Discount On Junior IPO In China And Study On The Trend

IPOs(Initial Public Offerings) is a behavior that a company sells its stocks(common stocks) publicly to investors on the stock market for the first time.Analysis indicates that IPO underpricing is a common phenomenon all over the stock market of various countries. But compared with stock market of developed or developing country, the degree of IPO underpricing in Chinese stock market is all quite serious. Similarly, IPOs long-run underperformance which means investors buying IPO shares on the secondary market earn substantial negative abnormal returns over longer horizons is an interest topic too.The meaning of this article lies in:By analyzing the IPO underpricing phenomenon and middle&long- run performance in Chinese SMEs stock market, to find the main factors influencing the IPO underpricing and middle&long- run performance , then to put forward the corresponding suggestions to development of the small and medium enterprises(SMEs) board.The content of the full text is divided into five chapters:Chapter 1 the introduction which introduces the research background of this textand research meaning, then it introduces the research object and research methods Finally it introduces the distinguishing features of this article.Chapter 2 Research review introduces the models of IPO underpricing and long- run performance put by foreign scholars, and then puts forward the evidence of IPO underpricing and middle&long-run underperformance, finally introduces the domestic and foreign scholars' study on IPO underpricing and middle&long- run performance in Chinese SMEs stock market.Chapter 3 experiential anaysis adopts many kinds of methods to...