| Our country firstly built upthe ShenzhenStock Exchange in 1989.Later,the Shanghai Stock Exchange was established in 1990.Since then,the capital market has mushroomedmore than 20 years.The rapid development attracted the world's attention.As an essential part of the capital market,the IPO market also grew up quickly.While there were some inevitable problems in the process.Some reflected the world's common characteristics and somewereunique situation of China.Taken together,there are three kinds of visions in the IPO market:unusually hot purchase of new shares,high premium rate on the first day and poor performance of the stock price for longtime.These visions are closely related to initial public offering system and investors' behavior.Firstly,we have carried out approval system for many years.Regulators should examine the company before approving the application,which ensure the qualification of the company and protect investors.It also stifled investors'enthusiasm to investigate and analysis.In addition,the demand for new shares exceeds the supply,which also leads to a high premium rate.Secondly,in theory,institutionalinvestors usually have more money and better skill than individual investors,which may lead to a more rational behavior.However,some studies showed that they still had irrationality.And it can impact the market in some degree.Besides,there are many research about high premium rate on the first day.But they mainly concentrate on secondary market.A few are about lot winning rate and pricing rate in the primary stock market.So the paper is mainly concerned with these two rates.We make lot winning rate represent the behavior of individual investors and pricing raterepresent the behavior of institutional investor.We hope to discuss what can impact the behavior of these two types of investors.The overall writing ideas are below.Firstly,we introduced the definition and the situation of institutional investors,as well asthe typical characteristics of institutional investors that different from individual investors.Secondly,there are several ways to issue new shares.According to the statistics about the way used in our country,we know thatthe issuance manner of theinquiry under the net internet pricing is the most popular.The number of lot winning rate and pricing rate reflect investor's attitude towards the new stock.The lower rate reflects more investor and better assessment,which represent investor's behavior.Then,we choose 8 explanatory variables from the perspective of market conditions,the conditions of issue and the quality of the company and establish the regression model.We selected the sample from 2010-20015 A-share listed manufacturing companies in China.Through empirical analysis,we test whether the conclusionis the same to the hypothesis.Finally,we come up with some recommendations aiming at changes of the institution of issuing new shares and the fact that registration system is about to launch.Former scholars usually concerned about high premium rate on the first day and poor performance of the stock price for longtime.And the lot winning rate is often seemed as an explanatory variable.While in this paper,we let the lot winning rate and the placing rate represent the behavior of individual investors and institutional investorsrespectively.We regard these two rates as explained variables and study whatwill influence them.And then we will know the factor that influencesdifferent investor's behavior.As the complex mental process lead to investor's behavior,the paper just chooses finite variables on the basis of former study to interpret and study it.It may not be ample to explicate the explained variables.And we only choose Institutional factors as control variable.There may be many other external factors we don't control,which can be improved in later study. |
PDF Full Text Request