询价制与承销风险实证研究  

An Empirical Study on the Relationship between Quotation and Underwriting Risk

作　　者：王海峰[1,2] 何君光[1,2] 张宗益[1,2] 

机构地区：[1]中国社会科学院经济研究所,北京市100836 [2]重庆大学经济与工商管理学院,重庆市400015

出　　处：《金融研究》2006年第5期61-69,共9页Journal of Financial Research

摘　　要：本文运用独立样本T值检验与多元线性回归等分析工具,实证研究我国上市公司IPO采用询价或控制市盈率等两种不同定价方式对证券公司承销风险大小的影响,结果表明,在询价制定价方式下,IPO抑价率降低,但同时抑价率的方差也随之变小,从而使新股上市获得更为稳定的正抑价率,降低了证券公司的承销风险。by using the sample T-value test and multi-variation linear regression, this paper empirically studies the influence of the pricing methods such as price inquiry and P/E ratio control taken by the companies offering IPOs on the underwriting risk of the security agencies. The results show that the price inquiry induces a lower IPO under pricing rate, which, along with a lower variance of the IPO under pricing, projects a comparatively stable level of under pricing rate for the IPOs, and therefore, lowers the underwriting risk for the securities agencies.

关 键 词：询价制 IPO抑价率 承销风险 

分 类 号：F832.51[经济管理—金融学] F224