摘要
回顾了近年来IPO抑价的主要理论,并对我国中小企业板发行的股票进行了实证分析。通过实证分析发现,我国中小企业板IPO存在相对严重的抑价现象,可用投机-泡沫假说解释;更为严格的信息披露等制度对中小企业板的发展起了一定的积极作用。
This paper reviews the theories of IPO underpricing in recent years, and conducts an empirical study on SME stock market. The study indicates that there is an excess rate of return on SME stock market, and can be explained by Speculative-bubble Hypothesis. Some of SSE Guidelines have the positive effect on the development of SME stock market.
出处
《软科学》
CSSCI
2005年第5期34-38,共5页
Soft Science
基金
国家自然科学基金项目(70371030)
关键词
中小企业板
IPO
抑价
small and medium-sized enterprise stock market
Initial Public Offerings
underpricing
