基于信息不对称理论的IPO抑价实证检验  

An Empirical Study on IPO Under-pricing Based on the Theory of Information Asymmetry

作　　者：刘静[1] 陈璇[1] 

机构地区：[1]云南财经大学会计学院,云南昆明650221

出　　处：《云南财经大学学报》2008年第5期65-72,共8页Journal of Yunnan University of Finance and Economics

摘　　要：基于信息不对称的IPO抑价理论一直是学术界和实务界研究的焦点。以2001年1月至2007年12月间在沪深交易所首次公开发行A股的公司作为样本,选取IPO公司的价值评估信息以及衡量公司价值不确定性程度的指标作为变量建立模型,对基于信息不对称的IPO抑价理论进行实证检验。结果显示,用信息不对称理论来解释中国A股市场的IPO抑价现象是有效的。The theory of IPO under - pricing based on information asymmetry has long been the focus of academic and practice circle. The paper makes an empirical study on the topic by taking companies with initial public offerings of A -share in Shenzhen and Shanghai Stock Exchange from the beginning of 2001 to the end of 2007 as samples, and a model is built by using value evaluation information of IPO companies and index on measuring the degree of value uncertainties as variables. The conclusion shows that it is effective to explain IPO under- pricing of Chinese A - share market by using the theory of information asymmetry.

关 键 词：信息不对称 IPO 抑价 

分 类 号：F830.91[经济管理—金融学]