IPO抑价现象:理论假说与证据综述  

IPO Underpricing:Theories and Evidence

作　　者：石劲[1] 

机构地区：[1]江西财经大学金融学院,江西南昌330013

出　　处：《当代财经》2009年第5期122-128,共7页Contemporary Finance and Economics

摘　　要：新股抑价现象几乎在每个有股票市场的国家(地区)都存在。为了解释这一现象,西方金融学界提出了一系列的理论假说,即信息不对称假说、投资者行为假说、承销商行为与影响假说。尽管这些理论分别从不同角度对新股抑价现象作出了一定的解释,但其解释力仍然较弱,甚至存在一些比较明显的不足和缺陷。我们可以借助这些理论和方法,结合中国实际,从法律体系和制度特色的角度出发,更加规范地开展实证研究,构建具有中国特色的新股抑价理论模型。The IPO underpricing anomaly is observed in nearly every nation that has a stock market, although the degree of underpricing varies from country to country. A number of theories have been developed in an endeavour to explain the IPO underpricing in the financial literature, most of them concentrating on information asymmetry, investor behavior and the impact of financial intermediaries. However, empirical tests reveal mixed results. Although no single hypothesis has received overwhelming empirical support, the usefulness of these theories in explaining observed high IPO underpricing in China cannot be ignored. Future Chinese IPO underpricing research should take into account the institutional and legislation differences in the Chinese stock markets. The incorporation of market environment issues into IPO underpricing is strongly encouraged

关 键 词：首次公开发行 抑价 理论假说 

分 类 号：F830.91[经济管理—金融学]