
[Abstract]:The discount of IPO is a common phenomenon in the world's IPO market. So far, this is still a mystery in the field of financial research. The significant change in initial IPO yield with the time of issue and the type of issuing company is still difficult to get a convincing explanation. Many scholars have studied the phenomenon of excessive discount of IPO in China, but there is no theoretical method to explain it well. Based on the research path of asymmetric information, this paper analyzes the listing data of Shanghai and Shenzhen A-shares, and explains the higher discount of IPO in China's IPO market from a new perspective. Some useful conclusions about IPO discount are obtained.
【作者单位】： 厦门大学王亚南经济研究院;
【分类号】：F832.51
[Abstract]:The discount of IPO is a common phenomenon in the world's IPO market. So far, this is still a mystery in the field of financial research. The significant change in initial IPO yield with the time of issue and the type of issuing company is still difficult to get a convincing explanation. Many scholars have studied the phenomenon of excessive discount of IPO in China, but there is no theoretical method to explain it well. Based on the research path of asymmetric information, this paper analyzes the listing data of Shanghai and Shenzhen A-shares, and explains the higher discount of IPO in China's IPO market from a new perspective. Some useful conclusions about IPO discount are obtained.
【作者单位】： 厦门大学王亚南经济研究院;
【分类号】：F832.51
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