The Shell Resource Value of Listed Company and IPO Pricing :An Empir ical Study in China's Stock Market
The Shell Resource Value of Listed Company and IPO Pricing :An Empir ical Study in China's Stock Market
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发表时间：
2004
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通讯作者：
Yang Dan
中科院分区：
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作者：
Yang Dan
本文试图从中国证券市场特殊的制度安排来解释A股新股发行的高初始收益。政府管制造就了中国证券市场独特的“壳资源“。发行人通过寻租过程在一级市场获得新股发行许可即“买壳“，并在二级市场套现，这是推动初始收益率上升的根本原因。“壳资源“可以通过壳资源稀缺性、IPO规模、中签率、蜜月期等指标来表征。经验证据支持我们的假设。
The article intends to explain the high initial return of A-share n ew issue based on the special systematic arrangement in China's security market. The governmental regulation brings about the unique“shell resource”in China's security market. The issuer gets the permission of new issue, i.e. the“shell r esource”in the primary market through rent-seeking process, and cashes out in the secondary market, this is the fundamental reason which drives up the initail return. “Shell resource”can be indicated by the proxies:scarcity of shell res ource, IPO size, lottery, honeymoon period. Empirical proofs support our explana tion.