CAJ | 학술논문

本文运用独立样本T值检验与多元线性回归等分析工具，实证研究我国上市公司IPO采用询价或控制市盈率等两种不同定价方式对证券公司承销风险大小的影响，结果表明，在询价制定价方式下，IPO抑价率降低，但同时抑价率的方差也随之变小，从而使新股上市获得更为稳定的正抑价率，降低了证券公司的承销风险。
본문운용독립양본T치검험여다원선성회귀등분석공구，실증연구아국상시공사IPO채용순개혹공제시영솔등량충불동정개방식대증권공사승소풍험대소적영향，결과표명，재순개제정개방식하，IPO억개솔강저，단동시억개솔적방차야수지변소，종이사신고상시획득경위은정적정억개솔，강저료증권공사적승소풍험。
by using the sample T-value test and multi-variation linear regression, this paper empirically studies the influence of the pricing methods such as price inquiry and P/E ratio control taken by the companies offering IPOs on the underwriting risk of the security agencies. The results show that the price inquiry induces a lower IPO under pricing rate, which, along with a lower variance of the IPO under pricing, projects a comparatively stable level of under pricing rate for the IPOs, and therefore, lowers the underwriting risk for the securities agencies.