英语论文网

As can be seen from the table , Chinese stock market IPO underpricing rate than many other countries is much higher underpricing , many researchers also this serious phenomenon analyzed. But almost all factors to consider asymmetric information , empirical evidence from underpricing of Genesis. Mok, Hui (1998) [15] investigated 1990-1993 Shanghai A-share market in the 101 newly issued stocks found that the average underpricing was 289.2% , and that the reason is because the stock in the secondary market when issued required a wait time . Su, Fleisher (1999) [16] from the listing latency and signaling theory to explain the IPO underpricing , underpricing is the company that kind of value signals to investors , they studied the A-share market in 1990-1995 , 308 newly issued stocks , issuing its underpricing rate of 949% .

从上表可看出，中国股票市场的IPO抑价率比很多其他国家或地区的抑价率高得多，很多研究者也对这一严重现象进行了分析研究。但几乎都是考虑非对称信息因素，从实证证明抑价率的成因。Mok，Hui（1998）[15]考察了1990-1993年在上海A股市场新发行的101支股票发现，其平均抑价率为289.2%，并认为其原因是由于股票在二级市场发行时需要的一个等待时间。

Chen, Firth, Kim (2000) [17] considered the following aspects may affect the Chinese market IPO underpricing : The issuer inexperienced investors lack experience , a market issue and two markets waiting time between . Su (2004) [18] issued China A-share market IPO underpricing problem with the "winner 's curse " and " signal model " consistent . Chan, Wei, Wang (2004) [19] suggested that China 's IPO underpricing the market with an issue between the two markets and the IPO quota system time intervals are positively correlated . Li (2006) [20] found that underpricing size does not change much under the influence of corporate governance , with the size of the issue price, issue a negative correlation between age . Whole Frame , JIANG Shun-cai ( 2006 ) [ 21 ] from the Institutional Changes aspects of its IPO underpricing size.

Chen，Firth，Kim（2000）[17]认为以下几方面可能会影响中国市场的IPO抑价：发行人缺乏经验，投资者缺乏经验，一级市场发行与二级市场上市之间的等待时间等。Su（2004）[18]发行中国A股市场IPO抑价问题与“赢者的诅咒”和“信号模型”一致。

Throughout the research situation , the foreign largely based on information asymmetry to explain underpricing , few studies have focused on the long-term prospects for the IPO . And domestic and foreign has been mostly based on theoretical models , empirical assumptions from IPO underpricing factors , then the results of empirical assumptions prove its correctness . In 2005, the Chinese stock market has undergone institutional changes , namely equity division reform . Many scholars have discussed this change the split share reform on the impact of IPO underpricing , but mostly empirical analysis , and can not give a complete model to demonstrate its specific impact of IPO underpricing .

纵观国内外研究现状，国外大都基于信息不对称来解释抑价，很少有研究着眼于IPO的长期前景。而国内大都是基于国外已有的理论模型，从经验主义假设IPO抑价的影响因素，再用实证证明其假设结果的正确性。2005年，中国股票市场发生制度性变迁，也即股权分置改革。

The first chapter of the IPO as well as a brief description of each country or region underpricing comparison and described on IPO underpricing research status .

The first chapter gives underpricing model assumptions, and the establishment of non-tradable shares tradable shares of the relationship between price and quantity of shares outstanding for the entire distribution process in stages , then emotional and rational investors , respectively, according to investors their own ideas in the stock market before the intrinsic value of each stock