我国新股发行定价的实证研究及改进建议

发布时间：2018-01-27 10:12

本文关键词： 抑价定价新股发行询价　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：新股抑价现象是指新股在第一天上市时存在不寻常的超额收益率。虽然我国已经反反复复进行了多次改革,但我国证券市场的新股抑价水平仍高于其他成熟市场。本文以2000-2014年沪深A股中的1663只新股为样本,对我国A股市场的首次公开发行抑价现象及新股发行体制进行全面的研究,试图寻找影响新股抑价的因素,同时对于发行制度对新股定价的影响做了实证研究。最后基于研究结果提出了一些建议。
[Abstract]:The phenomenon of underpricing of new shares refers to the unusual excess returns of new shares on the first day of listing, although China has carried out many reforms over and over again. However, the underpricing level of new shares in China's securities market is still higher than that in other mature markets. This paper takes 1663 new shares in Shanghai and Shenzhen A shares from 2000 to 2014 as samples. This paper makes a comprehensive study on the underpricing phenomenon of initial public offering (IPO) and the new issue system in China's A-share market, and tries to find out the factors that affect the IPO underpricing. At the same time, the paper makes an empirical study on the impact of the issuing system on the pricing of new shares, and finally puts forward some suggestions based on the results of the research.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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