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

Shanghai A shares of IPO underpricing problem several studies

Author YangJianPing
Tutor JinXiu
School Northeastern University
Course Finance
Keywords Initial Public Offering (IPO) Excess return Factor Analysis Stepwise regression
CLC F832.51
Type Master's thesis
Year 2007
Downloads 78
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IPO pricing is reasonable will affect whether the capital is used effectively , IPO underpricing IPO pricing directly reflects the accuracy and reasonableness . Therefore, the problem of IPO underpricing root causes , for the guidance of the stock market investors to form a correct value investment philosophy , risk aversion release distribution market , reducing market price bubbles have a very important practical significance. In this paper, 1999-2007 410 in the Shanghai Stock Exchange IPO shares as a sample , using the method of testing empirical analysis of China's Shanghai A -share market IPO underpricing phenomenon . Made the following main tasks: ( 1 ) empirical research data selection and processing. By introducing a dummy variable , factor analysis and other methods for qualitative data and quantitative data were pre- processed . ( 2 ) empirical research . Combined with univariate analysis and other scholars, raised nine empirical research hypothesis, and using stepwise regression method to establish a multiple regression model, the degree of IPO underpricing factors were multivariate analysis. Further research on the issue of reform IPO underpricing and the IPO market structure. ( 3 ) on the basis of empirical research , IPO body from different angles, analyzes their motivations , IPO underpricing by the entire stock market is actually higher within the combined effect of many factors , IPO underpricing essence of the problem is Government intends to create a distribution market low pricing and institutional investors in the market in the trading result of the role of excessive speculation . Changes in regulatory philosophy for regulatory authorities to improve the IPO system, improve the information disclosure system , inhibit excessive speculation in four investors , IPO underpricing proposed to solve the problem of countermeasures.

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