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众所周知，中国的股票市场还处于比较不成熟的阶段，这也就导致中国股票市场的IPO抑价率远远高于一些发达国家，其中我国特殊的制度因素对其有很大的影响。在2005年股权分置改革之前，我国上市公司大部分股票都为非流通股，而公开发行的流通股仅为全部股票的少数部分。

As we all know , China 's stock market is still relatively immature stage , which also led to Chinese stock market IPO underpricing rate is much higher than some developed countries , including our special institutional factors exert a great influence. In 2005, before the share reform , the majority of listed companies are non- tradable shares , while the public offering of the outstanding shares of all the shares of only a few parts. Non-tradable shares , mostly through private transactions entered into a transfer agreement , the price is much lower than the market price of shares outstanding , which will lead to the interests of investors who bought shares outstanding by the loss . The institutional factors relative to foreign stock markets , in the end on how IPO underpricing rate effects , as well as the reform on China's stock market after the IPO underpricing and what will be the impact , as the researchers were concerned issue.

在牛市行情中基于投资者情绪研究IPO抑价的大小，最初由Ljungqvist，Nanda，Singh（2003）提出。假设市场上不存在非对称信息，但市场上的参与者有理性和感性之分，其对股票的估价也就各不相同。

In the bull market investor sentiment based on the size of IPO underpricing , originally developed by Ljungqvist, Nanda, Singh (2003) proposed . Assumption that the market does not exist on asymmetric information, but market participants have rational and emotional of the points, the stock 's valuation also varies. Investors use emotional sensibility sentiment underwriters optimal decision is to issue stock in stages , IPO underpricing is to compensate the underwriters filed at a later stage bull facing the risk of termination . But the theory is based on the foreign stock markets abroad mature research , this paper LNS model , combined with China 's split share this special institutional factors , research tradable impact on IPO underpricing .

首先，对直销的情况进行分析。若市场上存在感性投资者，发行人的最优策略是分阶段发行以获得更高的利润。

First, the direct analysis of the situation . If the market there are emotional investors , the issuer's optimal strategy is a phased release for higher profits.

Secondly, the underwriting analysis of the situation . Underwriting time and divided into two cases : the underwriters do not hold non-tradable shares held by the underwriters and some non- tradable shares . Underwriters mutual cooperation with the issuer , the underwriters will also choose to issue stock in stages . Maximum profit of the issuer and the underwriter 's participation constraint were derived model of IPO underpricing .

其次，承销的情况进行分析。承销时又分为两种情况：承销商不持有非流通股和承销商持有部分非流通股。承销商与发行人相互合作，承销商同样会选择将股票分阶段发行。根据发行人利润最大以及承销商的参与约束，分别得出IPO的抑价模型。

The theoretical model can be seen that the share reform of non- tradable shares through price and quantity regulations, for reducing the size of IPO underpricing , and promote China's stock market to mature .

IPO (initial public offering) underpricing refers to the newly issued shares in the secondary market listing price ( usually in the secondary market on the first day closing price ) is lower than the market for the first time at an issue price of this phenomenon. Stock markets around the country almost every IPO underpricing phenomenon , but its degree of underpricing the size of each country or region is not the same . Typic本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。