作　　者： ;

机构地区： 华南理工大学经济与贸易学院

出　　处： 《东莞理工学院学报》 2010年第4期58-62,共5页

摘　　要： IPO折价是国内外证券市场普遍存在的一个问题,在国外的研究中,采用前景理论来解释IPO异象主要开始于2002年,前景理论分别解释了IPO折价问题和IPO公司长期表现弱于市场的问题。这些解释,主要是依据前景理论指出的人们更关注财富的变化,而不是财富的水平,以及前景理论的效用函数和概率加权函数。文章对中国股市存在的IPO异象进行了描述性统计,中国股市也存在大幅的IPO折价,这种折价可以部分地使用前景理论来解释。 IPO discount is a common problem in domestic and international market.In the study of research abroad,since 2002 prospect theory has been employed to explain IPO anomalies,which explains IPO discount and problems that IPO companies long-term performance is weaker than market.These explanations point out that people are more concerned with the changes of wealth,rather than the level of wealth by prospect theory,utility function of prospect theory and probability weighting function.This paper also focus on discriptive statistic to the IPO anomalies in the stock market and the existence of substantial IPO discount which is partly explained by prospect theory.

关 键 词： 前景理论 异象 折价 中国实践

领　　域： [经济管理—金融学]