CAJ | 학술논문

在IPO（initul public offering）过程中，承销商比投资者更了解公司状况，而投资者本身也具有信息占据的异质性。基于此借鉴信号理论进行模型和实证分析，认为中签率的确可以作为一个信号将有关IPO股票内在质量的信息传递到市场上。具体说就是，中签率越高的IPO公司，将被市场识别为低内在价值公司，表现为较低的初始报酬率。
재IPO（initul public offering）과정중，승소상비투자자경료해공사상황，이투자자본신야구유신식점거적이질성。기우차차감신호이론진행모형화실증분석，인위중첨솔적학가이작위일개신호장유관IPO고표내재질량적신식전체도시장상。구체설취시，중첨솔월고적IPO공사，장피시장식별위저내재개치공사，표현위교저적초시보수솔。
During the process of IPO （initial public offering）, the underwriters are better informed about the company than the investors, though the latter have heterogeneity of knowing new stocks. Based on the above facts, this paper makes empirical studies and establishes a signaling modal. The result shows that demand - to - offer ratio does give investors information about IPOs＇intrinsie value. The higher the ratio is, the lower the first -day market dosing price and the initial return wiU be.