IPO抑價（underpricing）是指新發(fā)行的股票,上市第一天的收盤價明顯高于發(fā)行價,也就意味著,一經(jīng)上市,新股認(rèn)購者能夠獲得顯著的超額回報。IPO抑價程度被認(rèn)為是衡量IPO效率的有效指標(biāo)。IPO抑價是一個在全世界都很普遍的現(xiàn)象。但是與其他國家相比,中國的抑價程度比發(fā)達(dá)國家甚至許多發(fā)展中國家都要高。本文對中國股票IPO的各種制度機(jī)制,以及IPO高抑價問題,進(jìn)行了全面的深入的探索和系統(tǒng)的研究。以1990年至2008年期間于上海證券交易所和深圳證券交易所上市的1661家A股公司為樣本,研究了中國自股市發(fā)展以來的IPO抑價現(xiàn)象（樣本期間抑價率均值為239.10%,中值為123.33%）。本文首先概覽了國際上IPO抑價的情況。其次,探索分析了中國的IPO系統(tǒng):法制規(guī)范,發(fā)行機(jī)制的演進(jìn)過程,承銷機(jī)制,定價效率,IPO程序要求,市場的發(fā)展?fàn)顩r,以及各種機(jī)制對IPO抑價的影響。中國一直致力于探索一個更加市場化的IPO體系。中國的IPO機(jī)制經(jīng)歷了從審批制到核準(zhǔn)制的演變。股權(quán)結(jié)構(gòu)變化經(jīng)歷了股權(quán)分置改革。IPO定價機(jī)制從固定價格,上網(wǎng)定價,發(fā)展到累計投標(biāo)詢價,以及詢價。再次,搜集,處理,統(tǒng)計分析了大量... 

【文章來源】：復(fù)旦大學(xué)上海市 211工程院校 985工程院校 教育部直屬院校

【文章頁數(shù)】：111 頁

【學(xué)位級別】：碩士

【文章目錄】：
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


【參考文獻(xiàn)】：
期刊論文
[1]持股鎖定期、信息動量與IPO抑價[J]. 熊維勤,孟衛(wèi)東,周孝華.  中國管理科學(xué). 2007(01)



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