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时间:2021-10-20 09:44 来源: Essay代写

摘要:中国创业板自开板以来表现出较高的抑价率,其影响因素颇多。以2009年10月23日至2011年12月31日之间发行上市的创业板......

IPO price determination, not only about the investor, the issuer and the underwriters vital interests, but also affect the capital market resource allocation function of the play. IPO underpricing phenomenon prevalent in national stock markets, but China's stock market IPO underpricing phenomenon is very obvious. Especially GEM IPO underpricing large amplitude and long-term high, given China's capital market and the sustained and healthy development of national economy adversely affected. IPO underpricing phenomenon, making it difficult for investors recognize the true value of the stock, which in turn affect investors make the right investment decisions. Therefore, it is necessary to analyze the phenomenon of IPO underpricing, IPO underpricing explore cause a major factor in promoting the stable and healthy development of capital markets.

新股发行价格的确定,不仅关乎投资者、发行人及承销商的切身利益,而且还会影响资本市场资源配置功能的发挥。IPO抑价现象在各国股市普遍存在,但中国股市的IPO抑价现象非常明显。特别是创业板的新股抑价幅度大且长期居高不下,给中国资本市场乃至国民经济的持续健康发展带来不利影响。IPO抑价现象,使得投资者难以识别股票的真实价值,继而影响投资者做出正确的投资决策。因此,有必要对IPO抑价现象进行剖析,探寻导致IPO抑价的主要因素,推动资本市场的稳定健康发展。

First, the literature review and assumptions made

文献回顾与假设提出 

1. Information asymmetry hypothesis 

1.信息不对称假说 

Baron pointed out that the issuing company and the underwriters in the issuance of new shares and pricing in an unequal position, the underwriters have more information regarding the capital market advantage. Distribution companies and underwriters in setting prices in the game produced underpricing. Allen and Faulhaber believes in the IPO process, the issuer in terms of pricing information has certain advantages, and external investors are at a disadvantage, you can not accurately determine the true value of the issuing company. In order to attract more investors, high-quality distribution companies through IPO underpricing to distinguish companies with poor quality. Welch and Allen and Faulhaber studies have similarities, agree that quality company will reduce the price for the stock in the future issuance process can be successful. Rock that insiders and non-insiders will participate in the purchase of new shares, which will produce adverse selection. When the issue price is less than its true value when compared with the insiders, the new non-insiders get less; And when the issue price is higher than the true value, because insiders purchase less, get more new non-insiders number. Beatty and Bitter found that the degree of IPO underpricing uncertain value of the company there is a positive relationship. Benweniste and Spindt study found that in the process of issuing new shares, the underwriters in order to obtain the true value of listed companies, to institutional investors inquiry, and to come this price as the basis for pricing the IPO. In order to obtain information about the true IPO demand and pricing information, underwriters had to take a lower price to offer new shares. Zhang Jiqiang reference signal transduction model Chinese stock market IPO underpricing level explained. Xuhao Ping pointed out that state-owned enterprises to use a higher IPO underpricing market investors took the initiative to send signals.

The stock price depends on market demand, but also depends on the intrinsic value of the company. Low price-earnings ratio of stocks issued to investors publicly demonstrated its lower value will reduce the enthusiasm of retail investors chase their underpricing will be lower. Stocks with high earnings release to market investors publicly demonstrated its high value, retail acceptance by the market and sought after, it will be higher underpricing. Thus, you can get Hypothesis 1: release earnings positively correlated with IPO underpricing.

Baron指出,发行公司与承销商在新股的发行和定价方面处于不平等的地位,承销商拥有更多的资本市场方面的信息优势。发行公司和承销商在制定价格的博弈中产生了抑价。Allen和Faulhaber认为,在新股发行过程中,发行方在定价方面具有一定的信息优势,而外部的投资人则处于劣势地位,不能准确地判断出发行公司的真实价值。为了吸引更多的投资者,优质的发行公司会通过IPO抑价来与劣质公司区分开来。

Zhou Yunlan study found that the total funds raised and negatively related to  IPO underpricing. Generally, the larger the company, the more dispersed shareholding, the higher the transparency of information being manipulated minority shareholders less likely. Instead, the issue of small-scale more speculative stocks, IPO underpricing will be. Thus, you can get Hypothesis 2: Company size negatively correlated with IPO underpricing.

2 investor sentiment hypothesis

本文标签: 创业板IPO抑价公司内在发行公

[美国大学申请essay范例]对IPO抑价现象进行剖析 推动资本市场的稳定https://www.0592w.com/ASSIGNMENT/16364.html

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