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首页> 外文会议>IEEE international conference on industrial engineering and engineering management;IEEM'2009 >Empirical Research On The Underpricing Of Initial Public Offerings In China
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Empirical Research On The Underpricing Of Initial Public Offerings In China

机译：中国首次公开发行股票定价偏低的实证研究

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摘要

In December 2004,the bookbuilding method was introduced in the Chinese IPO market and the PE ratio restriction was abolished. The purpose of the study is to examine whether the IPO shares after reform are priced efficiently so that the different levels of underpricing can be explained rationally by economic variables for information asvmmetry theory. The result of the study revealed that only a small portion of the underpricing could be explained by the information asymmetry theory in either the pre or post liberalization periods. The possible reason is the pricing process of the unseasoned shares in China is still under the influence of the government authorities such as the equity division regulation and allocation restriction.
机译：2004年12月，在中国IPO市场引入了簿记法，并取消了PE比率限制。该研究的目的是检验改革后的IPO股份是否有效定价，以便可以通过信息变量理论的经济变量合理地解释不同程度的定价不足。研究结果表明，在自由化之前或之后的信息不对称理论中，只有很小一部分定价偏低可以得到解释。可能的原因是，中国未流通股的定价过程仍受到政府部门的影响，例如股权分置法规和分配限制。

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