发行方式与初始回报的分析研究  

Analysis and Study on IPOs Issuing Methods and Initial Returns

作　　者：刘玉灿[1] 李心丹[1] 王冀宁[1] 

机构地区：[1]南京大学工程管理学院,江苏南京210093

出　　处：《系统工程理论与实践》2005年第10期29-32,共4页Systems Engineering-Theory & Practice

摘　　要：以2000年1月1号到2003年12月31日期间在上海证券市场发行的A股新股为样本,对发行方式与初始回报的关系用多元回归分析进行研究,得到三个发现:以询价方式发行的新股定价偏低;向二级市场投资者定价配售与初始回报间存在负的显著相关关系;有机构投资者参与IPO的新股具有较高的初始回报.同时,对三个发现给出了进一步的解释.Using the sample data of 296 A-share IPOs issued from January 1,2000 to December 31,2003 in Shanghai Stock Market, the relation between IPOs issuing methods anf initial returns is examined with multivariate regression analysis. Three findings are presented： the issueprice of IPOs with file price is lower, the allocation with fixed price to investors in Secondary Stock Market is significantly positive to the initial return, and the initial return of the IPOs with the institutional investors participating in IPO is higher. The farther explanations of three findings are given.

关 键 词：询价发行 定价发行 初始回报 多元回归分析 

分 类 号：F830.9[经济管理—金融学]