Empirical Research On The Underpricing Of Initial Public Offerings In China

摘要：

In December 2004,the bookbuilding method was introduced in the Chinese IPO market and the PE ratio restriction was abolished. The purpose of the study is to examine whether the IPO shares after reform are priced efficiently so that the different levels of underpricing can be explained rationally by economic variables for information asvmmetry theory. The result of the study revealed that only a small portion of the underpricing could be explained by the information asymmetry theory in either the pre or post liberalization periods. The possible reason is the pricing process of the unseasoned shares in China is still under the influence of the government authorities such as the equity division regulation and allocation restriction.

关键词： Underpricing Initial public offerings Bookbuilding method Information asymmetry

作者: Danlin Pu ShanPing Wang

作者单位: Department of Accounting.Hunan University,Changsha,P.R.China epartment of Accounting.Hunan University.Changsha,P.R.China

会议类型: 国际会议

会议名称: 2009 IEEE 16th International Conference on Industrial Engineering and Engineering Management(IEEE第16届工业工程与工程管理国际学术会议)

会议地点: 北京

会议语种:英文

页码: 127-132

在线出版日期: 2009-10-21（万方平台首次上网日期，不代表论文的发表时间）