The Causes,Essence and Countermeasures of IPO Underpricing in China's Securities Market
There is a phenomenon of"speculating on new stocks"in China's securities market,which is due to the significant arbitrage space between the initial public offering(IPO)price of new stocks and the transaction price in the secondary market.This paper starts with the evolution history of IPO issuance system and pricing mechanism,and sorts out the influence of institutional reform on IPO pricing.From two perspectives of IPO underpricing and secondary market premium,deeply analyzes the reasons for the price difference of new shares.This paper analyzes the essence of IPO pricing,and puts forward some countermeasures and suggestions,so as to provide useful reference for the healthy development of China's securities market.
NETL
NSTL
万方数据
维普
