Research of IPO Under-Pricing of Small and Medium-Sized Enterprise in China : An Empirical Research According to Types of Enterprises

我国中小企业板IPO 抑 价 现象研究&按不同类型企业实证分析

The Empirical Research on IPO Under-pricing in Chinese Market

我国上市公司IPO 抑 价的实证研究

Finally draw the conclusion that shorting mechanism of significantly influences the IPO under-pricing . According to the study conclusions and realistic background the paper pointed out that further research prospect .

最后，对全文进行总结并得出结论，卖空机制对IPO 抑 价有显著影响，根据研究结论并结合现实背景对股票市场提出建议并指出进一步的研究展望。

Foreign researchers have studied IPO under-pricing in various aspects and many mature theories have been formed .

国外学者已经从不同的角度对新股 发行 抑 价 现象进行研究，形成很多成熟理论。

Period of restricted sale of new shares did not pass high-quality information which reduces IPO under-pricing .

限售期没有传递对新股高质量的信息，从而降低IPO 抑 价。

The IPO Under-pricing is a phenomenon of the GEM .

IPO 高 抑 价 现象就是我国创业板市场存在的一个问题。

Many factors influence the IPO under-pricing but the number of explanatory variables in this paper is small . This requires further exploration and research .

影响IPO 抑 价的因素很多，本文由于数据 来源问题只 挑选了 11个解释变量，可能在理论分析方面 并不 全面，这需要以后进一步的探索与研究。

In other words the intermediary reputation and the rate of IPO under-pricing is negatively correlated .

也就是说，中介声誉与IPO 抑 价呈负相关关系。

The problem of IPO under-pricing exists in global new stock markets universally .

IPO 抑 价问题普遍存在于全球新股发行市场，到目前 为止，IPO 抑 价 仍然 是 困扰金融 学 界的难题之一。

However can the issue of new shares reform really solve the China ' shigh under-pricing problem ?

然而，新股发行的制度改革能否真正解决我国新股发行的高 抑 价问题？

The paper exams the speculative and general factors and studies the IPO Under-pricing phenomenon in the framework of speculation .

在变量选择上，本文将投机性因素与一般性因素相结合，在投机行为框架下分析了上市公司IPO 抑 价现象。

So the government should insist the market of the stock pricing to slow the IPO under-pricing .

因此我国应继续坚持市场化 改革，进一步降低IPO 抑 价 率。

However the reform of new issues of regulation and Issuing pricing way did not change the high IPO under-pricing phenomenon .

但是，在 经历了新股发行监管方式和发行定价方式的 多次改革后，我国IPO高 抑 价 现象 仍然是一如既往的存在。

Concluded that three aspects have an impact on IPO under-pricing system which confirms the initial inference part of the first half .

得出结论，三方面制度对IPO 抑 价都产生影响，从而印证了初步推断的前半部分。

With combining more speculative factors the paper studies how the speculation affects the IPO Under-pricing .

在结合更多投机性因素的 前提下，研究投机行为对于IPO 抑 价 现象的影响。

The first stage of institutional investors is the impact of IPO under-pricing literature and theoretical understanding .

第一阶段为机构投资者对IPO 抑 价影响的相关文献与理论阐述。

The second phase of institutional investors is the impact of IPO under-pricing in empirical research .

第二阶段为机构投资者对IPO 抑 价影响的实证研究。

Indicate the placing of new shares share certain cases and the underwriter has no power distribution of new shares to institutional investors placement and IPO under-pricing does not play a reduced role .

说明在新股配售份额一定的情况下，且承销商没有权力分配新股，对机构投资者的配售并没有起到降低IPO 抑 价的作用。

Through these existing studies we found that IPO under-pricing is a common phenomenon in the domestic and foreign stock markets and the level of IPO under-pricing is relatively high to the others countries in China .

通过这些已有的研究可以发现，新股 抑 价的现象普遍存在于国内外股票发行市场中，且我国的IPO抑价水平相对较高。

High IPO under-pricing is not conducive to the rational allocation of resources and also increases the price fluctuations in the issue market and the trading market .

较高的IPO 抑 价 率不利于资源的合理配置，同时会增加发行市场和交易市场上价格的波动。

A Positive Study of Under-pricing of Chinese IPOs and Its Offering System

我国新股发行制度 变迁与IPO 高 抑 价的实证研究

The proportion of institutional investors to participate in the Placing and the IPO under-pricing is related to the placing of new shares to institutional investors to increase the share of IPO under-pricing no significant reduction in the role .

机构投资者参与配售比例与IPO 抑 价正相关，对机构投资者的新股配售份额的提高对IPO抑价无明显的降低作用。

Many foreign researches of IPO under-pricing are mostly around the asymmetric information theory signal theory and principal-agent theory and the research of IPO under-pricing in China are almost in the factors of our system institutions .

国外诸多关于IPO 抑 价的研究大都是围绕着信息不对称理论、信号显示理论及委托代理理论等角度展开，而我国对新股发行抑 价的研究多是以我国的制度因素为背景展开的。

Information asymmetry is the influence factor of the GEM IPO under-pricing .

信息不对称是影响 我 国创业板IPO 抑 价的一个因素。

In the process of IPO initial under-pricing is common abnormal phenomenon which is called the mystery of the primary market .

在新股的发行过程中，IPO 抑 价是一种普遍存在的异常现象，被称之为一级市场之谜。

IPO under-pricing is the stock market price much higher than the offering price resulting in an initial public offering . IPO is a higher rate of excess return .

IPO 抑 价（ IPO Under-pricing） 现象 是 指首次公开发行的股票上市 后的市场交易价格远高于发行价格，导致首次公开发行的新股上市存在较高的超额收益率。

Placing restrictions on sale of shares in the market early reducing the supply of new shares on the market to a certain extent strengthened the under-pricing of new shares .

配售股份在上市初限售，减少了新股对市场的供应，一定程度上加强了新股 抑 价。

This paper summarizes and classifies on the Influence factors of the GEM IPO under-pricing so the study is more specific . 4 .

本文在总结前人理论的基础上，对影响创业板IPO 抑 价的因素进行了总结和归类，这使得研究更加具有针对性，研究结果更加 全面。

Is generally believed that the inquiry issued in the IPO mechanism institutional investors have the information production and price discovery functions the first day under-pricing can thus be reduced .

一般认为，在IPO的询价发行机制下，机构投资者具有信息生产和价格发现的功能， 首日 抑 价可由此被降低。