中国上市公司IPO定价研究
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摘要
中国的证券市场当前已经进入“转轨”阶段,上市公司是股票市场中主要的参与者之一。一个普通公司想成为上市公司,就要达到一个要求。这个要求。从宏观上可以说是公众对这家公司的认可;从微观上就是目前中国监管机构设置的一道道。门槛。一个公司一旦在微观上跨越了这些门槛,就有了上市的资格,那么接下来就是如何合理地发行股票从而更有效地募集资金了。这个时候,发行股票的定价就成了关键问题。现实中的中国股票市场,一个新上市公司发行新股,或有整个体系非市场化的种种缺陷,或有供需双方的信息不对称,导致在新股发行的时候,价格确定成了最大的争议,由这个争议引发的种种问题也成了目前中国股票市场理论研究的标的。
上市公司的基本目标是使股东的价值或权益最大化。公司的内在价值来源于公司特有的竞争优势,以及在此基础之上识别和实施有价值的投资机会,并将其转换成未来的收益能力。进行IPO的公司与潜在投资者交易的就是公司一定比例的未来收益的现值。IPO定价就是识别、评价企业独特的竞争优势与核心能力,依据价值原理对其进行评估,将对业绩的预测转换为定量的股票价格,并有效地传达给资本市场的过程。
中国上市公司IPO价格确定一般有两个阶段:首先是发行人配合主承销商根据一定的估价模型或者数量分析确定公司内部价值的参考价格,我们在上一点里已经全面地对估价模型作了详细的论述;接着,主承销商根据具体情况选择合适的新股发行方式,使最终确定的发行价格充分反映市场需求情况。而这就是上市公司IPO的发售机制。
对于IPO定价问题的分析和解决,中国仍局限于采用可比公司模型,利用以市盈率为主的影响因素进行分析和类比定价。虽然对于目前这一方法在中国的学术研究方面仍有一定的作用,但是大量研究表明,市盈率沿用的原因并不是它的优点,而是目前中国的股票市场的实际情况满足不了比较合理的定价模型的假设、定义和模型数据的选取。研究这些问题和根本原因,对于我们找出解决IPO定价问题的方法路径将会有极为有益的启示。
在上市公司IPO过程中,要涉及到包括投资者、发行公司及承销商三方的利益博弈,主要表现为:如果新股定价过高,可能导致新股上市当天就跌破发行价,这势必影响到投资者的利益,同时也给券商的声誉以及以后的承销业务带来了风险;反之,如果新股定价过低,新股上市当天收盘价机会显著得高于发行价,我们称之为IPO抑价。投资者从IPO抑价中获得的首日开盘的超额收益成为目前扭曲整个中国股票市场整个投资氛围的主要因素。
在目前中国证券市场处于建立和构造规范化制度体系的历史转折时期,在中国经济和资本市场的市场化改革进程中,政府监管部门需要对证券市场制度安排的整体框架和发展前景有充分和全面的掌握,有一个可行的发展战略和计划安排。在这种对发展前景充分把握的前提下,充分行使权威性的政策监管职能,依照现有的市场制度和即将进行的制度安排,注重保持监管的规范化和连续性,针对违反制度安排的市场行为严格执行法律法规利有关规则,从而在市场中逐步培育出遵守市场制度包括法律、法规等各项规则的市场参与主体。
2009年6月17日随着股票市场的第七次IPO重启,一些具体的改革措施已经逐渐在慢慢改变并调整着整个市场的气氛。然而,真正的制度残缺并没有在本次改革中解决:第一,流通股比例过低;第二,流通股发行规模太小,股票供应不足导致发行市盈率过高;第三,因限售而留给未来的“大小限”问题;第四,首日不设涨跌停引发的爆炒新股问题;第五,发行节奏实质上仍由行政控制的非市场化问题。这次改革致使象征性的对中小投资者作了一点让步,把五大核心问题留给了未来。
Currently, the stock market in China is transferring to a different track. The listed companies have become the main participants in the stock market. If a common company wants to be public listed, he must reach a requirement .Regarding this requirement, it is an approval for the listed company by the public from the point of macroscopic view; it is one and one doorsill which set up by the Chinese regulatory administrations from the point of microscopic view. Once this company steps across this doorsill from the microscopic view, he will get the listed qualification and the following work for him is how to issue stocks reasonably, collect funds effectively. At this time, fixing the price of the issued stock becomes a crucial problem. In the reality of Chinese stock market, there will be some problems for a newly-listed company issue the new stock, such as various defects by non market-oriented of the whole system, or the dissymmetrical information by the both sides of supply and damand.These problems lead to the fixed price becoming the greatest controversy and this controversy also take some following problems which have been the bids for the Chinese stock market research theory at the present time.
