中国新股发行定价效率 ——中小企业板与主板IPO公司的对比分析

详细信息

China's IPOs Pricing Efficiency ——A Comparative Study of the IPO Companies on the Small- and -Medium-size Enterprises Board and the Main Board

摘要: 提出了对新股发行定价效率的相对度量思想。通过配对检验方法,考察了中小企业板块与主板公司之间在公司特征及市场反应方面的差异性,并利用逐步回归方法讨论发行价格中的信息含量问题。对比两部分的研究结果,说明以往的发行定价是缺乏效率的,进而分别进行了定性和定量刻画。
- IPO /
- 新股 /
- 发行定价 /
- 效率
Abstract: The article proposes a relative measurement of the IPOs pricing efficiency. Adop ting the paired test and the stepwise regression method, the article examines th e difference between the companies listed on the small- and medium-si ze enterprises board and the main board in terms of company features and the fi scal information reflected by the offering price. After analysing the findings o f the comparative study both quanlitatively and quantitatively, the article poin ts out that the IPOs pricing efficiency is low , seen in the light of the tradit ional pricing system.
- Initial Public Offering /
- new issues /
- offering price /
- efficiency

[1]	军荣,政新.国股票首次公开发行定价效率研究解秋, 红亮.本市场与投资分析海:复旦大学出版社,002.212-224.
[2]	耿建新,芳.股价格制定及市场反应中的会计信息分析[J].济理论与经济管理,002,(3):36-41.
[3]	杜俊涛,孝华,秀苔.有控股公司IPOs定价及抑价模型[J].国管理科学 ,003,(6):6-10.
[4]	宾国强,元.权分割、公司业绩与投资者保护[J].理世界,2003,(5):102 -109.
[5]	陈小悦,晓东.权结构、公司绩效与投资者利益保护[J].济研究 ,2001,(11):3-11.
[6]	李有根,西萍,怀祖.市公司的董事会构成和公司绩效研究[J].国工业经济,2001,(5):8-53.
[7]	Lipton,orsch.odestroposalormprovedorporateovernanceusinessawyer,992,59):9-77.
[8]	杜俊涛.价权利应由买卖共享国证券,2005-03-14(B07).