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新股发行抑价主要指首次公开发行(IPO)的股票在上市首日的市场交易价格远远高于其发行价格的现象。通常用上市首日的超额回报率(上市首日收盘价与发行价的差额占发行价的比率)来衡量,超额回报率越高,意味着抑价程度越严重,反之亦然。新股发行抑价是世界各国证券市场普遍存在的现象,但一般而言。成熟市场经济国家这一比率平均较低(一般不超过20%),我国新股发行抑价率一直处于较高的水平。就我国证券市场发展的整个
IPO underpricing mainly refers to the initial public offering (IPO) in the first day of listing market trading price is much higher than the issue price of the phenomenon. It is usually measured by the excess return on the first day of listing (the difference between the closing price on the first day of the IPO and the issue price as a percentage of the issue price). The higher the excess return rate, the more severe the underpricing will be, and vice versa. IPO underpricing is a pervasive phenomenon in the securities markets around the world, but in general. Mature market economy, the average low rate of this country (usually not more than 20%), China IPO underpricing rate has been at a high level. On the development of China’s securities market as a whole