The fundamental goal for the listed companies is to maximize the stockholder's value or benefits. The internal value of the company comes from the company's own special competitive advantage; the investment opportunities distinguished and executed on the basis of the advantage, furthermore, the earnings capabilities by the transferring in the future. The deal between the companies which execute IPO and the potential investors is the present value of the company's future profits in a definite proportion. The IPO pricing is a process which is to distinguish and comment the company's own special competitive advantage and core capacity; to evaluate according to the value theory; to predict the future performance which change to the quantitative stock price and transfer it to the capital market effectively.
Generally, there are two steps for IPO pricing of the Chinese public listed companies. First, the issuer cooperates with the lead underwriter to fix the conference price of the company internal value according to a certain evaluation mould or quantity analysis. We state the detailed evaluation mould completely in the above. Then, the lead underwrite will determine the appropriate issuing method per as the real condition to fix the price which can fully reflect the market demands. This is the IPO issuing mechanism by the listed company.
Regarding the analysis and settlement of the IPO pricing, China is still restricted to the comparable company mould, and use the factors greatly influenced by price/earning ratio to analyze and analog the pricing. There is some certain effect in current China, but many researches show that the reason of price/earning ratio is being used is not because of its advantages; it is because of the current situation in China. The current stock market situation cannot meet the requirements of the reasonable pricing mould, including the assumption, definition, the date's choice of the mould. Researching these problems and basic reasons will help us a lot to find out the way of IPO pricing.
The procedure of the IPO for the listed companies will involve three parties' benefits game playing, including investors', issuer companies', and underwriters'. The actions are as follows : if the newly-issued stock is overpricing ,it will falls below the issuing price on its initial day of trading, it indeed will influence the investors' profits and hence even spoilt the underwriter's fame and bring the risk of underwriting in the future; On the contrast,if the newly-issued stock is underpriced , there will be more chances that the new stock's closed price will be higher then the open price. We call this as controlled price. The significant gain for investors on its initial day of trading form the IPO controlled price has been the important factors which twisted China's whole stock market investment atmosphere currently.
In this transferring stage of building and forming the standardized systems and rules in current China's securities market ,with the marketization process of China's economy and capital market, our regulatory administrations should maser the overall frame and development prospect of the securities market system fully and completely ,and make a practical development strategy and plan arrangement. On the premises that are confident with the development prospect, they should take the administrative and supervised functions fully. According to the current market system and would-be arranged system, they also should pay great attention to the standardization and continuity of the supervision. For the market actions which violate the system arrangement, they should execute per as the law and rules strictly. In this way, there will be the main parties who are trained to obey the laws, rules and other regulations in the market system step by step.
Followed the seventh generating of IPO in the stock market on June 17th ,2009,some detailed reform measures are being changed step by step and the whole market atmosphere is also being adjusted.However ,the real system defects are not solved in this reform: first , floating stock ratio is quite low;second,the floating stock scale is too small ,and the price/earning ratio is so high by the stock short supply;third,there is still the left "great/small limitations" for future caused by the limited selling; forth , the issue of playing with the new shares by the un-set up and down price in the first day; fifth ,there is the non market-orient issue that the IPO issuing step is still being controlled by the administration actually .This reform just symbolically yield to the small investors and leave the main five core issues to the future.
