원문정보
초록
영어
In this study, the underpricing phenomena in initial public offering(IPO) of Chinese firms that were on the exchange for the period 2000-2011 was examined. The effects of shutting down IPO market on the underpricing degree of the IPO firms and compared the effects in Shanghai Stock Exchange and Shenzhen Stock Exchange were the main focus of the study. First, the number of days between the listing day and the closure of the IPO market influences the degree of underpricing negatively. In other words, as the listing day becomes closer to the closure of the IPO market, the higher the degree of the initial underpricing. Secondly, the number of days between reopening of the IPO market and the listing day influences the degree of underpricing positively. In other words, as the listing day becomes more distant from the reopening of the IPO market, the higher the degree of the initial underpricing. Thirdly, the degree of initial underpricing before shutting down the IPO market is higher than after.
목차
Ⅰ. Introduction
Ⅱ. Literature Review
1. On IPO Theory and Phenomenon
2. On IPO Phenomenon in China
Ⅲ. Research Design
1. Data
2. Model and Variables
Ⅳ. Test Results
1. Data Analysis
2. Mean Comparison Test and Correlation Analysis
3. Regression Analysis
V. Conclusion
References
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