| IPO underpricing is offering price subtract from closing price on the first day going public, investors buy stock can get extra income. High IPO underpricing exposes the low efficiency of pricing and affects the whole market allocation of resources. Therefore we have initiated a new method for IPO pricing:inquiry system in 2005. Compared with other pricing system, inquiry system is a market-oriented pricing, through the preliminary inquiry and accumulated bidding enquiry to determine the price. In the Chinese market that maturity lowly and low decision ability of investors, How does it go?This paper use normative research and empirical research method launch research. According to the " inquiry system-information asymmetry-IPO underpricing" on theoretical analysis; Select IPO companies from 2003 to 2009 as research samples, establish a regression analysis model; Select one IPO company to demonstrate the conclusion. This paper has five chapters. Firstly, introduce the background, significance of the research and research framework; Secondly, review and summarization the IPO underpricing theory; Thirdly, analysis the information asymmetry of IPO market and inquiry system effect; fourth, choose variables to establish multiple linear regression model; fifth, Summarize and give the corresponding suggestion.The main conclusions as follows:Firstly, the inquiry system improved the information asymmetry of the IPO market; Secondly, High IPO underpricing in China market due to investor behaviour.This paper maybe has three innovation points. Firstly, inquiry system reform to explore the influence of IPO underpricing. Introducing inquiry system using a virtual variable cross multiplication method to a regression analysis; Secondly, theoretical analysis and case analysis, combining sample of listed companies, case analysis, and to demonstrate the conclusion obtained empirical stage;thirdly, using nonparametric method of inspection to the effect of inquiry, the paper examines and relevant conclusions. |
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