上市公司的基本目标是使股东的价值或权益最大化。公司的内在价值来源于公司特有的竞争优势,以及在此基础之上识别和实施有价值的投资机会,并将其转换成未来的收益能力。进行IPO的公司与潜在投资者交易的就是公司一定比例的未来收益的现值。IPO定价就是识别、评价企业独特的竞争优势与核心能力,依据价值原理对其进行评估,将对业绩的预测转换为定量的股票价格,并有效地传达给资本市场的过程。
中国上市公司IPO价格确定一般有两个阶段:首先是发行人配合主承销商根据一定的估价模型或者数量分析确定公司内部价值的参考价格,我们在上一点里已经全面地对估价模型作了详细的论述;接着,主承销商根据具体情况选择合适的新股发行方式,使最终确定的发行价格充分反映市场需求情况。而这就是上市公司IPO的发售机制。
对于IPO定价问题的分析和解决,中国仍局限于采用可比公司模型,利用以市盈率为主的影响因素进行分析和类比定价。虽然对于目前这一方法在中国的学术研究方面仍有一定的作用,但是大量研究表明,市盈率沿用的原因并不是它的优点,而是目前中国的股票市场的实际情况满足不了比较合理的定价模型的假设、定义和模型数据的选取。研究这些问题和根本原因,对于我们找出解决IPO定价问题的方法路径将会有极为有益的启示。
在上市公司IPO过程中,要涉及到包括投资者、发行公司及承销商三方的利益博弈,主要表现为:如果新股定价过高,可能导致新股上市当天就跌破发行价,这势必影响到投资者的利益,同时也给券商的声誉以及以后的承销业务带来了风险;反之,如果新股定价过低,新股上市当天收盘价机会显著得高于发行价,我们称之为IPO抑价。投资者从IPO抑价中获得的首日开盘的超额收益成为目前扭曲整个中国股票市场整个投资氛围的主要因素。
在目前中国证券市场处于建立和构造规范化制度体系的历史转折时期,在中国经济和资本市场的市场化改革进程中,政府监管部门需要对证券市场制度安排的整体框架和发展前景有充分和全面的掌握,有一个可行的发展战略和计划安排。在这种对发展前景充分把握的前提下,充分行使权威性的政策监管职能,依照现有的市场制度和即将进行的制度安排,注重保持监管的规范化和连续性,针对违反制度安排的市场行为严格执行法律法规利有关规则,从而在市场中逐步培育出遵守市场制度包括法律、法规等各项规则的市场参与主体。
2009年6月17日随着股票市场的第七次IPO重启,一些具体的改革措施已经逐渐在慢慢改变并调整着整个市场的气氛。然而,真正的制度残缺并没有在本次改革中解决:第一,流通股比例过低;第二,流通股发行规模太小,股票供应不足导致发行市盈率过高;第三,因限售而留给未来的“大小限”问题;第四,首日不设涨跌停引发的爆炒新股问题;第五,发行节奏实质上仍由行政控制的非市场化问题。这次改革致使象征性的对中小投资者作了一点让步,把五大核心问题留给了未来。
Currently, the stock market in China is transferring to a different track. The listed companies have become the main participants in the stock market. If a common company wants to be public listed, he must reach a requirement .Regarding this requirement, it is an approval for the listed company by the public from the point of macroscopic view; it is one and one doorsill which set up by the Chinese regulatory administrations from the point of microscopic view. Once this company steps across this doorsill from the microscopic view, he will get the listed qualification and the following work for him is how to issue stocks reasonably, collect funds effectively. At this time, fixing the price of the issued stock becomes a crucial problem. In the reality of Chinese stock market, there will be some problems for a newly-listed company issue the new stock, such as various defects by non market-oriented of the whole system, or the dissymmetrical information by the both sides of supply and damand.These problems lead to the fixed price becoming the greatest controversy and this controversy also take some following problems which have been the bids for the Chinese stock market research theory at the present time.
The fundamental goal for the listed companies is to maximize the stockholder's value or benefits. The internal value of the company comes from the company's own special competitive advantage; the investment opportunities distinguished and executed on the basis of the advantage, furthermore, the earnings capabilities by the transferring in the future. The deal between the companies which execute IPO and the potential investors is the present value of the company's future profits in a definite proportion. The IPO pricing is a process which is to distinguish and comment the company's own special competitive advantage and core capacity; to evaluate according to the value theory; to predict the future performance which change to the quantitative stock price and transfer it to the capital market effectively.
Generally, there are two steps for IPO pricing of the Chinese public listed companies. First, the issuer cooperates with the lead underwriter to fix the conference price of the company internal value according to a certain evaluation mould or quantity analysis. We state the detailed evaluation mould completely in the above. Then, the lead underwrite will determine the appropriate issuing method per as the real condition to fix the price which can fully reflect the market demands. This is the IPO issuing mechanism by the listed company.
