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全球股票市场上普遍存在着企业首次公开上市发行股票(IPO)时,上市首日的收盘价高于发行价的现象,被称为IPO抑价之谜,这一直是困恼现代金融理论的一大难题。围绕IPO抑价现象产生的原因,学术界提出了各种各样的学说和理论。本文拟从理论研究集中的信息经济学、博弈论和行为金融学等三个方面,对这些研究进行一个回顾和总结,同时对其他一些有代表性和影响力的学说做了一个简单介绍,并探讨下一阶段研究的方向和重点。
Global stock market, the prevalence of the initial public offering of listed companies (IPO), the first day of the closing price higher than the issue price of the phenomenon, known as IPO underpriced mystery, which has been distressed one of the modern financial theory Big problem Around the reason of IPO underpricing, academics have put forward various theories and theories. This article intends to review and summarize these researches from the aspects of information economics, game theory and behavioral finance which focus on theoretical research. At the same time, this article gives a brief introduction to some other representative and influential theories Explore the direction and focus of the next phase of research.