中国A股市场IPO抑价影响因素的实证研究

摘要

IPO underpricing is the specific performance of the inefficient market pricing and non-standard trade,its a common phenomenon around the global capital markets.IPO underpricing troubles a lot,not only causes inefficiency of resource allocation,but also dues to lots of financial risks.In China,the IPO underpricing rate is much higher than the developed markets and some emerging markets,reaching 100%.Based on China’s A-share market,combined theoretical analysis and empirical analysis to solve this project.The results show that some factors have significant impact on IPO underpricing,such as information asymmetry,underwriter reputation.%IPO抑价是全球资本市场的普遍现象，是一级市场定价效率低下和二级市场交易不规范的具体表现。IPO抑价使得资本市场资源配置效率低，同时也会产生众多金融风险。在中国IPO抑价率过高，普遍达到100%以上，超过了国外成熟市场和很多的新兴市场。在对国内外相关研究进行综述之后，再构建模型引入实证分析，对理论在国内的适用性进行研究进而探寻导致IPO抑价的原因。信息不对称是导致IPO抑价的主要原因，同时承销商声誉、“公司信号”、资本市场“羊群效应”也有一定的影响。