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A Study on IPO Pricing Mechanisms of China Stock Market

Author: ZhangHeng
Tutor: LiGanShun
School: Hebei University
Course: World economy
Keywords: Pricing Accumulated bidding inquiry method Fixed price method Auction Law
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 196
Quote: 0
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Abstract


Stock IPO market in China there are long-term the underpricing higher rate , which means that China's stock IPO market efficiency is relatively low , thereby causing very serious consequences : play impede the normal financing function of the stock market in China , greatly reduces the efficient market allocation of resources , exacerbated by speculation in the stock market as a whole atmosphere , seriously affected the development of the long-term health of the stock market . Theoretical and empirical studies have shown that the IPO pricing are important factors that affect the stock issuance market efficiency . In this paper, the empirical test of the world's major IPO pricing and analysis of the history of the development of China 's IPO , as well as the effect of the implementation of the different pricing of our IPO . IPO pricing research stage of the first day of underpricing by selecting representative listed companies as samples , multiple linear regression analysis to explore the impact of selected variables for the first day of underpricing to empirical test the effect of the different stages of the IPO pricing ; addition, the basis of the empirical test results on the cause of our current building methods to pricing inefficiencies accumulated in-depth analysis . Finally , to improve China 's IPO pricing , and improve the efficiency of the IPO market , and improve the function of the stock market has made ??a number of specific recommendations . In this paper, the empirical analysis of different stages of the IPO pricing reasonable . And by IPO underpricing regression analysis found that an important factor in the issue price , the success rate of the first day of underpricing . Can also prove that the accumulated bidding inquiry way our country a non- fully accumulated bidding inquiry , after the implementation of the inquiry system , IPO underpricing rate does not appear to significantly decreased .

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