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我国股票发行市场虽然发展速度很快,但由于发行市场的目标定位、制度安排及发行定价的机制、方法上存在重大问题,使股票发行市场缺乏效率,其中,最典型的是比较严重的 IPO 抑价现象,表现为新股发行价明显低于新股上市首日收盘价,上市首日即能获得超额回报。过高的抑价程度造成资源配置效率的低下,已成为困扰我国股票市场的重大难题之一。由于我国股票市场在运行机制、法制建设、发展状
Although the stock issuance market in our country develops very fast, due to the problems of the target market orientation, institutional arrangement and issuance pricing mechanism, there are major problems in the stock issuance market which make the stock issuance market inefficient. Among them, the most typical ones are the more severe IPO repression Price phenomenon, the performance of the issue price of new shares was significantly lower than the IPO price of the first day of listing, the first day of listing that can get excess returns. The high underpricing caused by the low efficiency of resource allocation has become one of the major problems plaguing the stock market in our country. As China’s stock market in the operation mechanism, legal construction, development status