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摘要:本文是留学生作业网提供代写服务范文节选。的在发达国家和发展中国家中IPO抑价是一种常见的现象,中国股票市场......

在发达国家和发展中国家中IPO溢价是一种常见的现象,中国股票市场有自己的特色,使ipo市场有一些特定的规律。在1990年代通过时间上的规律来看,中国有世界上最高水平的ipo的初始回报率,本文在中国市场为主探讨中国IPO分配的进化机制,发现监管改革影响IPO溢价水平的因素。我们发现中国IPO溢价主要是由于政府干预与IPO定价法规和IPO股票供应的控制。所有公司需要为新项目,扩大业务,促进经济增长筹集资金,IPO正是快速筹集资金的一个好方式,在发达国家和新兴经济体中,IPO抑价或首次回归,是大多数股票市场的普遍现象。到2010年底,上市首日回报率是40.4%,即使它远低于1990年代,这一比例仍高于其他国家,尤其是发达国家成熟的资本市场。

 

Abstract:摘要

 

IPO underpricing is a common phenomenon both in developed and developing countries. China stock markets have their own characteristics, which make IPOs in the market have some particular disciplinary. China has the highest level of initial returns of IPOs in the world in the 1990s though it moved down through time. This paper investigates the evolution of China's IPO allocation mechanisms and finds the regulatory changes affect the underpricing level in China’s IPO market primarily. We find that Chinese IPO underpricing is principally caused by government intervention with IPO pricing regulations and the control of IPO share supplies.

 

1 Introduction引言

 

All firms need to raise money to finance new project, expand operations and promote the economic growth. IPO is the best way to raise capital quickly. IPO underpricing, or high IPO initial return, is a phenomenon common to most stock markets, both in developed and emerging economies. But the IPO underprice in China is really unique. By the end of 2010, the first-day return is 40.4% , even though it is much lower than 1990s, the ratio is still higher than other countries, especially for developed countries which have a mature capital market. Why the difference happens in Chinese primary market?

 

Many empirical studies have focus on the extremely high initial returns in China. China has experienced rapid economic change in recent 30 years and the stock market has become the second largest market in Asia. After a major economic reform, the initial rate of return has decreased significantly after 1992. In this paper, the objectives are to summarize the reasons why China IPO are underpricing,especially for the reasons that regulatory changes affect the underpricing, and point out some suggestion for the regulator, individual investors and institutional investors.

 

The rest of the paper is organized as follows: Section 2 introduces the China’s stock markets and IPO; Section 3 talks about some theory explanation of IPO underpricing; section 4 shows some regulatory changes in China stock IPO; Section 5 explain some data and methodology; section 6 analysis of how regulatory changes affect IPO underpricing and concludes some other factors; section 7 make a conclusion of the whole paper.

 

2 Introduction of China’s stock market中国股票市场介绍

 

2.1 Introduction to China’s stock market

 

China’s stock markets opened at the beginning of the 1990s and then became the second largest in Asia with a rapid economies increase. There are two stock exchanges in China including the Shanghai Securities Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), founded in December 1990 and April 1991, respectively. After some economics reforming, the China economy is transforming from a centrally planned system to a market-oriental system. However, the Chinese government still keeping some socialist characteristics that make the China stock market and IPO process special. For example, firstly, the government as an important role in the stock market which intervenes the market frequently, then, unlike the most of western and developed countries use the book-building method, the China stock market use the fixed-P/E ratio to determine the issue price in the early years and specially, some international investors cannot invest in China A -share market.

 

There are six types of shares in China: (1) government shares (2) state legal person shares, which are held by other state owned enterprise (SOEs), (3) legal person shares, which are held by non-state owned institutions, holding companies or enterprises; (4) employee shares, which are held by managers and employees; (5) ordinary domestic individual shares (or A shares), which can be purchased only by Chinese citizens of the PRC on the Shanghai Securities or the Shenzhen Stock Exchange; and (6) foreign shares, which can be purchased only by foreign investors in Mainland China (B share), in Hong Kong (H share), or on the NYSE (N share). Only A shares and B shares are listed on the Shanghai Securities and Shenzhen Stock Exchanges. The first four types of shares are called non-tradable shares and used to prohibit floating in the official exchanges, although employee shares are allowed listing 3 years after the IPO.

 

2.2 Institutional features of China’s Stock Market and IPO Underpricing

 

本文标签: 中国股市公开发行抑价IPOUnderpricing

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