中国A股市场新股抑价现象的实证研究  

Empirical Study on the Underpricing of IPOs in China's A-shares Market

作　　者：周观君[1] 

机构地区：[1]首都经济贸易大学经济学院,北京100026

出　　处：《管理科学》2005年第2期65-70,共6页Journal of Management Science

摘　　要：首先定义了新股抑价水平,提出了影响抑价水平的可能因素,在此基础上确定了基本抑价模型、非受限抑价模型、受限抑价模型和对数抑价模型;随后描述了中国A股市场的新股抑价现象,并给出了各抑价模型实证研究结果;最后比较了四个模型在预测新股上市价格方面的优劣性。Firstly, it defines the concept of underpricing and influencing factors on the underpricing degree. On this basis, four underpricing models are presented which are the fundamental underpricing model, the unlimited underprcing model, the limited underprcing model and the logarithm underprcing model. Secondly, the empirical results are put forward for the four models. At last, the models are compared to find out the best method to forecast the closing price on the first trading day of new shares.

关 键 词：股票市场 首次公开发行 抑价 

分 类 号：F830.91[经济管理—金融学]