중국 주식시장 IPO 저가발행 현상에 관한 연구
- 원문 URL
An Empirical Research on IPO Underpricing in China's Share Security Market The study of IPO mainly focuses on three phenomenon, that are: 1 IPO Hot Issue Market, 2 Long Run Underperformance of IPOs, IPO Underpricing. IPO Underpricing is most commonly studied. IPO Underpricing is a universe phenomenon around the global word. Different country has different degree of IPO Underpricing, China is a relative new market, as a developing country, Chinese IPO Underpricing not only exist, but also is relative higher. And Higher IPO make market unable to optimize allocation of resources, and may cause the stock market turbulent, so IPO Underpricing is a very important in Chinese market. Chinese stock market has a lot of unique characteristic, for example, according to the different scope of invertors, Chinese stock market can depart into A-share market, B-share market, H-share market; According to different publish issue, listing conditions and risk feature, Chinese A-share market can classified into Main Board Market, Small and Medium Enterprises Market and Growth Enterprises Market; Chinese stock market has just born in 30 years, and it has undergo eight times of pause and restart, IPO's pause always followed by IPO's price distribution system changing, and it is the biggest change in all the Price Distribution System Change. So in order to analyses Chinese IPO Underpricing, it must depend on the characteristic of Chinese stock market. This dissertation adopts multi-linear-regression method to find the Indicator variables which may influence the IPO Underpricing, and then analyses the result. This dissertation discusses how IPO reforming impacts the IPO Underpricing, and contribute to the reforming of IPO and the completion of Issuance Market. Then we do regression on each market, and study if each market also has IPO Underpricing. We also focus on the comparison of factors in different market. The study contributes to efficiency of the IPO and the health of the Chinese stock market. And at the same time, the study is important when investors make investment decision.