我国IPO询价制度实施效果研究  

On Validity of IPO Price Seeking System in China

作　　者：郁韡君[1] 

机构地区：[1]国泰君安证券股份有限公司,上海200042

出　　处：《证券市场导报》2005年第9期23-28,共6页Securities Market Herald

摘　　要：本文运用均值检验与逐步回归等实证分析工具,对我国IPO询价制度的实施效果进行了检验与研究。结果显示,目前我国的IPO询价制度并未使IPO效率获得大幅提升,IPO的首日与首周平均收益率仍处于较高水平。询价过程缺乏信息激励与甄别是影响询价制度实施效果的主要因素。IPO发行改革的方向是正确的,但询价制度仍需要进一步完善。The author tests and studies the validity of IPO price seeking system in China by means of empirical analysis instruments like average value test and gradual regression. Studies reveal that IPOs efficiency is not markedly improved with the implementation of the new system as reflected in the high first-day and first-week return. Information identification and information incentive during the course of price seeking are the key factors for the validity of this system. Price seeking is the right direction, but certainly needs improvement.

关 键 词：询价机制 IPO 股票发行制度 

分 类 号：F832.5[经济管理—金融学]