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本文主要有两个目的:一是全面、细致刻画中国资本市场新股首次公开发行(Initial Public Offering,IPO)的折价程度;二是试图在中国特殊的制度背景下,对新股IPO首日超额收益产生的原因进行解释。为此,本文分别按照年度、行业、上市地点、上市周期对样本进行了分类,计算不同分类下的新股首日超额收益;同时本文认为,新股发行过程中监管部门对发行价格的限制,是导致中国资本市场新股首日超额收益产生的主要原因。
This article has two main purposes: First, a comprehensive and detailed description of the initial public offering of Chinese capital markets IPO (Initial Public Offering, IPO) discount; the second is trying to special circumstances in China under the background of the IPO on the first day of excessive returns generated The reason explained. Therefore, this paper classifies the samples by year, industry, place of listing and market cycle, respectively, and calculates the excess return on the first day of new shares under different categories. At the same time, this paper argues that the limit of the issue price of the regulators in the IPO process is The main reason for the excess return on the first day of new shares in China’s capital markets.