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本文对我国股市不同定价制度阶段下高初始回报率的影响因素进行了研究,发现影响初始回报率的主要因素是二级市场走势,西方学者对高初始回报率的解释不适用于我国股市,同时,高初始回报率也不适合作为评价我国股票发行定价效率的标准;进而对一级市场和二级市场定价的合理性进行了判断,并对二级市场价格虚高的原因进行了探讨,提出了实现发行定价市场化的条件和措施。
In this paper, we study the factors that influence the initial return under different pricing stages in our country. We find that the main factor affecting the initial return is the secondary market trend. The explanation of high initial return by western scholars does not apply to our stock market. , The high initial rate of return is not suitable as a standard for evaluating the efficiency of China’s stock issuance pricing. Then we judge the rationality of the primary market and the secondary market pricing, and discuss the reason of the virtual price of the secondary market. The conditions and measures to realize the market-oriented pricing of issuance.