Dual Listed?IPO Under-pricing And Market Timing

At present,China is undergoing economic restructuring and deepening the reform process,the stock market is important for enterprises to financing,many enterprises choose to dual listing to broaden the financing channels,reduce financing cost,A+H dual listing mode is the most common,and the most representative.But due to its own characteristics in market,which leads to the valuation of certain differences,H before A public path has also become the special existence of capital market in China.Whether listed in any way,there is IPO underpricing phenomenon in the process,the paper reviews the domestic and foreign research on theory of underpricing and dual listing development course in our country,from the perspective of market,policy,enterprise itself and underwriting analysis of dual listing agent,through the qualitative analysis,puts forward the corresponding assumptions,and collect 33 A+H listed companies in our country and 875 A share listed companies as sample,the double quantitative analysis of IPO underpricing by listed companies.This paper uses academia relatively acknowledged IPO underpricing rate and the unit amount of equity financing as the measure of IPO underpricing,by building the market factors,the company itself,the underwriters of multivariate regression model,the empirical analysis of the A+H dual listed companies relative to the A share listed company's IPO underpricing degree,and further study on its timing behavior.As the results of this paper,the A+H dual listed company as high quality enterprise,in order to ensure the smooth return to A shares in issue,choose higher underpricing to attract investors;Despite A+H dual listed companies have a higher financing scale and the asset scale,by contrast,the unit amount of equity financing of A+H dual listed company is lower than the A share listed companies.About the assume of A+H dual listed company's more timing behavior to listed companies,although there is no confirmed,this paper argues that in the face of frequent fluctuations of A share market and the influence of the system for issuing new shares,makes it hard for part of the timing motives of listed companies.In the end,combining with the differences between Hong Kong and the mainland market and the features of A+H dual listed companies,this paper put forward the corresponding policy recommendations: The first one is to strengthen the supervision of listed companies and the information transparency,straighten the listed motivation,restrain impulse of financing,pay attention to cultivate enterprises core competitiveness,improve the enterprise sustainable development ability,makes the company orderly and efficient conduct of business;Secondly,improve the government functions,strengthen the construction of distribution system,to safeguard fairness and justice,the principle of fair,guarantee the stability of the capital market prosperity and development;The last one is to perfect securities underwriting and accountability mechanism,protect the interests of the dual listed companies and investors.