Regarding the analysis and settlement of the IPO pricing, China is still restricted to the comparable company mould, and use the factors greatly influenced by price/earning ratio to analyze and analog the pricing. There is some certain effect in current China, but many researches show that the reason of price/earning ratio is being used is not because of its advantages; it is because of the current situation in China. The current stock market situation cannot meet the requirements of the reasonable pricing mould, including the assumption, definition, the date's choice of the mould. Researching these problems and basic reasons will help us a lot to find out the way of IPO pricing.
The procedure of the IPO for the listed companies will involve three parties' benefits game playing, including investors', issuer companies', and underwriters'. The actions are as follows : if the newly-issued stock is overpricing ,it will falls below the issuing price on its initial day of trading, it indeed will influence the investors' profits and hence even spoilt the underwriter's fame and bring the risk of underwriting in the future; On the contrast,if the newly-issued stock is underpriced , there will be more chances that the new stock's closed price will be higher then the open price. We call this as controlled price. The significant gain for investors on its initial day of trading form the IPO controlled price has been the important factors which twisted China's whole stock market investment atmosphere currently.
In this transferring stage of building and forming the standardized systems and rules in current China's securities market ,with the marketization process of China's economy and capital market, our regulatory administrations should maser the overall frame and development prospect of the securities market system fully and completely ,and make a practical development strategy and plan arrangement. On the premises that are confident with the development prospect, they should take the administrative and supervised functions fully. According to the current market system and would-be arranged system, they also should pay great attention to the standardization and continuity of the supervision. For the market actions which violate the system arrangement, they should execute per as the law and rules strictly. In this way, there will be the main parties who are trained to obey the laws, rules and other regulations in the market system step by step.
Followed the seventh generating of IPO in the stock market on June 17th ,2009,some detailed reform measures are being changed step by step and the whole market atmosphere is also being adjusted.However ,the real system defects are not solved in this reform: first , floating stock ratio is quite low;second,the floating stock scale is too small ,and the price/earning ratio is so high by the stock short supply;third,there is still the left "great/small limitations" for future caused by the limited selling; forth , the issue of playing with the new shares by the un-set up and down price in the first day; fifth ,there is the non market-orient issue that the IPO issuing step is still being controlled by the administration actually .This reform just symbolically yield to the small investors and leave the main five core issues to the future.
引文
7 杨小凯,《经济学原理》,中国社会科学出版社,1998年,P246-247。
8 王靖国《IPO定价综述:从规范到实证》(2004),国家外汇管理局专家。
11 赵旭,《解读IPO定价机制改革》,2009
12 查尔斯.R.吉斯特著,《金融体系中的投资银行》,经济科学出版社,1998。
23 邓召明,《我国股票发行定价效率实证研究》,《南开经济研究》2001年06期
24 章早立、何沛俐、张雪峰《我国A股市场IPO定价影响因素分析》,(2001)
25 毛宗平、川文,《我国新股发行定价效率实证研究》,《现代经济探讨》2004年02期
26 段进东、陈海明,《我国新股发行定价的信息效率实证研究》,《金融研究》2004年02期
27 姚海鑫,《我国上市公司IPO定价问题的一个实证研究》,(2004)
28 俞颖、佟德庆,《我国新股发行定价效率的实证分析》,《生产力研究》2005年04期
29 陶冶、马健,《基于聚类分析的IPO定价实证研究》,《湖南大学学报(社会科学版)》,2006年04期
30 项艳、靳炎,《我国中小企业板IPO定价的多因素回归分析》,(2006)
31 王靖国,《IPO定价综述:从规范到实证》(2004)
32 王晋斌,《完全市场化是IPO的最终出路》,深交所综合研究所研究报告,(1997)。
33 陈工孟、高宁,《中国股票一级市场发行抑价的程度与原因》,《金融研究》2000年08期
34 徐剑刚、潘烈、范国祖,《中国新股价格行为的短期分析》
35 周全,《股票首次公开发行中的定价问题研究》,中国人民大学研究生部硕士研究生学位论文。
36 何沛利、章早立,《透析我国IPO公司利润操纵》,《证券时报》2002年11期
37 段进东、陈海明,《我国新股发行定价信息效率实证研究》,《金融研究》2004
39 刘江会、刘晓亮,《我国承销商声誉和IPO抑价关系的实证分析》,(2004)
40 杨丹、林茂,《我国IPO长期市场表现的实证研究》(2006)
41 Lyon、Barber和Tsai(1999)提出了一种基于Bootsrapping的偏差调整t统计量的计算方法,但是Gompers 和Lerner(2003)的实证研究发现两种方法差别不大。
43 Fama-French三因素模型使用SMB和HML作为相关风险因素的代理变量,这与特征模型的观点不同,具体参见吴世农,许年行(2004)。
45 周礼君、彭茜,《全流通配合询价机制对IPO抑价程度的实证研究》,(2007)
46 毕子男、孙珏,《机构投资者对IPO定价效率的影响分析》,(2007)
48 毛莹,《影响我国上市公司IPO抑价的原因分析》,2008
49 汤世生、黄格非,《保荐人制可医治IPO市场低效顽症》,《中国证券报》2003年7月
50 王怡,《IPO定价的几大关口》,《投资与合作》2008年第12期
51 毛莹,《影响我国上市公司IPO抑价的原因分析》,2008
52 汤世生,黄格非,《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
53 王靖国,《IPO定价综述:从规范到实证》,《信息空间》,2004年9月,作者系国家外汇管理局专家。
54 汤世生,黄格非,《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
1、Liu Ti:《An Empirical Investigation of IPO Underpricing in China》,July 2003,Cambridge University.
