美国硕士论文代写：在中国首次公开发行(ipo)

美国硕士论文代写：在中国首次公开发行(ipo)

中国首次公开发行股票的表现有了不同的研究。它已经表明，上世纪90年代期间IPO期间被严重低估。这在A和B型类股都是适用的（莫晖，1998）。

原因下的IPO定价是主要差异的公司所有权结构，上市和发行公司和不对称信息公开贡献这下定价之间的滞后。

另据透露，这些被低估的新股，公司给投资者更多的价值（苏Fleisher，1999）。

另一项研究显示，公司资产的平均收益率即为资产，在今年首次发行股票时，其资产的平均收益率为峰值。但它拒绝在以下的IPO申报后年（Aharony，2000）。

在公司的资产的平均回报率的下降是微不足道的行业，受到保护。这种保护工业的例子是石油化工，能源和原材料。这些属于这些行业的公司受到中国政府的特别青睐。

美国硕士论文代写：在中国首次公开发行(ipo)

There have been various researches done on the performance of the IPO’s of China. It has been shown that during the1990s period IPO was severely underpriced. This was applicable in both A and B type category shares (Mok & Hui, 1998).

The reasons for under pricing of the IPOs were mainly difference in the structure of the ownership of the firm, lag between the listing and offering of the firm and asymmetry in the information available publicly contributed to this under pricing.

It was also revealed that these IPOs were underpriced by the firm in order to give more value to the investors (Su and Fleisher, 1999).

Another research revealed that the mean return of the firm’s assets i.e. return on their assets was at the peak during the year in which the IPO was released. However it declined in the following years after the declaration of the IPO (Aharony, 2000).

The decrease in the mean return on firm’s assets was insignificant statistically for industries which were protected. Examples of such protected industries are petrochemicals, energy and raw materials. These firms belonging to these industries receive special favour from the government of China.