【作者】 王嵩；

【导师】 赵国杰；

【作者基本信息】 天津大学 ， 技术经济及管理， 2004， 硕士

【摘要】 中国股票市场从建立至今一直存在有严重的新股发行抑价现象，过高的新股发行抑价为股票市场的发展带来了一系列的问题。文章首先以对现有的有关发行抑价的研究回顾为起点，对国内外研究成果进行综述，在对已有研究进行分析归纳和总结后，对于我国股市发展追本溯源，概述了中国A股市场首次公开发行市场的发展历程。在充分了解研究对象和总结其他学者的研究成果及其不足的基础上，对所要研究的样本股票进行分类汇总，从不同角度对影响发行抑价的共性因素进行分析，并初步判定其对于抑价的影响程度，最终找出对抑价有影响的相关因素。在此基础上利用已有样本股票数据建立数学模型，使用定量研究的方法对于我国股票市场抑价现象进行研究，发现西方学者关于抑价现象的研究及其理论解释并不能很好地解释我国股票市场中的抑价现象，并得出我国股票市场中某些特有的因素是造成我国股票发行高抑价现象的主要原因这一结论。随后结合我国股市特点，从对政府及监管机构、投资者、承销商以及发行公司等我国股票发行市场参与主体各方面的分析中找出产生抑价现象的特殊根源，为我国股票市场健康发展提供了新的视点。更多还原

【Abstract】 The phenomenon of underpricing in Initial Public Offerings (IPO) market was present from the beginning of Chinese stock market. The high underpricing in IPO has brought a series of problems to the development of the stock market. Firstly, this thesis reviews the underpricing related research, summarizes the achievement in China and the other countries. Secondly, backdates the history of Chinese stock market, summarizes the development course of the Chinese A stock IPO market. Baseing on comprehending the object of research and summarizing other scholar’s achievement and their limitation, this thesis classifies the sample stock, analyzes the underpricing factors from different point of views, preliminary decides the degree of these factors affect the underpricing and finally find out the underpricing related factor. Thirdly, using the data of sample stock to construct a mathmatic model and using quantitative method to study the underpricing phenomenon in Chinese stock market. The thesis discovers that the research and explain of west scholars is not very helpful to understanding the underpricing phenomenon in Chinese IPO market and concludes some of the special factors is the key reson. Afterwards, according to our stock market characteristics, the thesis finds out the special factors through the analyzing of the main participator in Chines IPO market, such as government, supervising institution, investor, consignee, issuer and gives some new point of views to our stock market.更多还原