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Market Issue IPO underpricing under study

Author: LiuJunJing
Tutor: WuHaiHua
School: Qingdao University
Course: Finance
Keywords: IPO IPO under-pricing Market-oriented Issue IPO Restart
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 33
Quote: 0
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Abstract


IPO under-pricing is the stock market price much higher than the offering price, resulting in an initial public offering. IPO is a higher rate of excess return. IPO under-pricing is one of the common problems of the world’s IPO market. In the long run, too high under-pricing rate has a negative impact on whether the issuing enterprise or the investors, even influences the development of securities market. Comparing to the developed countries, the IPO under-pricing level is much higher than the average. China’s stock market started relatively later than the Western developed countries, so it is an emerging market. Therefore, some of the foreign mature theoretical systems do not fit for the research of China’s IPO under-pricing, it need a combination of the specific situation of China’s stock market to get started from the IPO offering price system. Market-oriented issue pricing system is the aim of China’s securities market pricing system reforming and it means much to the history of security development, therefore, using market-oriented issue pricing system as the background to study the impact on IPO under-pricing has an important theoretical meaning.This paper will attempt to expand the analysis on this theme. From the beginning of 2006 until 2010, China has been using a market-oriented issue pricing system, and in September 2008 IPO suspended, while after 9 months the system did not restart until July 2009. The restarting of IPO is a big event to the stock market, marking that another round of IPO market reform started. The paper chose eight variables to analyze the IPO under-pricing. The analysis of IPO under-pricing before and after the IPO restarting under the circumstances of market-oriented issuing reform that after the restarting of IPO, when the investors invest the stock, he care for not only the PE and Lot ratio but also the quality of the issue company. This conclusion tells that the investor is more and more reality, and the market is more and more mature. So the government should insist the market of the stock pricing to slow the IPO under-pricing.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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