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为何股票首次公开发行(IPO)大多数是折价发行?这一直是财务金融研究中最具争议的问题之一。本文采用配比公司乘数的新方法对中国股票IPO进行估值,探讨中国股票IPO是否真的被低估。本文的另一创新是对中国股市1992至2000年所有上市的股票做了一个明确分类。我们发现,中国股市的A股和B股在IPO的时候都被低估了,A股的被低估程度比B股要大。被低估程度越大的IPO首日初始收益越高。被低估程度越小的IPO三年长期绩效越差。
Why the initial public offering of shares (IPO) is mostly discounted issue? This has been one of the most controversial issues in the study of financial finance. In this paper, we use the new method of ratio multiplier to evaluate the IPO stock in China and discuss whether China’s stock IPO is really underestimated. Another innovation in this paper is a clear classification of all listed Chinese stocks from 1992 to 2000. We found that both A-share and B-share in China’s stock market were undervalued at the time of IPO, while A shares were undervalued more than B-share. The higher the undervalued IPO, the higher the initial return on the first day. Underperformed IPO three years less performance in the long run.