2、Michelle Lowry,G.William Schwert,《Biases in the IPO Pricing Process》,February 2001.
3、Ann E.Sherman,《Global Trends in IPO Methods》,December,2004
4、Tim Jenkinson,Howard Jones,《IPO pricing and allocation:a survey of the views of institutional investors》,2007.
5、Andreas Oehler,Marco Rummer,Peter N.Smithb,《IPO Pricing and the Relative Importance of Investor Sentiment》,July 2005.
6、Nitish Ranjan,T.P.Madhusoodanan,《IPO Underpricing,Issue Mechanisms,and Size》,22~(nd) March,2004.
7、B.Espen Eckbo,Oyvind Norli,《Liquidity risk,leverage and long-run IPO returns》,February 2004.
1、(英)凯文·多德(Kevin Dowd),(英)默文·K.刘易斯(Mervyn K.Lewis),《金融与货币经济学前沿问题》
2、杨小凯:《经济学原理》,中国社会科学出版社,1998年,P246-247
3、王靖国:《IPO定价综述:从规范到实证》,2004,作者系国家外汇管理局专家
4、赵旭:《解读IPO定价机制改革》,2009
5、查尔斯.R.吉斯特著:《金融体系中的投资银行》,经济科学出版社,1998
6、陶勇:《从赢家诅咒看信息与决策》,2009年8月《新智囊》
7、郭敏:《IPO定价中的信息揭示》,2009,《投资与合作》杂志专栏
8、黄春铃:《IPO市场承销商声誉机制的形成机理及实证检验》,2001
9、邓召明:《我国股票发行定价效率实证研究》,《南开经济研究》2001年06期
10、章早立、何沛俐、张雪峰:《我国A股市场IPO定价影响因素分析》,2001
11、毛宗平、川文:《我国新股发行定价效率实证研究》,《现代经济探讨》2004年 02期
12、段进东、陈海明:《我国新股发行定价的信息效率实证研究》,《金融研究》2004年02期
13、姚海鑫:《我国上市公司IPO定价问题的一个实证研究》,2004
14、俞颖、佟德庆:《我国新股发行定价效率的实证分析》,《生产力研究》2005年04期
15、陶冶、马健:《基于聚类分析的IPO定价实证研究》,《湖南大学学报(社会科学版)》,2006年04期
16、项艳、靳炎:《我国中小企业板IPO定价的多因素回归分析》,2006
17、王靖国:《IPO定价综述:从规范到实证》2004
18、王晋斌:《完全市场化是IPO的最终出路》,深交所综合研究所研究报告,1997
19、陈工孟、高宁:《中国股票一级市场发行抑价的程度与原因》,《金融研究》2000年08期
20、徐剑刚、潘烈、范国祖:《中国新股价格行为的短期分析》
21、周全:《股票首次公开发行中的定价问题研究》,中国人民大学研究生部硕士研究生学位论文。
22、何沛利、章早立:《透析我国IPO公司利润操纵》,《证券时报》2002年11期
23、段进东、陈海明:《我,国新股发行定价信息效率实证研究》,《金融研究》2004
24、刘江会、刘晓亮:《我国承销商声誉和IPO抑价关系的实证分析》,2004
25、杨丹、林茂:《我国IPO长期市场表现的实证研究》2006
26、李强:《全流通时期IPO抑价实证研究》2007
27、周礼君、彭茜:《全流通配合询价机制对IPO抑价程度的实证研究》,2007
28、毕子男、孙珏:《机构投资者对IPO定价效率的影响分析》,2007
29、计国忠:《中国上市公司大股东控制权私有收益问题研究》,2005
30、毛莹:《影响我国上市公司IPO抑价的原因分析》,2008
31、汤世生、黄格非:《保荐人制可医治IPO市场低效顽症》,《中国证券报》2003年7月
