抑价

With the development of the security market, severe IPO underpricing is always a vexed question in our courtry. At the same time, a series of earnings management and financial packaging cases of public companies have been exposed, it pushes the IPO market to a very dangerous position where there is no credibility at all.

我国证券市场发展以来，IPO高抑价问题一直是困扰我国股票市场的重大难题之一，而国内证券市场中一系列上市公司盈余管理和财务包装案件的曝光，使得中国IPO市场出现了诚信危机。

The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素，对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究，发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&，而不是一级市场的&价格低估&，这与成熟市场的IPO价值低估现象具有本质区别。

The paper pints out that the solution to the first-day overpricing of new shares in the A-share market of China and the realization of a rational high IPO under-pricing ratio relies on the reform of the system of issuing, pricing and trading new shares and the smooth transaction between the primary market and the secondary market

改革现行的新股发行、定价和交易制度，实现一、二级市场的平稳对接或许是抑制新股上市首日过度炒作，实现IPO抑价水平合理回归的可行方案。

The behavior of market and participators is the major reasons why the IPO underpricing is high.

较高的IPO抑价率主要来自市场和市场参与者的行为。

Then we examine whether the higher SEO proceeds can recover the cost of an underpriced IPO.

然后，我们又对后续发行的高收益能否弥补抑价的成本进行检验。

A large amount of empirical research both at home and abroad have shown that IPOs have been underpriced in the security markets of developed countries and developing countries.

中文摘要：国内外学者通过大量实证研究表明，成熟市场国家和新兴市场国家都存在新股发行抑价的现象。

It shows that investors' over-reaction is the main reason for the IPO underpricing in our A price market.

研究表明，投资者的过度反应是我国A股市场IPO高抑价的主要原因。

This article has done such work for the empirical study on the IPO underpricing in our stock market.

本文对我国股票市场的IPO抑价现象进行了实证研究，主要工作如下。

The fourth part is to introduce the reasons of IPO underpricing.

第四部分是对新股发行抑价的原因分析。

The phenomenon of IPO underpricing widely exist in the capital markets of all countries in the world.

中文摘要：股票首次公开发行的抑价现象在全球各国的资本市场均普遍存在。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了