摘要
新股发行定价是股票发行的核心环节,定价是否合理将直接影响到股票市场的资源配置。各国的研究表明,新股超额收益是普遍存在的,中国作为新兴市场,超额收益更是惊人。本文选取2009年36家上市公司作为研究对象,以上司公司上市前公司财务指标能否有效地拟合创业板上市首次公开发行发行价来探索我国目前创业板IPO效率高低,并提出相关政策建议和进一步的研究方向。
IPO pricing is a core part of the market share issue,and whether the pricing is reasonable or not will directly affect the stock market resources allocation.National research shows that excess return is common of initial shares.China as an emerging market,its excess return is amazing.This paper selects 36 listed companies in 2009 as the research object,to find out if the company＇s financial indicators can fit the GEM IPO issue Price,to explore the efficiency of China＇s current level of GEM IPO,and make relevant policy recommendations and further research directions.
出处
《金融发展研究》
2011年第7期73-76,共4页
Journal Of Financial Development Research