32、王怡:《IPO定价的几大关口》,《投资与合作》2008年第12期
33、汤世生,黄格非:《IPO定价方式的国际考察与中国实践》,《上海证券报》2007 年8月
34、王靖国:《IPO定价综述:从规范到实证》,《信息空间》,2004年9月,作者系国家外汇管理局专家。
35、汤世生,黄格非:《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
36、陆满平:《新股发行制度改革仍“分步走”》,2009.7
37、马光远:《改革不彻底,IPO还会暂停》,2009.7
8 王靖国《IPO定价综述:从规范到实证》(2004),国家外汇管理局专家。
11 赵旭,《解读IPO定价机制改革》,2009
12 查尔斯.R.吉斯特著,《金融体系中的投资银行》,经济科学出版社,1998。
23 邓召明,《我国股票发行定价效率实证研究》,《南开经济研究》2001年06期
24 章早立、何沛俐、张雪峰《我国A股市场IPO定价影响因素分析》,(2001)
25 毛宗平、川文,《我国新股发行定价效率实证研究》,《现代经济探讨》2004年02期
26 段进东、陈海明,《我国新股发行定价的信息效率实证研究》,《金融研究》2004年02期
27 姚海鑫,《我国上市公司IPO定价问题的一个实证研究》,(2004)
28 俞颖、佟德庆,《我国新股发行定价效率的实证分析》,《生产力研究》2005年04期
29 陶冶、马健,《基于聚类分析的IPO定价实证研究》,《湖南大学学报(社会科学版)》,2006年04期
30 项艳、靳炎,《我国中小企业板IPO定价的多因素回归分析》,(2006)
31 王靖国,《IPO定价综述:从规范到实证》(2004)
32 王晋斌,《完全市场化是IPO的最终出路》,深交所综合研究所研究报告,(1997)。
33 陈工孟、高宁,《中国股票一级市场发行抑价的程度与原因》,《金融研究》2000年08期
34 徐剑刚、潘烈、范国祖,《中国新股价格行为的短期分析》
35 周全,《股票首次公开发行中的定价问题研究》,中国人民大学研究生部硕士研究生学位论文。
36 何沛利、章早立,《透析我国IPO公司利润操纵》,《证券时报》2002年11期
37 段进东、陈海明,《我国新股发行定价信息效率实证研究》,《金融研究》2004
39 刘江会、刘晓亮,《我国承销商声誉和IPO抑价关系的实证分析》,(2004)
40 杨丹、林茂,《我国IPO长期市场表现的实证研究》(2006)
41 Lyon、Barber和Tsai(1999)提出了一种基于Bootsrapping的偏差调整t统计量的计算方法,但是Gompers 和Lerner(2003)的实证研究发现两种方法差别不大。
43 Fama-French三因素模型使用SMB和HML作为相关风险因素的代理变量,这与特征模型的观点不同,具体参见吴世农,许年行(2004)。
45 周礼君、彭茜,《全流通配合询价机制对IPO抑价程度的实证研究》,(2007)
46 毕子男、孙珏,《机构投资者对IPO定价效率的影响分析》,(2007)
48 毛莹,《影响我国上市公司IPO抑价的原因分析》,2008
49 汤世生、黄格非,《保荐人制可医治IPO市场低效顽症》,《中国证券报》2003年7月
50 王怡,《IPO定价的几大关口》,《投资与合作》2008年第12期
51 毛莹,《影响我国上市公司IPO抑价的原因分析》,2008
52 汤世生,黄格非,《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
53 王靖国,《IPO定价综述:从规范到实证》,《信息空间》,2004年9月,作者系国家外汇管理局专家。
54 汤世生,黄格非,《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
1、Liu Ti:《An Empirical Investigation of IPO Underpricing in China》,July 2003,Cambridge University.
