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The IPO underpricing Research in China

Author: ShiZuoJie
Tutor: YanYuJun
School: University of Foreign Trade and Economic
Course: Finance
Keywords: IPO underpricing Pricing efficiency The issue of market-oriented
CLC: F832.51
Type: Master's thesis
Year: 2006
Downloads: 229
Quote: 0
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Abstract


August 2005 a group of the first day of Guizhou source of power market of Huadian and Guizhou source of power, \underpricing rate of 54.77%; For comparison, from 1993 to 2004 Issue 44 power class company listed IPO average underpricing rate of 151.68% 1827.14%, the highest, and the lowest is -22.67%, which raised the specter of attention once again to the IPO market and underpricing in the IPO market-oriented reform process. The shares IPO market has been there three closely watched: new shares short-term underpricing (short-run underpricing), the long-term vulnerable (long-run underperformance) and the hot market issues (hot issue market), which number new shares short-term underpricing problem most attention by the scholars. IPO underpricing phenomenon widely exists in the stock market at home and abroad, generally the mature foreign market IPO underpricing rate of 10% -20% of the stock market after only ten years of development, the IPO price-earnings ratio has been high, as of 2004 April, the average discount rate of China's IPO was 108.18%, while the average discount rate of the new shares issued in 1991 over 1000%. The IPO underpricing extent reflect the size of the IPO pricing, market efficiency, severe IPO underpricing asymmetric result in a secondary market benefits and risks, on the one hand, a lot of money gathered in the primary market has not been fully utilized, resulting in the low efficiency of the market issue ; the other hand, when the excess yield higher when the IPO, the issuance of the new shares will attract secondary market capital flows to the primary market, the frequent secondary market price fluctuations. Pricing of shares will ultimately related to the efficiency of the capital market. Specifically, first, the market's ability to provide financial resources for capital requirements by the lowest transaction costs, the second is the ability of users to use the financial resources to provide the community with effective output of the funding needs of the market. Efficient capital market should be limited financial resources configuration to the best efficiency of enterprise and industry, thereby creating the largest output, the maximization of social welfare market. Therefore research on the subject, understanding and learning of foreign mature underpricing hypothesis, resulting in the high underpricing phenomenon causes the stock market in China and looking conducive to deepening the understanding of the nature of China's IPO underpricing phenomenon, which is conducive to improved source high underpricing of Initial Public Offerings in China, thus helping to improve the efficiency of China's capital market, the capital market to optimize the configuration function of the degree of financial resources. This article generally divided into four parts, the first part of the theoretical review, underpricing overview and review of the literature, the second part is the essence of the phenomenon of IPO underpricing analysis, the third part is the empirical study of China's IPO underpricing, Part IV full circulation to lower underpricing policy recommendations.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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