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本文较系统地研究了国内外关于上市首日定价的文献以及影响定价的因素,按流通盘大小选取三组上市公司样本,考察了上证综合指数、发行价、每股税后利润以及流通盘大小与上市首日收盘价的相关关系分析,建立了这四个解释变量与收盘价的回归方程,并从不同的方面对模型进行了检验,确信模型具有很高的可信度。研究结果表明,解释变量对三组样本的影响各不相同,并呈现一定的规律性,这些证据支持了首日定价的部分经验假设。本文还对上海股票市场A股为例进行了实证研究。
This paper systematically studies the domestic and foreign literatures on the first day of IPO and the factors affecting the pricing, selects three groups of listed companies according to the size of the liquidity market, examines the SSE Composite Index, the issue price, the after-tax profit per share and the size of the float And the closing price on the first day of listing, the regression equation of the four explanatory variables and the closing price was established, and the model was tested from different aspects to make sure the model has high credibility. The results show that the explanatory variables have different effects on the three groups of samples and show a certain regularity, which supports some of the empirical assumptions on the first day of pricing. This article also carries on the positive research to the A stock in shanghai stock market as an example.