The behavior of market and participators is the major reasons why the IPO underpricing is high.
较高的IPO抑价率主要来自市场和市场参与者的行为。
Firstly, this paper analyses theoretically the influence of investor sentiment on IPO underpricing.
论文主要内容为研究投资者情绪对我国近期过高IPO折价的影响。
This paper USES multivariate regression model to investigate the IPO underpricing in the H-shares market.
文章通过多元回归模型考察了H股IPO抑价的影响因素。
Therefore, this thesis will study the phenomenon of high IPO underpricing in Chinese IPO markets systematically.
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。
We attempt to shed light on this issue by examining some classical models of IPO underpricing for the Chinese market.
本文试图通过在中国证券市场检验ipo折价的一些经典模型来弄清楚这个问题。
Under this background, the changes of IPO underpricing degree and investors valuation standards are worthy to research.
在此背景下，IPO抑价程度的变动和投资者估值标准是否变化值得探讨。
However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.
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。
The empirical result indicates that investor sentiment is the main reason of recent high level of IPO underpricing in China.
论文实证分析的结果表明，投资者非理性情绪是造成我国近期过高IPO折价水平的最主要原因；
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。
With the universal IPO underpricing in the world, and accompanying with the improved market maturity, the initial return tends to be reducing.
IPO抑价是世界范围内普遍存在的现象，而且随着市场成熟度的提高，初始报酬率有逐渐下降的趋势。
The fourth chapter is empirical research, which studies the IPO underpricing characteristics in different issue institutions from four stages.
第四章为IPO折价实证研究部分，分四阶段研究了我国在不同发行制度下的IPO折价特征。
The scholars at home studied IPO underpricing of Chinese stock market on the basis of research results abroad, and obtained a lot of results .
我国学者在国外研究成果的基础上对我国股市IPO抑价进行了大量研究，并取得了很多成果。
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.
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。
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.
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。
With the development of stock market, the(degree) of the underpricing of IPO will be lowed.
随着股票市场的发育程度的提高，IPO的抑价程度会降低；
In general, the underpricing of IPO still exists.
总体来看IPO抑价情况仍然存在。
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.
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.
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；
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