我国IPO定价合理性的实证分析
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财经研究 2006 年 第 32 卷第 06 期, 页码：5 - 15
摘要
参考文献
摘要
通过IPO抑价程度以及把抑价程度与成熟市场进行比较来判断IPO价格合理性,这种方法并不适用于我国股票市场。为此,文章利用价值变量提取的主成分因子分析了我国股票IPO定价的合理性,并通过对各阶段的实证分析检验了发行定价制度改革的效果。研究表明,总体而言我国股票IPO发行价格较市场价格更能反映公司内在价值,造成IPO抑价程度过高的主要原因是二级市场价格虚高;市场化定价试行阶段之所以没有得到理想的效果,可能是与市场化选择的时机有关,而不在于市场化定价制度本身。
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[4]张继强,周勇,张秉麟.IPO折价、逆向选择与分离均衡假说[J].预测,2003,(4):46~61.
[5]孟辉,彭扶民,张琴.新股发行定价与股票市场非均衡[J].财经科学,2000,(3):79~82
[6]王晋斌.新股申购预期超额报酬测度及其可能原因的解释[J].经济研究,1997,(12):17~24.
[7]杨瑞龙,赖步连,周业安.公司上市的经济学解释[J].中国工业经济,1999,(9):18~23.
[8]张人骥,朱海平,王怀芳,韩星.上海股票市场新股发行价格过程分析[J].经济科学,1999,(4):64~70.
[9]Baron,David P.A model of the demand for investment banking advising and distribu-tion services for new issues[J].Journal of Finance,1982,37:955~976.
[10]Beatty R P,Ritter J R.Investment banking,reputation and the distribution servicesfor new issues[J].Journal of Financial Economics,1986,15:213~232.
[11]Chi Jing,Padgett Carol.Short-run underpricing and its characteristics in Chinese IPOmarkets[R].Working Paper,University of Reading,2002.
[12]Ibbotson R G.Price performance to common stock new issues[J].Journal of Finan-cial Economics,1975,3:235~272.
[13]Ritter J R.The“hot issues”market of 1980[J].Journal of Business,1984,57:215~240.
[14]Rock K.Why new issues are underpriced[J].Journalof Financial Economics,1986,15:187~212.
[15]Su D,Fleisher B M.An empirical investigation of underpricing in Chinese IPO’s[J].Pacific-Basin Finance Journal,1999,7:173~202.
[16]Welch I,Ritter J.A review of IPO activity pricing and allocations[R].Yale ICFWorking Paper,2002,2:1~44.
引用本文
曹凤岐, 董秀良. 我国IPO定价合理性的实证分析[J]. 财经研究, 2006, 32(6): 5–15.
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