| IPO发售机制对定价效率影响的实证研究 |
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| 引用本文： | 何树红,毛娟芳,乐晓梅.IPO发售机制对定价效率影响的实证研究[J].云南民族大学学报(自然科学版),2006,15(3):198-201. |
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| 作者姓名： | 何树红 毛娟芳 乐晓梅 |
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| 作者单位： | 云南大学数学系,云南,昆明,650091 |
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| 基金项目： | 国家自然科学基金资助项目(10561009)，云南大学“中青年骨干教师培养计划”专项经费资助项目 |
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| 摘 要： | 以从1999年7月1日至2005年5月20日,在上海、深圳证券交易所上市的394家A股公司为样本,从公司内在价值因素、发行因素、市场环境因素设计解释变量,用计量经济学模型对我国新股的首日超额收益进行实证分析,并建立多元回归模型进行检验,归纳了影响新股首日超额收益的主要因素.
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| 关 键 词： | 首次公开发行 发售机制 定价效率 首日超额收益 多元回归 |
| 文章编号： | 1672-8513(2006)03-0198-04 |
| 修稿时间： | 2006年1月6日 |
The Empirical Study of Influence of the IPO Mechanism for Pricing and Distributing to the Book-price Efficiency |
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| He Shuhong,Mao Juanfang,Le Xiaomei.The Empirical Study of Influence of the IPO Mechanism for Pricing and Distributing to the Book-price Efficiency[J].Journal of Yunnan Nationalities University:Natural Sciences Edition,2006,15(3):198-201. |
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| Authors: | He Shuhong Mao Juanfang Le Xiaomei |
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| Abstract: | 394 companies appearing on market in negotiable securities exchange of Shanghai and Shenzhen are samples from July 1 in 1999 to May 20 in 2005.Explalaining variable is designed from aspects of the company inherent worth factor,issue factor,the market environment factor.Initial excess returns of new stock in our country is analysed by econometric method and is tested by multiple regression.Main factors of influence on initial excess returns of new stock are induced. |
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| Keywords: | IPO(Initial Public Offering) mechanism for pricing and distributing book-price efficiency initial excess returns multiple regression |
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