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IPO首日超额收益在国内外资本市场普遍存在,这一现象引起了国内外研究者们的浓厚兴趣。自从2005年一级市场实行询价制以来,询价制度不断完善,一级市场的主体,机构投资者的投资理念和投资风格也日益成熟。理论上讲,随着IPO定价更趋市场化,IPO价格理应更能反映股票内在价值,可为什么IPO首日超额收益仍旧居高不下呢?本文对国内外IPO首日超额收益进行回顾,并对相关文献进行评述。
The excess return on the first day of IPO is ubiquitous in domestic and foreign capital markets, a phenomenon that has aroused great interest of researchers at home and abroad. Since the implementation of the inquiry system in the primary market in 2005, the inquiry system has been continuously improved. The main body of the primary market and institutional investors’ investment philosophy and investment style have also become increasingly mature. In theory, as the IPO pricing becomes more market-oriented, the IPO price should better reflect the intrinsic value of the stock, but why the excess return on the first day of the IPO still remains high? This paper reviews the excess returns of the first day of domestic and foreign IPOs, Related literature review.