卖空限制、意见分歧与IPO溢价  

Short Sales Constraints,Divergence of Opinion and IPO Overvaluation

作　　者：汪宜霞[1] 张辉[1] 

机构地区：[1]华中科技大学管理学院

出　　处：《管理学报》2009年第9期1204-1208,1225,共6页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70572031);教育部高等学校博士学科点专项科研基金资助项目(20050487041)

摘　　要：以2001-2007年的IPO公司为样本，以分析师对IPO上市首日价格预测的离散程度和上市首日换手率衡量投资者之间的意见分歧，研究在严格卖空限制下，意见分歧程度的大小是否影响IPO溢价。研究结果表明，分析师对上市首日价格预测的离散程度越大，上市首日换手率越高，IPO溢价程度越高；分析师预测的乐观极限越高，IPO溢价程度越高。Using the dispersion of analyst forecast of first-day trading price and the turnover rate on the first trading day of stock market from 2001 to IPOs to measure the divergence of opinions among investors in Chinese 2007, this paper examines the relationship between the degree of divergence of opinion and the IPO overvaluation. The results show that the higher the dispersion of analysts＇ forecast and the higher the turnover rate on the first trading day, the higher the level of IPO overvaluation ; the higher the deviation of the maximum forecast from the average, the higher the IPO overvaluation.

关 键 词：卖空限制 意见分歧 分析师预测 IPO溢价 

分 类 号：F830.91[经济管理—金融学]