| This paper uses the data of first issue stocks in the stock exchange of shanghai to investigate the factors that influence the first day revenue of the IPOs.With the data before 2000,some scholars have made very abroad studies about this issue, mostly they believe that the underestimated rate of M/P is the important factor that lead the extraordinary highness of the first day revenue of the IPOs. Considering of the changes of the policy of stock issue, by observing the correlated data, we find that the department of securities had released the supervising of stock issue from the Jan of 2000 to the Sep of 2001,allowed the publishers,distributors and investors decided the price of new issued stock basing on the finance status and the supply and demand of the stock market together. In this period, the distribution of the rate of M/P was very abroad, fluctuating from 16.25 to 70and averaging at 34, approaching the actual situation. This illuminated that the extent of underestimation of the rate of M/P was very low and the influence of the policy was very slightly, according to the fruit of former literature, the rate of the first day revenue of the IPOs would not be extraordinarily high ,or would not be so high as before if it was still . So we choused data from the Jan of 2000 to the Sep of 2001 as the small sample to test whether or not the first day revenue of the IPOs was extraordinarily high, then looked for the reason if it still was。 Due to the lack of the stock market, adding the bother of various factors, the maladjustment between the manner of issue and the capital market exposed quickly and the stock market suffered very severe mischance. The department of securities had to intensify the supervising again, the rate of M/P was restricted 20. However we must make clear that this "intensify" was aimed at strengthening the quality of the stocks but not restricting the figure merely, so the stock market after the Sep of 2001 will reflect the market's characteristic and development direction better and be deserved thorough investigation also .Because the securable number is limited, the investigation of this paper may be implemented through the compare between the data of two periods, i.e. the data of the portion sample (2000.01-2001.09) and the whole sample (2000.01-2001.09). The development direction of the stock market can be obtained by looking into the situation of the first day revenue of the IPOs.Based upon the consideration above-mentioned , we make the research on the two database respectively, by analyzing the statistical results, prove that the underestimated rate of M/P is one of the factors that lead the extraordinary highness of the first day revenue of the IPOs, but neither the only nor the most important ,for even in the period of 2000.01-2001.09,when the rate of M/P approaching the actual situation, the first day revenue of the IPOs still present extraordinary highness and the degree of highness even more . According to the results of the analysis, we can see that the total asset size,the eat and flow of the market before issue and the yield of the equity are the important factors those influence the first day revenue of the IPOs. The manner and result of the influence of these ratios are consistent somehow with those in the overseas market.Besides the influence of above factors, the reason that lead the extraordinary highness of the first day revenue of the IPOs also lies on the entirely economic circumstance. Due to the restriction of actual condition, it is difficult to reform the whole circumstance of economic and the former reformation have been proved not successful. But we can carry the reformation into execution step by step to search for the right way to a nice future. The entirely economic circumstances leads the extraordinary highness of the first day revenue of the IPOs, while the finance condition of each corporation make the first day revenue of the IPOs present difference in the degree of highness. In a word, both the entirely economic c...
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