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IPO抑价是股票市场的一种常见现象,但是过大的抑价则反映了股票发行定价机制的失灵,由此引发的一系列问题将不利于股票市场的健康发展。本文通过对2009年10月30日开市以来至2010年10月26日为期一年的所有在创业板上市的共134家上市公司首日IPO抑价情况进行分析,发现上市首日换手率和IPO抑价率正相关;发行价格和IPO抑价率负相关,即发行价越低,IPO抑价率越高;每股收益和网上定价中签率的高低对创业板IPO抑价水平影响显著。此外,结合我国股票市场的相关制度,笔者认为我国创业板较高的IPO抑价水平还主要受发行、定价制度和交易制度改革割裂的影响,对此我国股票交易制度应做出必要的改变。
IPO underpricing is a common phenomenon in the stock market. However, excessive underpricing reflects the failure of the stock issuance pricing mechanism, which will lead to a series of problems that will not be conducive to the healthy development of the stock market. Based on the analysis of IPO underpricing on the first day of all the 134 listed companies listed on the GEM for a one-year period starting from the opening of the market on October 30, 2009 and ending on October 26, 2010, the article finds that the first-day turnover ratio And the IPO underpricing rate is positive correlation; issue price and the IPO underpricing rate is negatively correlated, that is, the lower the issue price, the higher the IPO underpricing rate; earnings per share and the online pricing success rate of GEM IPO underpricing significantly affected . In addition, combined with the relevant systems of China’s stock market, the author believes that the higher IPO underpricing of China’s GEM is also mainly affected by the issuance, pricing system and the fragmentation of the trading system reform, which should make the necessary changes in China’s stock trading system.