CAJ | 학술논문

新股破发现象屡屡发生引发人们对新股定价的质疑，本文利用描述统计分析方法和多元回归模型对新股破发的原因进行实证分析，最终得出了发行价格、首日收盘价、中签率、机构认购倍数、每股净资产、换手率有较明显的影响，是新股破发的影响因素，并提出完善新股发行制度、规范投行对新股的定价、投资者理性申购提出建议措施，减少新股破发的频率。
신고파발현상루루발생인발인문대신고정개적질의，본문이용묘술통계분석방법화다원회귀모형대신고파발적원인진행실증분석，최종득출료발행개격、수일수반개、중첨솔、궤구인구배수、매고정자산、환수솔유교명현적영향，시신고파발적영향인소，병제출완선신고발행제도、규범투행대신고적정개、투자자이성신구제출건의조시，감소신고파발적빈솔。
The phemomenon of new shanes below the issue price cause people questioned the IPO pricing , In this paper ,I explore the factors of this phenmenon with the means of describing the statistical method and multivarite regression model .and make the conclution that Issue price , closing price , success rate , institutional subscription ratio , net assets per share , exchange ratewhich could make the new shares below the issue price . At last,I suggest the we should perfecting the system of issuing new shares , normative investment banks on the pricing of shares , the rational investors purchaseand reduce the frequency of new shares below the issue price .