认购方式、承销方式与IPO抑价  

Subscription,Underwriting and IPO Underpricing

作　　者：林略[1] 徐毛毛[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《技术经济》2011年第6期60-64,91,共6页Journal of Technology Economics

摘　　要：基于不同的认购方式和承销方式,运用多元线性回归等分析工具对中国A股市场的抑价现象进行了实证研究。结果表明:2002年以来实行的二级市场配售制度能较大程度地降低IPO的抑价率;2005年到目前采用的二级市场配售与上网定价发行相结合的发行方式不仅提高了IPO的抑价率,同时还降低了上市公司的股票发行效率;包销方式下的新股发行费用大于代销方式,代销可在一定程度上提高上市公司的股票发行效率。Based on different ways of subscription and underwriting,this paper uses analysis tools such as multiple linear regression to study empirically the IPO underpricing phenomenon existing in A-share stock market in China.The results show as follows：the secondary market placement system adopted from 2002 can greatly reduce the IPO underpricing rate;the issuing way that the secondary market placement combined with the online pricing used from 2005 not only helps to improve the IPO underpricing rate,but also reduce the issuing efficiency;the issuing cost of new shares by underwriting is more than that by consignment,and the consignment could improve the issuing efficiency in certain extent.

关 键 词：IPO抑价 发行效率 认购 承销 

分 类 号：F832.51[经济管理—金融学]