IPO抑价研究文献综述
首发时间:2018-02-09
摘要:IPO是企业融资的重要渠道,也是资本市场运行的重要环节,国家为提高资本市场的运作效率,对IPO的相关制度进行了连续的改革,使得我国资本市场发展初期超高的IPO抑价逐渐控制,定价效率不断提升,市场秩序日渐改善。在我国IPO发行审核制度向注册制过渡的背景下,本文旨在对有关IPO抑价的国内外重要理论及实证研究文献的全面综述和总结,以为注册制改革提供政策指导和依据。
关键词: IPO抑价 发行制度 企业治理 投资者情绪 注册制
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Literature Review of IPO Underpricing
Abstract:IPO is an important channel for corporate finance and also an important link in the operation of capital markets. In order to improve the operational efficiency of capital markets, the government has conducted continuous reforms on the IPO issuing system so that the initially high underpricing of IPO in China\'s capital market has gradually controlled. The pricing efficiency has been continuously improved and the market order has been gradually improving. While china is in the process of transmitting the IPO issuing system to the registration system, this paper provide a comprehensive review and summary of the important theoretical and empirical research papers about IPO underpricing so as to provide policy basis and guidance for the reform of registration system.
Keywords: IPO underpricing issuing system corporate governance investor sentiment registration system
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