当代经济管理
噹代經濟管理
당대경제관리
Contemporary Economic Management
2008年
4期
72~77
,共null页
IPO 首日超额收益 抑价 溢价
IPO 首日超額收益 抑價 溢價
IPO 수일초액수익 억개 일개
initial public offering; abnormal initial return; underpricing; overvaluation
从一级市场抑价和二级市场溢价两个角度对IPO首日超额收益的相关研究进行了综述,并为我国IPO首日超额收益提供了新的解释。基于信息不对称,一级市场抑价解释认为IPO首日超额收益是发行抑价的结果,是对投资者面临的风险或者提供私有信息的补偿;在对称信息下,抑价是股权选择的一种均衡机制,也是发行人和投资者行为偏差的影响结果;基于行为金融,二级市场溢价解释认为噪声交易者的存在使IPO上市首日交易价格偏离了内在价值,产生了二级市场溢价。
從一級市場抑價和二級市場溢價兩箇角度對IPO首日超額收益的相關研究進行瞭綜述,併為我國IPO首日超額收益提供瞭新的解釋。基于信息不對稱,一級市場抑價解釋認為IPO首日超額收益是髮行抑價的結果,是對投資者麵臨的風險或者提供私有信息的補償;在對稱信息下,抑價是股權選擇的一種均衡機製,也是髮行人和投資者行為偏差的影響結果;基于行為金融,二級市場溢價解釋認為譟聲交易者的存在使IPO上市首日交易價格偏離瞭內在價值,產生瞭二級市場溢價。
종일급시장억개화이급시장일개량개각도대IPO수일초액수익적상관연구진행료종술,병위아국IPO수일초액수익제공료신적해석。기우신식불대칭,일급시장억개해석인위IPO수일초액수익시발행억개적결과,시대투자자면림적풍험혹자제공사유신식적보상;재대칭신식하,억개시고권선택적일충균형궤제,야시발행인화투자자행위편차적영향결과;기우행위금융,이급시장일개해석인위조성교역자적존재사IPO상시수일교역개격편리료내재개치,산생료이급시장일개。
This paper reviews the literature on IPO' s abnormal initial return (AIR) from the perspective of under-pricing in the primary market and overvaluation in the secondary market and gives a different explanation about China' s IPO' s AIR. Given asymmetric information, it is believed that China' s IPO' s AIR results from underpricing, which may compensate for the risk facing investors. Given symmetric information, under-pricing is a balanced mechanism for equity holding as well as the outcome of stock issuers and investors with behavior biases. Based on the theory of behavior finance, AIR also resuhs from overvaluation, believing that " noise dealers" drive the first-day trading price high beyond the intrinsic value of IPO' s.