Shanghai A shares of IPO underpricing problem several studies
|Keywords||Initial Public Offering (IPO) Excess return Factor Analysis Stepwise regression|
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.