【作者】 郭潇潇； 彭韶兵；

【Author】 Shaobing Peng,Xiaoxiao Guo The School of Accounting,Southwestern University of Finance and Economics Chengdu,Sichuan 610074

【机构】 西南财经大学会计学院；

【摘要】 近来,新股"破发"已成为中国资本市场的一种常态。投资者普遍将其归咎于公司发行过程中定价过高。诚然,定价过高可以说明一部分原因,但这并不能完全解释当前中国股市出现的集体破发现象。学术界通常将IPO定价问题锁定在溢价发行上,而对跌价发行的现象探索较少。为此,本文从财务学的角度出发,引入利益分割和信号传递的概念,探讨了当前我国资本市场上出现的新股跌价发行现象,以期为研究新股发行打开另一个视角。更多还原

【Abstract】 Recently,in Chinese capital market,it is common for the issue price to drop down on the first day.Investors tend to blame issuer overprice the issue price.Admittedly,overpricing can explain a part of such phenomena.But it is not reasonable to say overpricing completely lead the large number of issue prices to drop down in Chinese stock market.Scholars generally focus on the issue of underpricing IPO and rarely study the overpricing problem.Therefore,this paper uses the concept of interest-split and signaling theory to discuss the phenomena that the issue price drops down on the first day in current Chinese capital market,in order to give a new view on the related IPO problem.更多还原