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构建需求理论模型分析我国特殊询价机制下询价对象范围、网下配售比例及锁定期变化对IPO抑价的影响,并采用国际IPO数据针对理论结果进行实证检验。理论分析表明,随询价对象范围增加并超出某一门槛值后,抑价率呈现先下降后上升趋势,而之前并无影响;随网下配售比例增加,抑价率呈现先下降后上升趋势,超过某一门槛值后影响消失;参与询价乐观者网下申购数量超过网下配售数量时,减少锁定期不影响抑价率,但低于该数量时,减少锁定期会导致抑价率下降;参与询价乐观者比例与网下配售比例一致时,抑价率最低。随后的实证分析结果与理论分析一致。最后提出取消网下配售比例等建议,以推进IPO定价制度市场化改革。
The demand theory model is constructed to analyze the influence of the range of inquiry object, the proportion of offline placement and the lock-in period on the IPO underpricing under the special inquiry mechanism in our country. The international IPO data is used to test the theoretical results. The theoretical analysis shows that with the scope of the inquiry object increases and exceeds a certain threshold, the underpricing rate shows a downward trend first and then an upward trend, but has no effect before. With the increase of the proportion of under-the-line placement, the underpricing rate first decreases and then increases , Beyond a certain threshold value after the disappearance of the impact; participate in the inquiry optimist online purchase quantity exceeds the number of under the net placement, reducing the lock-in period does not affect the underpricing rate, but below this amount, reducing the lock-in period will lead to the underpricing rate Decline; participate in the inquiry optimistic proportion and the proportion of under-the-line placement, the lowest rate of underpricing. Subsequent empirical analysis and theoretical analysis. Finally, the proposal of canceling the offline placement ratio is proposed to promote the market-oriented reform of the IPO pricing system.