[1]卢宇荣,杨琪.我国创业板IPO抑价现象的实证研究[J].金融教育研究,2012,(06):17-24.
　LU Yurong,YANG Qi.An Empirical Study on IPO Underpricing Phenomenon of China＇s Growth Enterprise Market[J].,2012,(06):17-24.
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我国创业板IPO抑价现象的实证研究()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2012年06期
页码:
17-24
栏目:
出版日期:
2012-12-31

文章信息/Info

Title:
An Empirical Study on IPO Underpricing Phenomenon of China＇s Growth Enterprise Market
作者:
卢宇荣;杨琪;
江西师范大学财政金融学院,江西南昌,330027
Author(s):
LU Yurong;  YANG Qi
关键词:
IPO抑价; 创业板; 募集资金规模; 换手率; 投机泡沫
Keywords:
IPO underpricing;  GEM;  fund scale;  exchange rate;  Speculative - bubble
分类号:
F830.91
文献标志码:
A
摘要:
IPO抑价现象是证券市场中的一个普遍现象,不论是发达国家的成熟市场还是发展中国家的新兴市场,都不同程度地存在新股发行折价现象。通过研究目前学术界比较主流的IPO抑价理论以及国内外IPO抑价的实证研究成果,采用理论与实际相结合、规范研究与实证研究相结合的方法,对2011年我国创业板市场IPO抑价现象进行实证分析后发现,我国创业板抑价现象较为明显,而股票发行的首日换手率、新股发行中签率及募集资金量对抑价程度的影响较为严重。
Abstract:
IPO underpricing phenomenon is a common phenomenon in the stock market. No matter in mature market of developed countries or emerging markets of developing countries, this phenomenon exists to varying degrees. This paper briefly summarizes the mainstream IPO underprieing theories in current academic circles and empirical study at home and abroad. The combination of theory and practice, normative and positive research method is used to analyze the IPO underpricing phenomenon of China＇s Growth Enterprise Market of 2011. The exemplified result shows that our country＇s underpricing phenomenon of GEM is obvious, and the exchange rate, success rate and fund scale have higher impact on the underpricing degree.

参考文献/References:

[1]蒋顺才,蒋永明.我国新股发行制度变迁与IPO高抑价的实证研究[J].海南大学学报(人文社会科学版),2005(3):337-344.
[2]Rock,K.Why New Issues are Underpriced[J].Journal of Financial Economics,1986(15):187-212.
[3]Tinic,S.Anatomy of Initial Public Offerings of Common Stock[J].The Journal of Finance,1988(4).
[4]李树辉.首次公开发行的长期考察[J].湘潭工学院学报(社会科学版),2001(3):77-79.
[5]刘小群,章焕新.我国IPO抑价影响因素的实证分析[J].中国证券期货,2011(9).
[6]耿照源,黄嘉蔚.我国IPO抑价问题的实证研究[J].统计与决策,2010(18).

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更新日期/Last Update: 1900-01-01