中小企业板IPO抑价现象及缘由实证研究

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.

An Empirical Study on the IPO Underpricing in SME Board

We review the main theories of IPO underpricing,and use the means testing and regression analysis to research the IPO underpricing of SME board.Through the empirical analysis,we find that there is a very serious phenomenon of IPO underpricing in SME board,which can be explained by Speculative-bubble Hypothesis.the research shows that:at present,China's IPO yield on the first day remain at a high level.The lack of informational disclosure in the inquiry process is the main factor which influences the efficiency of the inquiry system.Inquiry of the IPO distribution system still needs further improvement.