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IPO初始收益率是各国资本市场中一个普遍现象,我国股票市场也不例外。这一现象也受到理论界广泛关注。按照有效市场假说,新股的价格反映公司内在价值的所有信息,如果公司层面在IPO前后不发生较大变化的话,就不存在超额初始收益率。而现实中,IPO企业超额收益率现象屡见不鲜,对此相关理论和实证研究众多,但尚未达成一致的共识。本文基于信息不对称角度探讨IPO初始收益率现象,并对此给予分析与建议。
IPO initial rate of return is a common phenomenon in the capital markets of all countries, and the stock market in our country is no exception. This phenomenon is also widely concerned by theorists. According to the Efficient Market Hypothesis, the price of new shares reflects all the intrinsic value of the company. If the company level does not change much before and after the IPO, there will be no excess initial yield. However, in reality, the excess return rate of IPO enterprises is not uncommon. There are many relevant theoretical and empirical studies, but no consensus has been reached yet. This paper explores the initial return rate of IPO based on information asymmetry, and gives some analysis and suggestions.