Underpricing of Initial Public Offerings(IPO) in ChinaTools WANG, LUFANG (2011) Underpricing of Initial Public Offerings(IPO) in China. [Dissertation (University of Nottingham only)] (Unpublished)
AbstractThe research investigates the phenomenon of underpricing of initial public offerings (IPO) on Chinese A- share market by using a sample consisting of 954 data ranging from year 2001 to 2010. Firstly, the research indicates that underpricing of IPO exists in every stock market. However, it is especially serious in Chinese stock market. Secondly, the research reviews some theories and hypothesizes carried by both western scholars and Chinese scholars to show the different opinions to IPO underpricing phenomenon. Thirdly, the research regress the data collected on Chinese A-share market. The result shows that underpricing of IPO is serious in Chinese stock market and indicates the factors that affect IPO underpricing in China. Besides, the research indicates the special Chinese regulations and systems also affect the level of IPO underpricing. What is most important is that different to other works, the research shows the most important reform in Chinese stock market known as equity separation reform is not the factor that affects IPO underpricing. Finally, the research concludes that as development of Chinese stock market, underpricing level is decreasing gradually. In addition, the research gives some suggestions to Chinese stock market on how to decrease underpricing level of IPO.
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