全流通下我国一级市场IPO定价效率研究  

Study On Pricing Efficiency Of IPOS In Chinese Stock Primary Market Under Full-Circulation

作　　者：潘龙[1] 曹郦胜[1] 陈磊[1] 

机构地区：[1]浙江工业大学经贸管理学院,浙江杭州310023

出　　处：《现代物业（中旬刊）》2012年第10期9-11,共3页Modern Property Management

基　　金：国家自然基金项目(71071143)

摘　　要：过去研究者普遍认为发行定价偏低是引起IPO高抑价的原因。利用随机前沿方法,对全流通下发行的187只新股进行了定价效率检验。从总体上看,我国新股的发行价被低估,抑价部分来自一级市场,主要来自二级市场。The researchers generally considered price underpricing causes high underpricing of IPO in the past.In the paper, we use the stochastic frontier approach to testify 187 new shares＇ pricing efficiency. Overall, the issue price of new shares in China are underestimated, underpricing in part from a market, mainly from the secondary market.

关 键 词：关键词:全流通 IPO 一级市场 定价效率 

分 类 号：F832.51[经济管理—金融学] F224