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回顾了近年来有关IPO抑价的主要理论.并且运用均值检验及回归分析等方法对我国中小企业板的IPO抑价现象进行了实证分析.通过分析发现,我国中小企业板IPO存在着非常严重的抑价现象.此类现象可用投机-泡沫等假说进行解释.研究结果表明:目前我国的IPO的首日收益率仍处于较高的水平,询价过程缺乏信息披露是影响询价制度有效实施的主要原因.IPO的询价发行制度仍需进一步完善.
Reviews the main theories of IPO underpricing in recent years, and conducts an empirical analysis of IPO underpricing in China’s SME board by means of means test and regression analysis.It is found through analysis that the IPO of SME board in our country is very serious The phenomenon of underpricing.This phenomenon can be explained by hypothesis of speculation-bubble.The results show that: At present, the first-day return of IPO in our country is still at a high level, and the lack of information disclosure in inquiry process affects the effective implementation of the inquiry system The main reason .IPO’s inquiry distribution system still needs to be further improved.