CAJ | 학술논문

摘要：文章结合有关[PO折价的几种理论与我国IPO的实情，对中国上市公司IPO折价原因进行了研究，认为IPO发行人、承销商和投资者之间的非对称信息是造成IPO折价根本原因。另外，政府、机构投资者及新股发行制度，投资者的过度反应行为是推动因素。最后针对研究结论提出减少我国IPO折价的三项建议。
적요：문장결합유관[PO절개적궤충이론여아국IPO적실정，대중국상시공사IPO절개원인진행료연구，인위IPO발행인、승소상화투자자지간적비대칭신식시조성IPO절개근본원인。령외，정부、궤구투자자급신고발행제도，투자자적과도반응행위시추동인소。최후침대연구결론제출감소아국IPO절개적삼항건의。
In this paper, based on several theories about the reasons of IPO discount and the fact of Chinese stock market IPO, the paper thinks that asymmetric information among publishers, underwriters and investors is the basic reason. Moreover, their overactions of the government, institutional investors and Initial Public Offering System are the impelled reasons Finally, acording to the research,the paper forwards three pieces of suggestion that chiness IPO discount be reduced. Finally, the paper offers some recommendations to reduce our IPO discount.