Research On High Underpriceing In China Stock Market

Initial Public Offering is the focal point and difficulty which security theorist and practical department.Vigorously developing capital market is the important decision which the party central committee and council have made. Active impetus to our national capital market reform and opening, also harmonious development. For the improvement of Securities issuance and listing approval system, we urgently need to lead and guide various high-quality enterprises to use capital market to transform, list, found raising with standardization and scientificalization. Because the foreign relative research doesn't apply to the characteristics of our country's security market, thus we can't copy the foreign research conclusion. Meanwhile, contrary to the quick development of our country's security, our country's IPO research has appeared to fall behind. Thus it has become more and more important that how to combine the specific characteristics of our country's security market, then analysis IPO's generation mechanism deeply, and propose the corresponding theoretical means to guide our country's issuing market.The first chapter of the paper is preface, which introduce the topic choice of the paper in detail, and has briefly discussed the theoretical explanations toward IPO underpricng and constant weak tendency phenomenon, at last list the paper's frame construction and research approach.The second chapter in the paper has introduce the evolution of Chinese stock issue. The IPO system has gone the two stages of the examination and approval system and authorized system. The IPO pricing means have gone the transformation from the supervision department regulation to the Accumulated bidding inquiry system.The third chapter has treated three great anomalies. Because IPO under pricing phenomenon plays the important role in the IPO, thus the deception the IPO under pricing phenomenon has become vital. The foreign scholarships'explanations towards the IPO under pricing phenomenon mainly include both kinds of rational explanation and irrational explanation,. In the light of the particularity of Chinese security market, the paper thinks that the irrational explanation applies more to theChinese primary market. The paper has treated the new share long-term weak trend from three aspects of excessive packaging, public anticipation, and the investors'quality.The forth chapter has analyzed typical high under pricing phenomenon case, which choose CCB, PetroChina, ABC three cases. By three cases we further discuss the high share under pricing phenomenon on the market working.In the fifth chapter, some specific policy advice is proposed,which includes some advice that draws foreign lessons and specifically based on the Chinese security market .