中国新股发行定价效率——中小企业板与主板IPO公司的对比分析  

China's IPOs Pricing Efficiency——A Comparative Study of the IPO Companies on the Small-and-Medium-size Enterprises Board and the Main Board

作　　者：李军坡[1] 杜俊涛[2] 白彦壮[3] 

机构地区：[1]天津大学管理学院,天津300072 [2]中山大学博士后流动站,广东广州510275 [3]天津大学建工学院博士后流动站,天津300072

出　　处：《北京航空航天大学学报（社会科学版）》2006年第4期22-25,共4页Journal of Beijing University of Aeronautics and Astronautics：Social Sciences edition Edition

摘　　要：提出了对新股发行定价效率的相对度量思想。通过配对检验方法,考察了中小企业板块与主板公司之间在公司特征及市场反应方面的差异性,并利用逐步回归方法讨论发行价格中的信息含量问题。对比两部分的研究结果,说明以往的发行定价是缺乏效率的,进而分别进行了定性和定量刻画。The article proposes a relative measurement of the IPOs pricing efficiency. Adopting the paired test and the stepwise regression method, the article examines the difference between the companies listed on the small- and medium-size enterprises board and the main board in terms of company features and the fiscal information reflected by the offering price. After analysing the findings of the comparative study both quanlitatively and quantitatively, the article points out that the IPOs pricing efficiency is low , seen in the light of the traditional pricing system.

关 键 词：IPO 新股 发行定价 效率 

分 类 号：F830.91[经济管理—金融学]