我國新股發(fā)行抑價問題研究.pdf

1、江西財經(jīng)大學(xué)碩士學(xué)位論文我國新股發(fā)行抑價問題研究姓名：汪亞峰申請學(xué)位級別：碩士專業(yè)：國民經(jīng)濟學(xué)指導(dǎo)教師：李新建20081201AbstractThenewissuepricinginChina’SstockmarkethasbeentheemphasisofthetheoreticalresearchandthereformofChina’SsecuritymarketAndnewissuepricingisalsothecentral

2、izedembodimentofthenonequilibriumbetweentheprimarymarketandthesecondarymarketTheoverseasempiricalstudiesmanifestthatwesternmaturesecuritymarkethasacharacteristics，namelythestocknewissueunderpricingintheshort—termTheSOcal

3、ledIPOUnderpricingisthatissuingpriceislowerthanthemarketingprice，orthatistheissuingpriceislowerthantheclosedpriceinthefirstdayofgoingtomarketInChina，theundevpficingdegreeofInitialPublicOfferings(1to)issignificantlyhigher

4、thanthatofwesternsecuritymarketPresentlyallexplanationsfortheshort—termpricingperformanceofChina’Snewissuerelyuponwesterntraditionaltheoryhypothesis，which，SOfarcannotmakeconvincingexplanationsbasedonthespecificinstitutio

5、nalbackgroundofChina’SsecuritymarketThus，thoseavailableexplanationsarerelativelyscatteredandeventhoseexplanationsalsocannotmakeallagreementThepurposeofthearticleisdesignedasfollows：Onthebasisofcheckingonthecomputingmetho

6、dsofInitialReturnofnewissue，theauthorverifiesthedegreeofnewissueshort—termunderpricingphenomena，analysisallthesubjectsandfactors，andtriestomakeanagreeableexplanationforIPOunderpricingAsaresult，theauthorprovidesatheorybas

7、isofnewissuepricinginChina’SsecuritymarketThearticleconsistsoffivechaptersChapteroneistheintroductionwhichistheprefaceofthearticleThischapterincludesselectedtitlebackgroundandintention，maincontentandlogicstructure，mainin

8、novativerespectandresearchlimitNion，problemthatneedbedeepenandSOonChaptertwoisthetheoreticalfoundationofthehistoryontheliteratureofIPOunderpricing，thenreviewingthedomestic—andoverseasresearchfindingsincludingprofitmanipu

9、lationbefore11O，andperiodicityofIPOBasedonasummaryreviewofotherscholar’SresultsandtheauthorcommentthelimitationofexistingresearchandthesisChapter3comprehensivelyreviewsandsummarizesfundamentalproofsfrom1998to2007inChina’