政府管制影响中国IPO高折价的实证分析  

An Empirical Study on China's Extreme IPO Off-pricing Caused by Government Regulation

作　　者：吴鸣[1] 谢金静[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《统计与信息论坛》2009年第10期56-60,共5页Journal of Statistics and Information

基　　金：国家社会科学基金<防止资产价格过快上涨和抑制资产泡沫问题研究--基于货币政策调控的理论与实证>(08BJY153)

摘　　要：国内基于特定IPO制度视角的相关IPO折价观点具有其合理性,但是缺乏对其深入的研究,尤其体现在不同IPO制度下对IPO折价的影响机理和股权分置与中国IPO高折价之间的关系上。基于此,利用一个供求分析框架从政府管制的角度对中国IPO高折价的形成机理进行分析,并通过实证分析证明政府管制(IPO制度设计)是造成中国IPO高折价的重要原因之一。The opinions about IPO off - pricing from the angle of specific IPO regimes in China, in a certain degree, are reasonable. But more researches are needed, especially in the impact mechanism of IPO regimes on IPO under - pricing and the relationship between government segmentation and IPO under - pricing. So an analysis frame of supply and demand is set up and used. Both theoretical analysis and empirical analysis show that government control （by designing IPO regimes） is one of the important reasons of IPO high off- pricing in China.

关 键 词：IPO折价 股权分置 政府管制 供求分析框架 

分 类 号：F830.91[经济管理—金融学]