Empirical Study on Influential Factors of Underpricing in China Listed Companies'' Seasoned Equity Offerings

摘要

Seasoned equity offerings are main equity financing means. The paper analyses the determinants of seasoned equity offerings'' underpricing in China''s securities market empirically. The analysis indicates: the average degree of underpricing is 7.15% in seasoned equity offerings, and it present fall trend year after year. The empirical studies offer support for it is the determinants of the underpricing degree in seasoned equity offerings that overallotment option, EPS and controlling shareholders'' equity proportion are. This paper also points forward the thoughts and policy suggestions on improving the pricing measures according to analysis results