西方IPO抑价理论及对中国IPO研究的启示  

A Review of IPO Underpricing Theories and Its Revelation to Chinese IPOs Study

作　　者：蒋永明[1] 蒋顺才[1] 

机构地区：[1]中南大学数学科学与计算学院,湖南长沙410005

出　　处：《财经理论与实践》2006年第3期49-54,共6页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金(03BJY019)

摘　　要：西方IPO抑价理论大多在信息不对称、委托代理、信号显示等信息经济学框架下,基于资本市场的有效性假设而提出的,即假定二级市场对股票的定价是合理的,IPO抑价是源于发行定价偏低。中国A股市场IPO抑价率长期高企但逐年下降,对该问题的研究,不能简单套用西方理论,而必须结合我国证券市场环境及IPO发行审核制度,将制度因素作为内生变量来考察。Most of western theories on IPO underpricing are based on Information Economics such as Asymmetric- Information, Agency- Cost, Information Signaling, which suppose that the capital market is efficient and the trading stock price is reasonable and that the abnormal initial returns of IPOs are resulted from the underpricing of offering price. The IPO underpricing of Chinese A- shares market is very high and is decreasing year by year. Studies on this topic should not automatically imput the western theories. The back groundings of Chinese stock market and the unique approval IPO systems should be taken into considerations, and system factors should be taken as an endogenetic variable.

关 键 词：IPO 抑价理论 中国 A股市场 制度经济学 

分 类 号：F830.91[经济管理—金融学]