| New shares, also known as the IPO, with the allotment and issuance of corresponding to, and usually refers to those with a positive outlook for the company, commissioned by the underwriters and other intermediaries for the first time in the public equity market to the potential investors in the Everbright sale shares, to raise funds for the project process. IPO underpricing refers to the stock issue price significantly lower than the IPO first day closing price, investors can subscribe for new shares through a secondary market spreads for excess income. Theoretically, if the needs of the secondary market is a market basis for setting prices, and that the underpricing problem should not exist, however, empirical proof of IPO underpricing problem is prevalent in all countries. Due to the unknown of the reasons to call it the "mystery", IbIbostno (1975), the research on IPO underpricing is becoming a hot issue in the field of capital market research. Foreign and domestic scholars through a large number of studies have confirmed that the IPO underpricing in the securities markets of the world are a common phenomenon, but also by a large number of empirical studies and obtained the main factors affect the IPO underpricing, forming a rich theoretical basis. But still not a universal theory to make a good explanation of the different countries of the IPO underpricing phenomenon.Most scholars believe that China’s stock market IPO underpricing is high, the prevalence of China’s stock market speculation, excessive IPO underpricing rate will lead to a lot of money hoarding in the primary market, investors expect the excess short-term rate of return by investing in new shares This will inevitably lead to inefficient allocation of resources of China’s securities market. China’s securities regulatory departments recognize the seriousness of the problem, and successively promulgated a series of reform measures, can China IPO underpricing reduced to normal levels. The number of new shares issued reform in the pre-reform and IPO underpricing have a greater impact, the level of IPO underpricing in China has been high. In June2009, the Securities will publish guidance on the further reform and improve the IPO system to the SFC in October2010the second phase of the reform measures of the system regarding the issue of new shares, issued guidance on the deepening of the reform IPO after the implementation of the reform measures of the two stages of the reform of the new shares issued on the degree of IPO underpricing produce asignificant impact. IPO underpricing on average decreased from144.97%of new shares issued before the reform to38.84%of the new shares issued after the reform, after the implementation of the reform measures of the first phase of IPO underpricing average of49.71%, the second phase of reform measures IPO underpricing average of25.48%. China’s securities market shares IPO underpricing the new shares issued after the reform significantly reduced.Although the domestic and foreign scholars on the IPO underpricing is still small, but the relationship between the IPO reform and IPO underpricing. In this paper, we consider the characteristics of China’s securities market, the policy control of the government and the securities regulatory authorities play a vital role in China’s securities market. Therefore expect to start to explore the main factors of the impact of IPO underpricing the new shares issued before and after the reform from the perspective of distribution system, and further analysis of the distribution system by influencing factors, thereby reducing the degree of IPO underpricing of China’s securities market. Want to be able to help enacted after the IPO system.The first chapter is the introduction, mainly to explain the research background and research ideas, as well as the introduction of the reform of the new shares issued.Chapter Ⅱ of this literature review, the first major foreign IPO underpricing theories elaborated summary of domestic scholars look back on the phenomenon of IPO underpricing of China’s securities market. And pointed out that existing studies on China’s IPO system study on the impact of IPO underpricing is also less, and the characteristics of China’s securities market, the major Western theories of IPO underpricing in China’s securities market is not necessarily apply. Finally, China’s securities market of new shares to the trial system, and distribution methods were reviewed, a summary of the various stages of the trial system and distribution characteristics.Chapter Ⅲ of the mechanism of evolution of China’s new stock issue. Our new review system has gone through the approval system and the system of examination and approval, the approval system "line management" and "indicators" are further divided into two stages, the approval system subdivided into "channel" system and "sponsor" system two stages. Way of issuing new shares in China has undergone internal sale, IPO table mode, a special certificate of deposit ways, full of advances by the pilot to bidding issue, Internet pricing issue, on-line issue, and a combination of legal Placing the two market investors tosubscribe for the online inquiry, under the net pricing issue nine stages. The new stock issue pricing has gone through a fixed price issue, to determine the issue price of a fixed level of earnings, relaxing, and dilute the earnings level to determine the issue price, control the price-earnings ratio pricing method, the initial inquiry and accumulated bidding inquiry in five stages.Chapter Ⅳ of this paper to reform the issue of new shares, mainly affecting the relationship between factors and IPO underpricing. This chapter first describes the new stock issue reform by influencing what factors, thus further affecting the degree of IPO underpricing. Then the study sample of data sources, as well as the measure of the degree of IPO underpricing. June2009and October2010and the middle point sample is divided into three groups, the descriptive statistical analysis of IPO underpricing for the three sample groups, respectively. Then selected according to the reform of the issue of new shares to explain and control variables, hypotheses related to IPO underpricing theories, as well as China’s securities market, and building plots for intuitive judgment IPO underpricing rate of each variable relationship.The fifth chapter of this paper empirical analysis of IPO underpricing phenomenon, is the focus of this article. First, samples of descriptive statistical analysis, a preliminary inspection before and after the reform of the new share issue which factors exist in significant changes. Of each explanatory variable for univariate analysis, preliminary validate assumptions before. Finally, according to univariate analysis gradually cloudy regression model to study the results of the use of the significant factors obtained before and after the reform of the new shares issued on the degree of IPO underpricing are quite different, and these factors are subject to a certain extent, the new shares issued the impact of reform, such as the success rate of the earnings release, which come to the reform of issuing new shares to a certain extent to reduce China’s stock market shares IPO underpricing.Chapter6summarizes the main conclusions, and make policy recommendations and in accordance with the previous study. Finally, the limitations in this article. This paper argues that the main reason that China’s securities market IPO underpricing level is still high compared with Western countries is still fanatical investment behavior of investors in the new shares new shares issued after the reform. The reason boils down to is still a market imbalance between supply anddemand of new shares in China, a lot of money hoarding of excess short-term rate of return in order to obtain a market for speculation. In this paper, from solving the contradiction between supply and demand of new shares of the primary market and solve the two angles of the secondary market speculation policy recommendations, and expect to continue to promote the reform of the new shares issued after some help... |
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