2、Michelle Lowry,G.William Schwert,《Biases in the IPO Pricing Process》,February 2001.
3、Ann E.Sherman,《Global Trends in IPO Methods》,December,2004
4、Tim Jenkinson,Howard Jones,《IPO pricing and allocation:a survey of the views of institutional investors》,2007.
5、Andreas Oehler,Marco Rummer,Peter N.Smithb,《IPO Pricing and the Relative Importance of Investor Sentiment》,July 2005.
6、Nitish Ranjan,T.P.Madhusoodanan,《IPO Underpricing,Issue Mechanisms,and Size》,22~(nd) March,2004.
7、B.Espen Eckbo,Oyvind Norli,《Liquidity risk,leverage and long-run IPO returns》,February 2004.
1、(英)凯文·多德(Kevin Dowd),(英)默文·K.刘易斯(Mervyn K.Lewis),《金融与货币经济学前沿问题》
2、杨小凯:《经济学原理》,中国社会科学出版社,1998年,P246-247
3、王靖国:《IPO定价综述:从规范到实证》,2004,作者系国家外汇管理局专家
4、赵旭:《解读IPO定价机制改革》,2009
5、查尔斯.R.吉斯特著:《金融体系中的投资银行》,经济科学出版社,1998
6、陶勇:《从赢家诅咒看信息与决策》,2009年8月《新智囊》
7、郭敏:《IPO定价中的信息揭示》,2009,《投资与合作》杂志专栏
8、黄春铃:《IPO市场承销商声誉机制的形成机理及实证检验》,2001
9、邓召明:《我国股票发行定价效率实证研究》,《南开经济研究》2001年06期
10、章早立、何沛俐、张雪峰:《我国A股市场IPO定价影响因素分析》,2001
11、毛宗平、川文:《我国新股发行定价效率实证研究》,《现代经济探讨》2004年 02期
12、段进东、陈海明:《我国新股发行定价的信息效率实证研究》,《金融研究》2004年02期
13、姚海鑫:《我国上市公司IPO定价问题的一个实证研究》,2004
14、俞颖、佟德庆:《我国新股发行定价效率的实证分析》,《生产力研究》2005年04期
15、陶冶、马健:《基于聚类分析的IPO定价实证研究》,《湖南大学学报(社会科学版)》,2006年04期
16、项艳、靳炎:《我国中小企业板IPO定价的多因素回归分析》,2006
17、王靖国:《IPO定价综述:从规范到实证》2004
18、王晋斌:《完全市场化是IPO的最终出路》,深交所综合研究所研究报告,1997
19、陈工孟、高宁:《中国股票一级市场发行抑价的程度与原因》,《金融研究》2000年08期
20、徐剑刚、潘烈、范国祖:《中国新股价格行为的短期分析》
21、周全:《股票首次公开发行中的定价问题研究》,中国人民大学研究生部硕士研究生学位论文。
22、何沛利、章早立:《透析我国IPO公司利润操纵》,《证券时报》2002年11期
23、段进东、陈海明:《我,国新股发行定价信息效率实证研究》,《金融研究》2004
24、刘江会、刘晓亮:《我国承销商声誉和IPO抑价关系的实证分析》,2004
25、杨丹、林茂:《我国IPO长期市场表现的实证研究》2006
26、李强:《全流通时期IPO抑价实证研究》2007
27、周礼君、彭茜:《全流通配合询价机制对IPO抑价程度的实证研究》,2007
28、毕子男、孙珏:《机构投资者对IPO定价效率的影响分析》,2007
29、计国忠:《中国上市公司大股东控制权私有收益问题研究》,2005
30、毛莹:《影响我国上市公司IPO抑价的原因分析》,2008
31、汤世生、黄格非:《保荐人制可医治IPO市场低效顽症》,《中国证券报》2003年7月
32、王怡:《IPO定价的几大关口》,《投资与合作》2008年第12期
33、汤世生,黄格非:《IPO定价方式的国际考察与中国实践》,《上海证券报》2007 年8月
34、王靖国:《IPO定价综述:从规范到实证》,《信息空间》,2004年9月,作者系国家外汇管理局专家。
35、汤世生,黄格非:《IPO定价方式的国际考察与中国实践》,《上海证券报》2007年8月
36、陆满平:《新股发行制度改革仍“分步走”》,2009.7
37、马光远:《改革不彻底,IPO还会暂停》,2009.7