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Study On The Underpricing In Chinese Initial Public Offerings Market

Posted on:2005-08-31Degree:MasterType:Thesis
Country:ChinaCandidate:S WangFull Text:PDF
GTID:2156360122988432Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
The phenomenon of underpricing in Initial Public Offerings (IPO) market was present from the beginning of Chinese stock market. The high underpricing in IPO has brought a series of problems to the development of the stock market. Firstly, this thesis reviews the underpricing related research, summarizes the achievement in China and the other countries. Secondly, backdates the history of Chinese stock market, summarizes the development course of the Chinese A stock IPO market. Baseing on comprehending the object of research and summarizing other scholar's achievement and their limitation, this thesis classifies the sample stock, analyzes the underpricing factors from different point of views, preliminary decides the degree of these factors affect the underpricing and finally find out the underpricing related factor. Thirdly, using the data of sample stock to construct a mathmatic model and using quantitative method to study the underpricing phenomenon in Chinese stock market. The thesis discovers that the research and explain of west scholars is not very helpful to understanding the underpricing phenomenon in Chinese IPO market and concludes some of the special factors is the key reson. Afterwards, according to our stock market characteristics, the thesis finds out the special factors through the analyzing of the main participator in Chines IPO market, such as government, supervising institution, investor, consignee, issuer and gives some new point of views to our stock market.
Keywords/Search Tags:Chinese stock market, Initial Pulic Offerings, Underpricing
PDF Full Text Request
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