Comparative Analysis Of China's Shanghai A-share Ipo Discount Empirical Research - Different Issues And Access System

IPO(Initial public offerings) underpricing refers to the phenomenon that the issue price is lower than the first-day market closing price, which brings the positive initial returns. The problem of BPO underpricing exists in the global new stock issuing market universally, until now, it is still a puzzle of the kingdom of finance, many native and foreign scholars have explained the phenomenon from different angles both theoretically and empirically.The paper is divided into five chapters:The first chapter is introduction, which introduces the paper's background, meaning, train of thought and characteristics etc..The second chapter is the domestic and foreign review of literature, which introduces foreign theories of IPO underpricing and the empirical research both at home and abroad.The third chapter is summary of issue institution, which introduces different issue institutions and their characteristics.The fourth chapter is empirical research, which studies the IPO underpricing characteristics in different issue institutions from four stages. Then we find that our countries' stock market IPO underpricing has two main characteristics: one is that its absolute value is even more higher than the average value of foreign market; another is that it presents downward trend, but still lies in high level. Meanwhile,we find that most of the indexes' significance is increasing gradually and its explanation is much stronger.The fifth chapter is conclusion and policy suggestions, analyses the deep-seated reasons of IPO underpricing, which include: the imperfect issue institution; the undersupplying of the stock; the immature investors; the securities company don't play their role as the intermediaries. Tthen according to the reasons, we give some suggestions for the stock market's healthy development.