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首次公开募股折价(即上市后首日交易价格高于发行价)是我国证券一级市场上普遍存在的一种现象,本文从不对称信息理论入手,将IPO折价的起因归类为因信息不对称而引起的道德风险、逆向选择问题以及优质公司的信号传递这三方面,并对相关理论进行述评,最后指出中国的IPO折价研究需要结合中国的实际国情,不能照搬套用西方研究理论与经验。
The initial public offering discount (that is, the first day after the listing transaction price is higher than the issue price) is a common phenomenon in China’s securities primary market. Starting from the theory of asymmetric information, this article classifies the causes of IPO discount as a result of information not The moral hazard caused by symmetry, the adverse selection problem and the signal transmission of high-quality companies. Finally, it is pointed out that China’s IPO discount research needs to combine China’s actual national conditions and can not copy and apply Western theories and experiences.