核准制下IPO价格行为的比较研究  

A Comparative Study on Price Behavior of IPO between the Channel System and the Sponsoring System

作　　者：林略[1] 罗滕学[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《华东经济管理》2010年第11期86-90,共5页East China Economic Management

摘　　要：我国核准制包括通道制和保荐制两个阶段,IPO价格行为包含IPO抑价和IPO长期表现失常两个过程。文章对我国核准制下IPO价格行为的表现及影响因素进行了实证分析,结果表明:核准制两个阶段的IPO价格行为区别明显,保荐制下IPO抑价率与三年累计超额收益均低于通道制;通道制主要受到市场和行政发行方式等外部因素影响,保荐制则主要受到发行公司自身规模和财务状况等内部因素的影响。这些现象说明,保荐制的实施提高了新股发行定价效率,保证了上市公司的质量,使投资者的行为更加理性。This paper is an empirical study on the price behavior of IPO which includes IPO under - pricing and IPO long - run underper- formance for the comparison of the channel system and the sponsoring system. The results show that there are two significant differences between them. Firstly, the under - pricing rate and three - year cumulative abnormal return are lower in the sponsoring system than that in the channel system. Secondly, the influencing factors of the price behavior in the channel system are external factors such as the market and the issue method, but that in the sponsoring system are influenced more by external factors such as the firm size and the financial situ- ation. These phenomena indicate that the sponsoring system can improve the IPO issuing efficiency, insure the quality of the issuers and make the investors more rational.

关 键 词：IPO价格行为 通道制 保荐制 

分 类 号：F830.91[经济管理—金融学]