Ever since the establishment of C hina's A- share market,whether in the bull or bear market,the IPO price almost surges on the first trading day,though the stock price fluctuates randomly. This phenomenon obviously contradicts Efficient M arket Hypothesis,indicating that IPO underpricing in C hina is severe. This paper investigates the causes for IPO underpricing and probes into the countermeasures for the phenomenon from several aspects such as government's regulation,capital markets,IPO bookbuilding mechanism and pricing mechanism,etc. The severe IPO underpricing is likely to cause massive speculation of newshares in the secondary market and increase volatility. Therefore,it is of great significance to make researches on the issue of high underpricing so as to ensure the sound development of the stock market.
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机译:跨文化研究中测量工具等价性操作流程初探:我们从积极心理学中学到了什么? The Operation Procedure of Equivalence of Measuring Instruments in Cross-Cultural Researches: What Have We Learnt from the Positive Psychology?