CAJ | 학술논문

文章研究了从1996年1月1日至2008年12月31日在中国A股市场上市的1129家公司的数据，发现IPO抑价程度依旧很高，市场指数调整初始收益达到了122．24％。抑价现象与等待上市时长、发行规模、市盈率、中签率以及上市前30天的累积市场收益有关。除了承销商信誉理论，“赢家诅咒”假说、事前不确定性理论、信号模型、从众假说均可在一定程度上解释IPO抑价现象。
문장연구료종1996년1월1일지2008년12월31일재중국A고시장상시적1129가공사적수거，발현IPO억개정도의구흔고，시장지수조정초시수익체도료122．24％。억개현상여등대상시시장、발행규모、시영솔、중첨솔이급상시전30천적루적시장수익유관。제료승소상신예이론，“영가저주”가설、사전불학정성이론、신호모형、종음가설균가재일정정도상해석IPO억개현상。
This paper studies the data of 1129 companies listed on the China＇s A share market from I st January 1996 to 31st December 2008. It finds that the IPO underprieing is still very high with the market -adjusted initial return being 122.24%. Underpricing is correlated with the time elapsed between issuing and listing , the offer size, P/E ratio of IPOs, the odds of winning the lottery and the cumulative market return 30 days before IPO. Except for underwriter reputation, winner＇s curse, exante uncertainty, signalling model, and cascade hypothesis are able to explain IPO underpricing in a certain context.