中签率对IPO股票上市价格的揭示作用  

Implication of Demand-to-Offer Ratio to the IPOs' First-day Market Closing Price

作　　者：李军坡[1] 杜俊涛[2] 

机构地区：[1]天津大学,天津300072 [2]中山大学,广东广州510075

出　　处：《哈尔滨工业大学学报（社会科学版）》2006年第2期116-119,共4页Journal of Harbin Institute of Technology(Social Sciences Edition)

摘　　要：在IPO(in ital pub lic offering)过程中,承销商比投资者更了解公司状况,而投资者本身也具有信息占据的异质性。基于此借鉴信号理论进行模型和实证分析,认为中签率的确可以作为一个信号将有关IPO股票内在质量的信息传递到市场上。具体说就是,中签率越高的IPO公司,将被市场识别为低内在价值公司,表现为较低的初始报酬率。During the process of IPO （initial public offering）, the underwriters are better informed about the company than the investors, though the latter have heterogeneity of knowing new stocks. Based on the above facts, this paper makes empirical studies and establishes a signaling modal. The result shows that demand - to - offer ratio does give investors information about IPOs＇intrinsie value. The higher the ratio is, the lower the first -day market dosing price and the initial return wiU be.

关 键 词：中签率 IPO 上市价格 抑价 

分 类 号：F830.91[经济管理—金融学]