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新股抑价(Underpricing),也被称为IPO的低估,是指新股发行的一级市场价格低于二级市场价格,特别是上市首日的交易价格巨幅上扬。从有效市场假说理论来看,若一级市场新股价格的制定依据二级市场的需求情况来确定,并且由于逐利行为的存在,不应存在抑价问题,因为按照一般均衡的原理,发行市场不可能长期处于失衡状态;然而实践证明,新股抑价确实是普遍长期存在的现象。
Underpricing, also known as an underpricing of an IPO, means that the primary market price of new shares issuance is below the secondary market price, in particular, the transaction price on the first day of listing goes up dramatically. According to the theory of effective market hypothesis, if the price of a new stock in a primary market is determined according to the demand of the secondary market, and because of the profit-seeking behavior, there should be no underpricing issue because, according to the principle of general equilibrium, the market Impossible to long-term imbalances; However, practice has proved that IPO underpricing is indeed a long-standing phenomenon.