【摘要】 文章研究了从1996年1月1日至2008年12月31日在中国A股市场上市的1 129家公司的数据,发现IPO抑价程度依旧很高,市场指数调整初始收益达到了122.24%。抑价现象与等待上市时长、发行规模、市盈率、中签率以及上市前30天的累积市场收益有关。除了承销商信誉理论,"赢家诅咒"假说、事前不确定性理论、信号模型、从众假说均可在一定程度上解释IPO抑价现象。更多还原

【Abstract】 This paper studies the data of 1129 companies listed on the China’s A share market from 1st January 1996 to 31st December 2008.It finds that the IPO underpricing is still very high with the market-adjusted initial return being 122.24%.Underpricing is correlated with the time elapsed between issuing and listing,the offer size,P/E ratio of IPOs,the odds of winning the lottery and the cumulative market return 30 days before IPO.Except for underwriter reputation,winner’s curse,ex-ante uncertainty,signalling model,and cascade hypothesis are able to explain IPO underpricing in a certain context.更多还原