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本文研究了中美两国股票市场对中国企业IPO定价差异的问题,以及公司声誉对赴美上市企业IPO定价的影响。研究表明,对于可比的企业赴美上市比国内上市拥有更高的IPO发行价格和更低的首日收益率;但是,中概股信任危机使得中国企业的集体声誉受损,从而降低了美国市场对中国企业的IPO定价。进一步研究发现,在国内市场上IPO发行价格更加偏好企业过去的盈利性,而在美国市场上发行价格则更加侧重企业未来的成长性。本文的研究结果对企业赴美上市和证监会进一步推进新股发行制度改革以及资本市场声誉机制的建设提供了重要的经验证据。
This paper studies the differences between the IPO pricing of Chinese and Chinese stock markets in China and the United States and the impact of corporate reputation on IPO pricing in US listed companies. Research shows that for comparable companies listing in the United States has a higher IPO price and a lower first-day return than domestic listings; however, the crisis of confidence in Chinese stocks has dampened the collective reputation of Chinese companies, reducing the U.S. market IPO pricing for Chinese companies. Further study found that the issue price of IPOs in the domestic market more preference for the past profitability of the enterprise, while the issue price in the United States market is more focused on the future growth of the enterprise. The results of this paper provide important empirical evidence for the enterprises going to the US market and the CSRC to further promote the reform of the IPO system and the construction of the capital market reputation mechanism.