而发行政策的变化、不同的行业特征、新股上市首日大盘涨跌幅对于新股发行抑价的影响并不明显。
However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.
模型认为发行抑价是在保证发行成功的前提下使得发行人与承销商都能最大化自身利益的一种均衡状态；
The model had reached an inclusion that with the assurance of the issuing success, underpricing is equilibrium when both of the issuer and the underwriter maximize their interests.
本文通过实证的方法进行了研究发现：制度因素、中签率、可流通新股数量和新股发行价均对发行抑价有着非常显著的影响。
This text passed the method of substantial evidence to carry on a research detection: System factor, win a label rate and can circulate a new an amount to publish price to all suppress the influence.
通过抑价分析，阐述了在我国利用两阶段竞价发行方式的意义，分析了目前证券市场政策环境所存在的问题。
On the basis of price control, this paper expatiates the meaning of using the two-phases biding issue mode and analyzes the existent problems of the policy environment in the securities market.
事实上，IPO抑价也是一直困扰市场监管者的一个实际课题，频繁的发行制度变迁足以说明这一点。
Actually, IPO under-pricing also remains a practical problem that plagues market supervisors, frequent issue regulation change may be a good evidence for this.
其中的抑价原因应从两地市场本身的特点中去找，并且应该逐步解决这些问题，推动IPO发行价格抑价的理性回归。
The reason of IPO underpricing in China should be found and solved from our own characters. And it can drive the IPO underpricing to be reasonable.
有鉴于此，本文将对我国新股发行市场上的IPO高抑价现象进行系统研究。
Therefore, this thesis will study the phenomenon of high IPO underpricing in Chinese IPO markets systematically.
利用我国询价发行的新股数据，从新股的价格行为特征入手，借助“簿记”理论，可研究我国累积投标询价方式发行新股的IPO抑价现象。
Using the data of newly-issued stocks in the Chinese security market, the phenomenon of IPO underpricing of newly-issued stocks is analyzed according to book-building theory.
首先，本文使用方差分析、无参数估计对不同制度环境对IPO短期抑价的影响进行分析，考察不同发行审核制度以及在一定发行审核制度下不同发行定价机制对IPO短期抑价的影响；
At the first, this study using ANOVA, Non-parameter Estimation to analyze the IPO short-run underpricing in different institutional environments and mechanism to find out the impact from them.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
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