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The Research of Pricing Efficiency of Stock IPO in China

Author: HuangJiaYi
Tutor: HuangJiSheng
School: East China Normal University
Course: Finance
Keywords: IPO pricing efficiency Systematic mispricing Non-systematic mispricing
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 217
Quote: 1
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Abstract


IPO provides the funding needs for the financing channels in the equity financing behavior occupies the most dominant position; IPO also provides investment and capital providers profit opportunities, and the formation of capital flows, interest-oriented mechanism to promote the market constantly optimize the allocation of resources, therefore, IPO pricing efficiency problems in reality it is very important. From 1991 formally established securities market, China's IPO system has undergone several reforms, from the administrative examination and approval system to the present inquiry system to relax from PER PER regulatory control, the issue of institutional gradually come to the market, every reform it also brings a lot of success. June 2009 China Securities Regulatory Commission issued \discovery mechanism, effective solution to IPO pricing efficiency. This article is in this context, in summary and review of existing literature at home and abroad, based on the IPO pricing efficiency connotation defined, select 2002 to 2010 China's A-share market IPO relevant data, the use of EXCEL and SPSS17. 0 statistical software for data processing and multivariate regression to find the impact of A-share market IPO first-day yield of the main factors. In addition, the article also 2009 IPO reform after market performance analysis confirms the positive effect of reform, and the discovery of new problems, make recommendations: to increase the supply of shares, balance supply and demand; strict constraint behavior of institutional investors ; improve market transparency and improve the information disclosure mechanism; gives the main underwriters over-allotment option, the implementation of the \This paper is divided into five chapters: Chapter 1 Introduction, introduces topics in accordance with this article, the significance and purpose, literature review, research methods, and this innovation and inadequate. Chapter asset pricing theory and IPO pricing efficiency is divided into two parts, the first asset pricing theory and the theory of efficient markets hypothesis, which is the theoretical foundation; Second, based on the above two theories and to compare and learn from scholars in the past the idea, put forward IPO pricing efficiency, and efficiency is not high content of the two components. This section focuses on solving the first problem. Chapter empirical analysis of IPO pricing efficiency, which is the main research part, mainly to solve the third problem, in this chapter, the paper collected from 2002 to 2010 IPO market data, in accordance with the chronological order of the overall For three samples, classification is based on different systems, the use of EXCEL processes the data and the data using SPSS statistical analysis of results at each stage of each factor on the IPO pricing efficiency affects how conclusions. Chapter IV of the IPO system reform and proposals are also the focus of this paper is mainly to solve the third and fourth questions. In this chapter, the paper first 2009 IPO reform the background and main contents were introduced, followed by analysis of the results achieved this reform as well as issues arising, and finally some suggestions. Chapter conclusions of this paper are summarized.

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