| China's IPO market has been developed for nearly 100 years.In this period,there have been a variety of problems,such as the abnormal return on the first day of the stock market at home and abroad,and the problem of "the king of new shares" in our country.These problems can be roughly divided into three categories: 1,the distribution market is unusually hot;2,the first day earnings rate is abnormal;3,the long term performance is weak after the IPO.The three are three Guaixiang for China's IPO market.Among the three big oddity phenomena,the abnormal hot selling market is the beginning.The abnormal rate of return on the first day of listing is the main body.The weakness of long-term performance after the IPO is the result.These strange phenomena will greatly reduce the resources allocation and financing function of China's securities market,damage the interests of listed companies,and thus affect the healthy development of China's securities market.Therefore,it is of great theoretical and practical significance to study the securities issue market in China and to excavate the most important oddity of the three major anomalies in the stock market-the abnormal returns of the first day of the market.In this paper,the participants in the market are divided into three categories: investors,issuers and underwriters,using the method of combination of normative and empirical research.First,it reviews relevant literature and theory and combs the transmission mechanism of the three parties on the impact of IPO underpricing;then,in October 26,2012(IPO suspension)to January 1,2015(IPO restart)In the last year)for the time limit,the selected 1763 shares of new shares listed in the A stock market from July 2,2009 to December 31,2017 were divided into two parts,and 9 explanatory variables were selected from three angles of investors,issuers and underwriters to discuss the investor participation,investor sentiment and issuer stock.The relationship between value,underwriter reputation and IPO underpricing.The research found that IPO new deal has little effect on solving the problem of IPO underpricing;based on the reasons for the lack of rational judgment of investment participants,investor participation is negatively related to the first day return rate of stock listing;the joint effect of the three parties of investors,issuers and underwriters has a certain degree of herd effect in the new stock market.It led to a high rate of underpricing.On the basis of empirical analysis,the article puts forward the following policy suggestions based on the results of comparative analysis: Based on the reasons for the lack of rational judgment of investment participants,the teaching of individual investors should be strengthened and institutional investors should be trained to optimize the investor structure of the securities market in China and to integrate individual investors and institutional investors.The advantages of each investment subject play its due role,and then combine the various policies of the market,develop the securities market in China,and promote the normal development of the stock market.Based on the reasons of asymmetric information,policy orientation should ensure that information is disclosed correctly and punctually,and false information is severely punished,unappeasable in the securities market,to ensure the standardized development of the securities market and to protect the interests of investors.In view of the fact that small and medium-sized investors in the stock market are vulnerable groups,we should protect the interests of small and medium-sized investors reasonably,and encourage investors to return to reason.Based on the development stage of the IPO market in China,we should vigorously carry out the reform of the new issue system,gradually implement the "approval system" to the "registration system",and realize the further development of the stock market in China,and realize the transformation of the stock market from the emerging market to the mature market. |
PDF Full Text Request