中国股市IPO机制与IPO抑价（1990年-2008年）
发布时间：2021-03-14 15:56
IPO抑价（underpricing）是指新发行的股票,上市第一天的收盘价明显高于发行价,也就意味着,一经上市,新股认购者能够获得显著的超额回报。IPO抑价程度被认为是衡量IPO效率的有效指标。IPO抑价是一个在全世界都很普遍的现象。但是与其他国家相比,中国的抑价程度比发达国家甚至许多发展中国家都要高。本文对中国股票IPO的各种制度机制,以及IPO高抑价问题,进行了全面的深入的探索和系统的研究。以1990年至2008年期间于上海证券交易所和深圳证券交易所上市的1661家A股公司为样本,研究了中国自股市发展以来的IPO抑价现象（样本期间抑价率均值为239.10%,中值为123.33%）。本文首先概览了国际上IPO抑价的情况。其次,探索分析了中国的IPO系统:法制规范,发行机制的演进过程,承销机制,定价效率,IPO程序要求,市场的发展状况,以及各种机制对IPO抑价的影响。中国一直致力于探索一个更加市场化的IPO体系。中国的IPO机制经历了从审批制到核准制的演变。股权结构变化经历了股权分置改革。IPO定价机制从固定价格,上网定价,发展到累计投标询价,以及询价。再次,搜集,处理,统计分析了大量...
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：111 页
【学位级别】：硕士
【文章目录】：
中文摘要
Abstract
1.Introduction
2.Underpricing Worldwide
3.Literature Review
3.1 Information Asymmetry Theory
3.2 Behavior Economy
3.3 Institution Risks
3.4 Control Right
3.5 Empirical Researches about Underpricing in China
4.China IPO Mechanism Analysis
4.1 IPO Regulation System Analysis
4.2 Offering Mechanism
4.3 Underwriting Mechanism
4.4 IPO Pricing Mechanism Analysis
4.5 China IPO Pricing Efficiency Analysis
4.6 Comparison Analysis of Impact on Underpricing
4.7 IPO Requirements
4.8 Rapid Development of Chinese Stock Market
5.Overview of Chinese A Share IPO Underpricing
5.1 Key Trends and Features of Chinese IPOs
5.2 Underpricing comparison analysis from mechanism point of view
6.Determinants of Chinese A Share IPO Underpricing
6.1 Extreme Demand in Excess of Supply for IPOs
6.2 Long Time Lag between Offering and Listing
6.3 Underwriter Reputation and Fee
6.4 Offering Mechanism
6.5 Shareholder Structure
6.6 Management Credibility
6.7 Ex Ante Uncertainty
6.8 Market Climate and Speculation
7.Empirical Analysis
7.1 Data
7.2 Variable Definition
7.3 Characteristics of IPO Firms
7.4 Univariate Partitioning
7.5 Ex Ante Uncertainty
7.6 Underwriter Reputation and Fee
7.7 Management Credibility
7.8 Market Climate and Speculation
7.9 Sub-period Analysis
7.10 Underpricing Determinants before and after Share Division Reform
8.Short-term Performance of IPOs
9.Recent IPO Mechanism Reform in China
10.Conclusions
11.Suggestions
Reference
【参考文献】：
期刊论文
[1]持股锁定期、信息动量与IPO抑价[J]. 熊维勤,孟卫东,周孝华. 中国管理科学. 2007(01)
本文编号：3082491
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：111 页
【学位级别】：硕士
【文章目录】：
中文摘要
Abstract
1.Introduction
2.Underpricing Worldwide
3.Literature Review
3.1 Information Asymmetry Theory
3.2 Behavior Economy
3.3 Institution Risks
3.4 Control Right
3.5 Empirical Researches about Underpricing in China
4.China IPO Mechanism Analysis
4.1 IPO Regulation System Analysis
4.2 Offering Mechanism
4.3 Underwriting Mechanism
4.4 IPO Pricing Mechanism Analysis
4.5 China IPO Pricing Efficiency Analysis
4.6 Comparison Analysis of Impact on Underpricing
4.7 IPO Requirements
4.8 Rapid Development of Chinese Stock Market
5.Overview of Chinese A Share IPO Underpricing
5.1 Key Trends and Features of Chinese IPOs
5.2 Underpricing comparison analysis from mechanism point of view
6.Determinants of Chinese A Share IPO Underpricing
6.1 Extreme Demand in Excess of Supply for IPOs
6.2 Long Time Lag between Offering and Listing
6.3 Underwriter Reputation and Fee
6.4 Offering Mechanism
6.5 Shareholder Structure
6.6 Management Credibility
6.7 Ex Ante Uncertainty
6.8 Market Climate and Speculation
7.Empirical Analysis
7.1 Data
7.2 Variable Definition
7.3 Characteristics of IPO Firms
7.4 Univariate Partitioning
7.5 Ex Ante Uncertainty
7.6 Underwriter Reputation and Fee
7.7 Management Credibility
7.8 Market Climate and Speculation
7.9 Sub-period Analysis
7.10 Underpricing Determinants before and after Share Division Reform
8.Short-term Performance of IPOs
9.Recent IPO Mechanism Reform in China
10.Conclusions
11.Suggestions
Reference
【参考文献】：
期刊论文
[1]持股锁定期、信息动量与IPO抑价[J]. 熊维勤,孟卫东,周孝华. 中国管理科学. 2007(01)
本文编号：3082491
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