| 中国上市公司抑价率的实证研究 |
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| 引用本文： | 刘太阳,叶中行,汪超.中国上市公司抑价率的实证研究[J].上海交通大学学报,2005,39(10):1711-1714. |
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| 作者姓名： | 刘太阳 叶中行 汪超 |
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| 作者单位： | 上海交通大学,数学系,上海,200030;上海交通大学,数学系,上海,200030;上海交通大学,数学系,上海,200030 |
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| 基金项目： | 国家自然科学基金资助项目（10171066）;上海市科委重点项目（02DJ14063） |
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| 摘 要： | 对2000～2004—04上市交易的300多个首次公开发行股票的抑价问题进行实证研究和分析，并考察公司财务、发行状况、宏观经济等40多项指标与初始收益率的关系．证实了目前中国上市公司（IPO）抑价现象仍然相当严重，但呈逐年下降趋势．通过回归分析，从深层次挖掘了造成IPO抑价的原因，并提出了进一步降低IPO抑价率的政策建议．
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| 关 键 词： | 上市公司 新股发行 抑价率 回归分析 |
| 文章编号： | 1006-2467(2005)10-1711-04 |
| 收稿时间： | 2004-09-22 |
| 修稿时间： | 2004年9月22日 |
An Empirical Investigation of Underpricing in Chinese IPOs |
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| LIU Tai-yang,YE Zhong-xing,WANG Chao.An Empirical Investigation of Underpricing in Chinese IPOs[J].Journal of Shanghai Jiaotong University,2005,39(10):1711-1714. |
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| Authors: | LIU Tai-yang YE Zhong-xing WANG Chao |
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| Institution: | Dept. of Mathematics, Shanghai Jiaotong Univ., Shanghai 200030,China |
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| Abstract: | Morn than 300 share initial public offerings(IPOs)that list on Shanghai Security Exchange from February 2002 to April 2004 and the relation between the underpricing and more than 40 indices including the corporation finance,status of a new issue and macro-economics etc were studied.The result shows that there is severe underpricing decreasing every year in Chinese IPOs.Through regression analysis,the cause was found in depth,and some suggestion to reduce the underpricing was put forward. |
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| Keywords: | initial public offering(IPO) new shares issue ratio of underpricing regression analysis |
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